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§ Private Profile · Beaverton, OR, USA
B2B SaaS digital infrastructure for insurtech and insurance agencies, streamlining data collection and consumer data sharing.
Canopy Connect is a business-to-business software-as-a-service company that provides digital infrastructure empowering consumers to control and permission-share their personal insurance information with commercial entities. The platform primarily serves the broader insurtech sector and independent insurance agencies of various sizes, streamlining the data collection process to improve operational efficiency, reduce costs, and increase policy binds by up to 70 percent. Operating with an estimated workforce of 11 to 50 employees, the technology provider currently supports a growing customer base of over 10,000 users across its digital ecosystem. The enterprise has successfully raised $6.5 million in total venture funding to date, including a recent Series A investment round backed by prominent early investors such as a co-founder of the retail investing platform Robinhood. Canopy Connect was officially founded in February 2020 by chief executive officer and entrepreneur Tolga Tezel.
Canopy Connect has raised $7.0M across 1 funding round.
Canopy Connect has raised $7.0M in total across 1 funding round.
Canopy Connect has raised $7.0M across 1 funding round. Most recently, it raised $7.0M Series A in October 2023.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Oct 1, 2023 | $7M Series A | DAN Quan | AAF Management Ltd., Elefund, Outrun Ventures, James Park, 9Yards Capital, Serik Kaldykulov, Global Fintech Venture Partners, LocalGlobe, Nimble Partners | Announced |
Canopy Connect is a technology company building digital infrastructure for the insurance industry, enabling consumers to securely share their personal insurance data with businesses via permissioned access. It serves insurance agencies, carriers, mortgage lenders, automotive dealers, and insurtechs by streamlining data collection, replacing manual processes like forms, emails, and calls with a 1-click solution that delivers verified details such as premiums, limits, deductibles, dec pages, claims history, and 250+ data fields across auto, homeowners, commercial, and property insurance.[2][3][4] The platform solves the problem of inefficient insurance verification, empowering users with data control while helping businesses deliver faster, frictionless services; it covers 96% of the auto market and 91% of homeowners, has shared over 2 million policies, supports 10,000+ users, and recently completed Series A funding amid rapid scaling.[1][4][7]
Founded four years ago (around 2021) by CEO Tolga Tezel, Canopy Connect emerged from the need to simplify insurance data sharing in fragmented industries like insurance sales, auto dealerships, and mortgage lending.[1][2] Tezel's team validated core assumptions by testing with insurance agents first—if agents found it useful for accessing policy details, it could expand elsewhere; early challenges included technical integrations and hiring, but they pioneered coverage across major P&C lines, establishing market leadership.[1] Pivotal traction came from building broad market coverage and pre-built integrations, leading to milestones like 2 million shared policies and Series A funding, with headquarters initially in Beaverton, Oregon (also listed in California).[1][3][5][7]
Canopy Connect rides the insurtech wave of data portability and open banking analogs in insurance, timing perfectly with rising demands for digital verification amid remote sales, embedded insurance, and compliance needs in auto finance, mortgages, and rideshare.[1][2][4] Market forces like fragmented carrier portals, manual data hurdles, and privacy regulations (e.g., consumer control mandates) favor its unified API approach, reducing friction in a $1T+ P&C sector while influencing ecosystems through integrations that boost agency scalability and carrier efficiency.[1][3][4] It sets a blueprint for insurance data infrastructure, akin to fintech innovations like Plaid, enabling innovators in marketplaces, fleets, and hubs to build "delightful" experiences.[2][8]
Canopy Connect is positioned for accelerated growth post-Series A, expanding Policy Stream to deepen carrier adoption and automate end-to-end operations like servicing and retention, while pushing into commercial P&C and new verticals.[1][4] Trends like AI-driven underwriting, embedded insurance proliferation, and stricter data privacy will amplify its role, potentially evolving it into the de facto standard for insurance data intake as usage hits millions more policies. Its consumer-empowering foundation—delivering control and convenience—will sustain leadership in a digitizing insurtech landscape.[1][2]
Canopy Connect has raised $7.0M in total across 1 funding round.
Canopy Connect's investors include Dan Quan, AAF Management Ltd., Elefund, Outrun Ventures, James Park, 9Yards Capital, Serik Kaldykulov, Global Fintech Venture Partners, LocalGlobe, Nimble Partners.