Canopy raises £2m in a seed follow-on round led by West Hill Capital
West Hill Capital led the oversubscribed follow-on investment to fund team growth and product expansion.
Canopy provides a digital rental ecosystem that replaces cash deposits with insurance products. It offers tools such as the Canopy RentPassport to track rental history.
Canopy has secured over £2m in a seed follow-on round led by West Hill Capital. The oversubscribed raise brings the firm total seed funding to more than £10m.
The capital will be directed towards accelerating letting agent partnerships, expanding the product portfolio, bolstering the sales team, and investing in open banking data and emerging technologies.
Tahir Farooqui founded the firm with the objective of eliminating rental deposit cash lock-ins by December 2021.
From the founder
"One of our key goals is to eliminate all forms of rental deposits including £4.5bn of cash tied up in rental deposits and deposit alternative products by December 2021."
Tahir Farooqui
founder and chief executive at Canopy
Investor perspective
"West Hill is pleased to be participating in a follow-on round of investment in Canopy in order for them to accelerate their position as a leading digital platform for tenants."
Robert Caie
managing partner, West Hill Capital
Use of funds
- 01Continue product development
- 02Invest in sales and marketing
- 03Fund research and development
