Financial data and analytics platform Canalyst has raised $70 million in Series C funding.
The round was led by Dragoneer Investment Group and saw participation from new investors and Canalyst customers CPP Investments and Alta Fox Capital, as well as existing investors HighSage Ventures, Vanedge Capital and ScaleUP Ventures.
Canalyst says it wants to become “the new fundamental dataset of record”. It combines software and human expertise to provide public financial and KPI data and analysis on global public companies.
Founded in 2015, Canalyst employs 200 people at offices in New York and Vancouver. Following this round of investment, the company intends to double its workforce to boost its product development and delivery, global expansion and customer support.
Initially built for public equity managers, Canalyst has expanded to serve global investors focused on credit, private equity and venture capital as well as investment banks, consultancies and the corporate market.
Canalyst CEO and co-founder Damir Hot says: “Everyone in capital markets knows how critical, yet time consuming and error prone, structuring quality financial data is. We’re obsessed with solving that problem.”
The company claims more than 400 investment managers, banks and corporations use its models, data and APIs as part of their workflow.