Canoe Intelligence (“Canoe”), the fintech company providing alternative investment intelligence to institutional investors, capital allocators, asset managers and asset services firms, today announced the close of a $25 million Series B funding round. The round was led by F-Prime Capital with participation from Eight Roads Ventures and other strategic investors. This funding will be used to accelerate expansion into European markets, develop the team in key functional areas, strengthen the enterprise product offering, develop new data products and continued to strengthen the main canoe foundation.

Canoe’s platform helps alternative investment firms streamline their data management processes, reduce the time and costs associated with document collection and reconciliation, and empower them to take action based on the information they need to make more informed investment decisions. The platform leverages artificial intelligence and machine learning to automatically collect and categorize documents from investor portals and email inboxes, and extract, validate, and provide investor-specific data. invest. A downstream system, eliminating the need for manual data entry.

“Following a year of significant growth and progress for Canoe, we are thrilled to partner with F-Prime and Eight Roads to advance Canoe’s capabilities for the alternative investment ecosystem,”

“As alternative investments continue to gain popularity amongst institutional and individual investors, the new injection of capital will allow us to further serve our customer base and streamline alternative investment data globally.”

Jason Eiswerth, CEO of Canoe Intelligence.

Investment in alternative asset classes has grown from $4.6 trillion to $13.3 trillion over the past decade and is expected to reach $23 trillion by 2026 globally. As the asset class evolves, standardized technology for managing alternative investment data and documents is needed to optimize investment decision-making.

“Alternative investments, such as private equity, hedge funds, and real estate, have become essential for investors seeking higher returns and diversification. However, managing the data associated with these investments is challenging for asset managers and institutional investors,”

“Canoe has significantly improved the way firms manage alternative investment data. Not only has it greatly increased efficiency, but it has also improved the accuracy and completeness of alternative investment data. Canoe is ideally positioned to address the need for investment infrastructure and become an industry standard.”

David Jegen, Managing Partner at F-Prime Capital.

With an automated infrastructure, Canoe dramatically improves data accuracy and accessibility, team efficiency, and customer satisfaction. The platform features over 250 upstream and downstream connections to facilitate streamlined document collection, data point extraction into Canoe and data distribution for reporting and analysis workflows. In addition, Canoe’s platform has a core database of over 20,000 funds. Each year, Canoe processes more than 6 million documents, extracting more than 20 million data points, resulting in a 20-fold increase in the amount of money processed by each employee.

“Canoe’s platform has rapidly become a crucial solution for the alternative investment industry in North America, with a proven track record of impressive customer results. The EMEA alternative investment industry is nearly the same size as North America and its data challenges are identical, yet today there is no comparable local solution. Canoe has a significant opportunity to deliver customer value in Europe first where it already has a presence, as well as other regions in future,”

Alston Zecha, Partner at Eight Roads.

Canoe’s platform has become an important solution for the alternative investment industry. Its global client base grew by more than 200% in 2021 and continues at this rate through 2022. Canoe supports over $5,000,000 in assets in the form of consulting.