Alternative investment fintech firm Canoe Intelligence raised $25 million in Series B funding. The round was led by F-Prime Capital with participation from Eight Roads Ventures and other strategic investors.

The round follows the company’s Series A rounds, which were announced in 2020 and 2021 and led by The Carlyle Group and Nasdaq Ventures. All previous investment amounts were undisclosed.

Founded in 2013, New York-based Canoe’s platform has been designed to enable alternative investment firms to consolidate their data management processes. It is also capable of minimizing the time and costs of collecting and integrating documents as well as helping alternative investment firms make more informed decisions.

“As alternative investments continue to gain popularity amongst institutional and individual investors, the new injection of capital will allow us to further serve our customer base and streamline alternative investment data globally,” said Jason Eiswerth, CEO of Canoe Intelligence.

Investments in alternative asset classes have grown from $4.6 trillion to $13.3 trillon over the past decade and are expected to grow to over $23 trillion over the next three years globally. As the asset class grows, standardized technology for managing alternative investment documents and data is necessary for optimized investment decision-making.

The reach of Canoe’s platform increased more than 200% in 2021. The company has supported more than $5 trillion in assets under advisement.

The latest investment follows an alternative investment data management alliance forged between Canoe and software as a service (SaaS) investment management solutions provider SimCorp Partners in December last year.