Financial technology firm Canoe Intelligence has received an investment of $25m in a Series B round to enhance the alternative investment data sector.

F-Prime Capital led the fundraise, which was also joined by Eight Roads Ventures and other strategic investors.

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Canoe plans to use the new investment to further grow its presence in Europe as well as increase its workforce.

The company also aims to create new data tools and continue to develop its core platform.

Canoe Intelligence CEO Jason Eiswerth said: “Following a year of significant growth and progress for Canoe, we are thrilled to partner with F-Prime and Eight Roads to advance Canoe’s capabilities for the alternative investment ecosystem.

“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.”

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Canoe’s platform has been designed to enable alternative investment firms to consolidate their data management processes.

It is also capable of minimising the time and costs of collecting and integrating documents as well as helping alternative investment outfits to make more informed decisions related to investment.

Besides, the platform employs artificial intelligence and machine learning to automatically gather and classify documents from portals and email inboxes of investors.

The reach of Canoe’s platform, which has been primarily developed for the alternative investment industry, increased more than 200% in 2021.

The company is currently said to have supported more than $5tn 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.