Canoe Intelligence (Canoe) tripled its revenue in 2021, making it a record year for the financial technology company.
Last year marked a series of changes at the company including the securing of a Series A extension in funding from clients Blackstone, Carlyle, and existing client and investor, Hamilton Lane.
In June, State Street leveraged Canoe’s open application programming interface to enhance its private markets processing and document management.
Other notable partnerships throughout the year included a mandate with data solutions provider Holland Mountain and Luxembourg-based integrated solutions company Alter Domus, among others.
Canoe also doubled the size of its team in 2021 with new hires in engineering, product management and design, sales, and operations roles.
In September, Canoe appointed Blackstone veteran Vishal Saxena as chief technology officer.
Saxena was previously a managing director in the Blackstone Technology and Innovations group.
In March, the company also appointed Toby Bailey as vice president of sales, Europe, Middle East and Africa (EMEA) as part of its expansion plans in the region. Bailey is responsible for the company’s business strategy to expand Canoe’s reach into new and existing markets.
For 2022, Canoe plans to enhance its offering by expanding the breadth of documents and document types supported, adding new functionality and reporting capabilities, building new features and tools, and continuing to make alternative investment data available to clients. It also expects to continue its expansion geographically.
Commenting on the successful year, Jason Eiswerth, CEO of Canoe, says: “The results experienced in 2021 were driven by support from our clients, investors and partners; rigour in our product development process and significant evolution of our technology; and our collective determination to redefine alternatives data management for the investment industry.”
