Software Consolidator Canopy Announces Financing

Gunderson Dettmer represented client Canopy, a Brazil-based software consolidator, in its round of financing led by Bessemer and Cloud9. Canopy is targeting a universe of nearly nine thousand technology companies with revenues of R$30 million for acquisition potential. The company will use the new capital to build its portfolio of companies and expects to close its first acquisition by the end of the year.

In the announcement of the transaction, Canopy founder Thiago Rocha said, “For consolidations, this is the best moment I've seen in 15 years in the market.” He added that Canopy is looking for “profitable businesses with a defined product and customers in the portfolio.”

The Gunderson deal team was led by Christel Moreno and included Rafael Bellaver.

Companies
Canopy
Bessemer
Cloud9