Canopy Ventures Invests in Online Backup Provider eFileCabinet

Canopy Ventures announced an investment commitment of $1 million in Provo, Utah, based eFileCabinet, Inc. The company provides electronic document management and online backup solutions that help customers manage and protect their valuable data assets.

"eFileCabinet has developed a dynamic suite of products that make electronic document management and online backup easy," said Ron Heinz, managing partner of Canopy Ventures. "We are pleased to invest in eFileCabinet as they deliver positive growth prospects supported by innovative technology and a strong management team. We’re confident that eFileCabinet will prove to be a solid addition to our overall investment strategy and portfolio of companies."

The capital infusion will allow eFileCabinet to drive an aggressive business expansion and accelerate the company’s investment in sales and marketing. eFileCabinet’s electronic document management software, as well as the company’s recently launched Concentsus Online Backup service, are employed by more than 18,000 users worldwide in a diverse range of markets including accounting, human resources, financial services, medical and government.

"We are excited to embark with Canopy Ventures on a partnership that will allow us to further develop and market eFileCabinet products," said Matt Peterson, president and CEO of eFileCabinet. "Our new relationship with Canopy has already generated compelling ideas and resources. We look forward to leveraging their industry expertise as we enhance our product and service portfolio and expand our business globally."