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, the client and practice management platform for accountants that raised $30 million in late March, has raised an additional $12 million in funding from and . This latest injection of capital, which resulted from the initial round being oversubscribed, brings the round total to $42 million for what the company calls a 鈥淪eries B-I.鈥�

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The company previously raised round led by in March 2017. Since its founding, the company has raised a total of $72 million.

The idea for the Salt Lake City-based company was rooted in Avarell鈥檚 own frustrations with antiquated client and practice management systems available to accountants.

鈥淚t鈥檚 a huge disadvantage to accountants who are trying to compete with modern solutions[鈥�] when they have to be in Windows and their competition, like TurboTax, can be in the cloud,鈥� CEO Kurt Avarell told 萝莉视频 News in an interview.

Canopy has grown to a team of more than 250 employees and 5,000 users since its founding in 2014. Its aim to challenge the ages-old paper and Windows-based tax management system with its cloud-based platform has caught on with investors, too.

, Canopy Board Member and Partner at Pelion Venture Partners, told 萝莉视频 News in an interview 鈥渋t鈥檚 a huge industry with a problem that software can solve around automation.鈥�

According to the CEO, its software is increasingly attracting mid-sized regional accounting firms looking to automate their practice management systems. And while sales and marketing is a focus point for Canopy, especially as it raised its first $20 million Series B, Avarell emphasized that the $30 million Series B-I and $12 million extension will be primarily directed to product development.

鈥淭ax is so complicated — you have 60,000 plus pages of internal revenue code and you have to get all of those rules, [and] tax information into software鈥� you have to give recommendation to accountants on how to solve those things,鈥� Avarell explained. 鈥淪o it鈥檚 just a very R&D intensive SaaS company.鈥�

鈥淲e know exactly what we are going to be building for the next three years[鈥�.] We know where we need to be in a year and two and three years from now with the product,鈥� Avarell said.

With clients increasingly turning to automated, cloud-based options to manage tax frustrations, Canopy is hoping to position itself to disrupt the out-of-date accounting systems used by individual accountants and large firms alike. The company is potentially offering accountants and firms the competitive advantage they鈥檒l need to combat that movement.

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