Vancouver and New York-based Canalyst has raised $70 million USD ($87.6 million CAD) in its Series C funding round led by Dragoneer Investment Group.
The round brings Canalyst’s total funding to over $100 million USD.
It currently employs 200 people, with 140 workers in Vancouver and 40 in New York.
Canada Pension Plan Investment Board and Alta Fox, current Canalyst clients, also participated in the round alongside existing investors HighSage Ventures, Vanedge Capital, and ScaleUP Ventures.
Founded in 2015 by James Rife (head of research) and Damir Hot (CEO), Canalyst has developed a SaaS platform that enables access to structured fundamental data and models on global public companies.
The startup inputs data from public company regulatory filings into spreadsheets to build core financial models used to assess stocks. Its method combines software and human efforts, ensuring that the data is verified by two or more people before it is sent to the platform.
RELATED: Equity analysis startup Canalyst raises $20 million Series B
Canalyst’s offering was initially designed for public equity managers, and has since expanded to serve global investors that specialize in credit, private equity, and venture capital. It claims a customer base of over 400.
It currently employs 200 people, with 140 workers in Vancouver and 40 in New York.
The Globe and Mail reported that the company has roughly doubled revenues in each of the past two years, generating between $15 million and $20 million USD annually.
Armed with over $80 million, a sizeable amount compared to its previous raises, Canalyst intends to double its workforce between its Vancouver and New York offices this year. It also plans to invest in product development and delivery, global expansion, and customer support.
The startup previously raised $20 million USD for its Series B financing, led by an undisclosed investor. The round also received additional commitments from ScaleUp Ventures and existing investors such as Vanedge Capital, which led Canalyst’s $2.7 million seed funding in 2016.