Financial data and analytics firm Canalyst raises $70M Series C round

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The round brings Canalyst’s total funding to over $100 million.

Vancouver and New York-based Canalyst raised US$70 million (C$87.6 million) in its Series C funding round led by Dragoneer Investment Group.

The round brings Canalyst’s total funding to over US$100 million.

It currently employs 200 people, including 140 in Vancouver and 40 in New York.

Current Canalyst clients Canada Pension Plan Investment Board and Alta Fox 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 provides access to structured fundamental data and models on global public companies.

The startup inputs data from public companies’ regulatory filings into spreadsheets to create basic financial models used to price stocks. Its method combines software and human efforts, ensuring that data is verified by two or more people before being sent to the platform.

RELATED: Stock Analytics Startup Canalyst Raises $20M Series B

Canalyst’s offering was initially designed for private equity managers and has since expanded to serve global investors specializing in credit, private equity and venture capital. She claims a clientele of over 400.

It currently employs 200 people, including 140 in Vancouver and 40 in New York.

The Global and the mail reported that the company has roughly doubled its revenue in each of the past two years, generating between US$15 million and US$20 million annually.

Armed with more than $80 million, a substantial amount compared to its previous increases, 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 US$20 million for its Series B funding, led by an undisclosed investor. The round has 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.

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