Something really, really bad went down at high flying startup Canopy Financial. This is one of the high flying startups that had a lot of buzz the last couple of years. They've raised at least $85 million. in venture capital with the help of an investment bank, Financial Technology Partners. Their most recent round, a reported $62.5 million, was funded by Spectrum Equity Investors. Canopy debuted on the 2009 Inc. 500 List. at #12 in terms of the fastest growing private companies in America. In 2008 CEO Vikram Kashyap. said his company had 2007 revenues of $9 million. More recently, we've heard, the company was saying they'd hit $60 million in revenue and $9 million or so in EBITDA. All of this may have been lies. Until recently all the venture capitalists involved proudly placed Canopy Financial on their portfolio pages. Now all trace of the company have been erased from the portfolio pages of investors GGV Capital. , Spectrum Equity. and Foundation Capital. And their investment bank
Canopy Financial Accused Of Serious Financial Fraud
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