At a glance

Canopy is a cloud marketplace solution that negotiates and provides FinOps & advisory. Canopy provides 3 major services:

1. Cloud contract negotiations (accelerated deal process by 3 months)

2. Technical strategy (Technical-first approach for superior cloud negotiation)

3. Trusted FinOps (frugal cloud architecture with resilience focus)

Quick fire details

• Headquarters: London

• Employee count: 3

• Business model: Cloud Services Brokers

• Backed by: 1 angel investor

• Funding amount: Raising £800,000 pre-seed. £100,000 committed.

The founder

• Founder, James Marks: Ex Amazon (7 years) and AWS (2 years) with global operations experience leading a team delivering +$100m in annualised savings.

The market

• 98% of P&L owners are concerned about rising cloud prices and under-efficiency in their cloud spend.

This startup is solving two key problems:

• Companies overspend because they are not optimised for their current cloud usage (most don’t have time to negotiate, optimise and evaluate their options).

• An estimated 75% of customers billing $500k to $5M miss out on utilising a Private Pricing Agreement (PPA).

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Traction metrics

• 86% of existing Canopy network would recommend Canopy Services to customers struggling with contract negotiation.

  • Multiple inbounds from leads wanting Canopy’s service (13 qualified lead partners and 8 signed partner agreements).

• “There is a strong need for Canopy Services. FinOps is a complicated space and lots of business get it wrong” Cloudera FinOps Leader.

Competitive landscape

• Vertice, Strategic Blue and UpperEdge (US).

  • Canopy actively broker for their customers, rather than simply making referrals, and represent them throughout the negotiation process with a ‘white-glove service'.

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Our Take

Appeals

• Concierge style service: Traditional FinOps don’t manage the entire pre-negotiation and negotiation process. Canopy ensures customers achieve full optimisation (increasing chance for valuable referrals) with minimal effort.

• AI-Powered Deal Acceleration: With the average 3 year deal being worth £12m, reducing deal times through tech means lucrative commission revenue. High level examples of Canopy’s tech-first approach: In house AI/ML analytics and propensity models to predict deal signing.

Risks

• Competition from established players: Existing player Vertice recently secured $51M in series B funding. Additionally, larger consulting firms and cloud providers themselves may enter the brokerage market.

• Regulatory changes: New regulations in the cloud industry could impact Canopy's business model. Specifically when governments make anti-competitiveness changes in the cloud market.

• Rapid technological changes: Fast-paced nature of cloud technology could make it challenging to maintain up-to-date expertise across all providers (Although arguably this could increase demand for brokerage services due to the high barrier to entry for developing top expertise).

Last feature’s results

Our readers are NOT CONVINCED with Mintelium.

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