
Investments
99Portfolio Exits
14Funds
3About Canvas Ventures
Canvas is a Menlo Park-based venture capital firm focused on making early-stage investments in software and services. Spun out from Morgenthaler Ventures in August 2013, Canvas was initially managed by Rebecca Lynn, Gary Little and Gary Morgenthaler. Paul Hsiao joined as general partner in May 2014. Previous to Canvas, these partners led early investments in companies such as Lending Club, Evernote, Siri, Houzz, MuleSoft, Elance-oDesk, and Doximity. Canvas has made four investments since raising its inaugural fund; these include CrowdFlower, FutureAdvisor, HealthLoop, and Totango. With its thesis-based approach to investing, Canvas continues to establish itself as the go-to VC firm for enterprise SaaS, financial services, digital health, marketplaces, big data, and machine learning.
Research containing Canvas Ventures
Get data-driven expert analysis from the CB Insights Intelligence Unit.
CB Insights Intelligence Analysts have mentioned Canvas Ventures in 1 CB Insights research brief, most recently on Nov 10, 2021.
Latest Canvas Ventures News
Dec 3, 2023
OfferFit – a marketing technology company empowering marketers to replace traditional A/B testing with automated experimentation – recently announced a $25 million Series B funding round led by Menlo Ventures. Ridge Ventures joined the round with earlier investors Canvas Ventures, Harmony Partners, Alumni Ventures Group, Carbide Ventures, and Burst Capital. Capital One Ventures (the strategic investment arm of Capital One) also participated in the round following Capital One’s success with OfferFit. JP Sanday from Menlo Ventures joined the board, with Alexander Rosen from Ridge Ventures joining as an observer. OfferFit will use this funding round to scale while also investing in product development. OfferFit’s reinforcement learning AI accelerates experimentation for lifecycle marketers as it continuously learns and adapts in response to customer actions. And enterprises such as MetLife, Foxtel Group, and Brinks Home have adopted OfferFit’s AI to automate experimentation. Companies have recognized that loyal customers can be powerful advocates and create a flywheel effect. And as costs to attract new customers skyrocket, referral sources and targeted campaigns that harness AI offer more efficient avenues for growth. KEY QUOTES: “Marketing is undergoing a tectonic shift. AI makes it easy to create content, but how do you measure what is effective? The real power comes from leveraging AI with automated experimentation. OfferFit is the torchbearer in this space, helping businesses leverage 1:1 personalization to optimize critical lifecycle marketing campaigns like cross-sell, upsell, retention, referral, and winback.” — JP Sanday, Partner at Menlo Ventures “Today, personalization is table stakes and leveraging AI-based experimentation platforms like OfferFit to automate learning is key to getting personalization right. This enables faster generation of data-driven insights into our customer preferences, allowing us to create more tailored offers and content, and lifting engagement.” — Aparna Sarin, Chief Marketing Officer for Business Cards & Payments at Capital One “We have invested in multiple successful AI companies, and we knew OfferFit had the potential to build a meaningful AI enterprise. OfferFit is on pace to triple this year, and they’ve never churned a customer, with every existing customer either expanding or in active discussions to do so.” — Mike Ghaffary, General Partner at Canvas Ventures – who led OfferFit’s Series A round “We’ll use this funding to continue to scale, of course. But we’ll also invest heavily in our product. We’re making OfferFit quicker and easier to deploy, and giving marketers more tools to leverage the insights they gain from automating experimentation.” — OfferFit’s co-founder & CEO George Khachatryan Sponsors
Canvas Ventures Investments
99 Investments
Canvas Ventures has made 99 investments. Their latest investment was in OfferFit as part of their Series B on November 11, 2023.

Canvas Ventures Investments Activity

Date | Round | Company | Amount | New? | Co-Investors | Sources |
---|---|---|---|---|---|---|
11/14/2023 | Series B | OfferFit | $25M | No | 3 | |
11/9/2023 | Growth Equity | Vida Health | $28.5M | No | Ally Bridge Group, General Atlantic, Hercules Capital, and Undisclosed Investors | 3 |
9/6/2023 | Series B - II | FOSSA | $4.5M | No | 1 | |
7/31/2023 | Unattributed | |||||
6/22/2023 | Series F - II |
Date | 11/14/2023 | 11/9/2023 | 9/6/2023 | 7/31/2023 | 6/22/2023 |
---|---|---|---|---|---|
Round | Series B | Growth Equity | Series B - II | Unattributed | Series F - II |
Company | OfferFit | Vida Health | FOSSA | ||
Amount | $25M | $28.5M | $4.5M | ||
New? | No | No | No | ||
Co-Investors | Ally Bridge Group, General Atlantic, Hercules Capital, and Undisclosed Investors | ||||
Sources | 3 | 3 | 1 |
Canvas Ventures Portfolio Exits
14 Portfolio Exits
Canvas Ventures has 14 portfolio exits. Their latest portfolio exit was Casetext on June 26, 2023.
Date | Exit | Companies | Valuation Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model. | Acquirer | Sources |
---|---|---|---|---|---|
6/26/2023 | Acquired | 3 | |||
1/11/2023 | Acquired | 12 | |||
6/1/2022 | Acquired | 2 | |||
Canvas Ventures Fund History
3 Fund Histories
Canvas Ventures has 3 funds, including Canvas Ventures 3.
Closing Date | Fund | Fund Type | Status | Amount | Sources |
---|---|---|---|---|---|
3/30/2021 | Canvas Ventures 3 | $350M | 3 | ||
9/26/2016 | Canvas Ventures 2 | ||||
9/12/2013 | Canvas Ventures 1 |
Closing Date | 3/30/2021 | 9/26/2016 | 9/12/2013 |
---|---|---|---|
Fund | Canvas Ventures 3 | Canvas Ventures 2 | Canvas Ventures 1 |
Fund Type | |||
Status | |||
Amount | $350M | ||
Sources | 3 |
Canvas Ventures Team
6 Team Members
Canvas Ventures has 6 team members, including current Founder, General Partner, Paul Hsiao.
Name | Work History | Title | Status |
---|---|---|---|
Paul Hsiao | Founder, General Partner | Current | |
Name | Paul Hsiao | ||||
---|---|---|---|---|---|
Work History | |||||
Title | Founder, General Partner | ||||
Status | Current |
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