Early Stage

The next generation, reusable N95 - for the world’s well-being.

The next generation, reusable N95 - for the world’s well-being.


Raised this Round: Raised: $330,013

Total Commitments ($USD)



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Close Date


Min. Goal
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Min. Investment


Security Type

Equity - Common



SEC Filing Type

RegCF    Open SEC Filing

Price Per Share


Pre-Money Valuation


Year Founded



Healthcare & Pharmaceuticals

Tech Sector


Distribution Model




Capital Intensity



Katonah, New York

Business Type


Canopy is raising funds on Republic. The company since late March 2020 a team of entrepreneurs, material scientists, biomedical engineers, industrial designers, clinicians, hospital administrators, and former FDA officials has been quietly working with the CDC and NIOSH to develop and commercialize Canopy, the next-generation reusable N95 respirator. Joe Rosenberg founded Canopy in April 2020. Canopy is raising a crowdfunding round, with a minimum goal of $25,003.77 and a maximum goal of $1,069,995.30. Canopy’s radially-pleated, patent-pending filter has 3x the surface area of a standard N95, giving users the space to breathe easily.

Summary Profit and Loss Statement

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Financials as of: 12/20/2020
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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
Canopy 03/28/2023 StartEngine $10,003,997 $21,643 Equity - Common Funded RegCF
Canopy 06/29/2021 Republic $6,500,000 $330,013 Equity - Common Funded RegCF
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Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Valuation History

Price per Share History

Note: Share prices shown in earlier rounds may not be indicative of any stock splits.

Employee History

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Since the beginning of the COVID-19 pandemic, the use of N95 masks and general personal protective equipment (PPE) has become the norm. Surveys have found that as of mid 2020, 88% of Americans were wearing masks. Perhaps more notably, 29% said they may never feel comfortable shopping in stores again without the protection of a mask.

Masks and PPE may be sticking around even after the pandemic is a thing of the past, but comfort while wearing them remains an issue for many. Beyond comfort, there has also been a huge increase in plastic waste, due to people using plastic PPE equipment that isn’t reusable. Hospitals have been paying upwards of 1000% more for PPE for their employees as well, which creates a large financial burden.

Canopy is a startup that looks to solve all of these problems with their own line of N95 masks – masks that are reusable, affordable, and comfortable. The team’s patent-pending product has been designed by a team of workers who come from top research companies and institutions, like Johns Hopkins, Nike, Google, and Boston Scientific. The mask is awaiting approval on its patent and would cut down on waste and cost for hospitals and everyday people alike. 

Canopy’s current raise on Republic has been rated a Neutral Deal by the KingsCrowd investment team.

Next Section: Price


Canopy is raising via common equity at a $6.5 million valuation. This amount is low in comparison to many other crowdfunding campaigns at this time. However, Canopy has not earned the revenue to back it up.. As a result, Canopy’s price score is below average.

Next Section: Market


The US PPE market was valued at $13.5 billion in 2019 and is expected to grow at a CAGR of 12.5% to $24.3 billion in 2024. The specific segment for respiratory protection is forecasted to be worth $5.1 billion on its own in 2024. While the average American may not see the need for a state-of-the-art mask once the pandemic ends, healthcare workers will continue to need such equipment. Thus, the market score for Canopy is its highest across all five metrics.

Next Section: Team


Canopy was founded by Joe Rosenberg, a former Google manager for Strategic Partnerships and Business Development. He brings with him expertise in strategic partnerships, ecommerce, and enterprise sales.  In 2018, he founded Grove North Ventures, which provided business incubation and acceleration services.

Rosenberg is joined by Qing Xiang Yee as the Head of Product. Yee’s background includes studying at Johns Hopkins University’s Center for Bioengineering Innovation and Design and being a senior engineer at DSO National Laboratories (Singapore’s national defense research agency). Doug Clift and Kim Rosenberg round out the executive team, with the former acting as the Head of Operations and the latter as the Advisory Board Chair. Clift spent five years in Operations Innovation management at DaVita, Inc (a publicly traded healthcare company), working on operations and sustainability. Rosenberg serves as a Senior Vice President and Head of Pension Risk Transfer for Athene alongside her work at Canopy.

Overall, the team has many different areas of expertise, including business operations, engineering, and business development. However, the founder brings no medical or healthcare experience, and there is minimal entrepreneurial record within the team. Thus, Canopy’s team score is middle of the road.

Next Section: Differentiators


Perhaps the most needed differentiator in PPE equipment is reusability. The ongoing pandemic has created a plastic waste crisis all around the world due to single use PPE equipment being improperly handled after use. The reusability of Canopy’s masks will make hospitals and the average person throw out much less PPE, especially in a time where it’s being used at such a high rate. Canopy’s design also has comfort in mind. Its utilization of the silicon face seal is supposed to leave no abrasions on the skin, which would be a welcome change from the currently used N95 masks for clinicians. The transparent nature of Canopy’s N95 is also a notable difference, allowing for easier communication. The company’s pending patents also provide encouraging defensibility for this well-distinguished product. The differentiators score for Canopy is quite high due to these factors.

Next Section: Performance


Canopy is still pre-product and has no financial data to extrapolate on. However, the company does have some early partnerships that indicate it may be on the right path. The largest health system in New York State, Northwell Health, is leading an evaluation to compare Canopy’s mask to the normal N95. On top of this, Canopy also has entered into a strategic partnership with Access Strategy Partners, a sales organization with billions of dollars’ worth of medical device sales and purchasing experience. 

Despite these strategic partnerships, Canopy still has no revenue to show and is very early-stage still. Therefore, its performance score is mediocre. 

Next Section: Bearish Outlook

Bearish Outlook

Once COVID-19 is a thing of the past for everyday Americans, will there still be as large a market for N95 masks? If the answer is no, this severely limits the opportunity that Canopy can access. Additionally, Canopy still has to prove that its mask is effective while being more comfortable than existing industry standards. If its trial partnership with Northwell Health doesn’t go well, the company would essentially be left back at square one. Even if the trial does go well, Canopy will still face hurdles in establishing a supply chain and securing enough customers to justify its currently overly-high valuation.

Next Section: Bullish Outlook

Bullish Outlook

The market of PPE has been desperately needing a quality, affordable, and (most importantly) environmentally conscious alternative for some time now. Canopy’s mask checks all three of those boxes. With a successful clinical trial with Northwell Health, it could break into the mainstream as a B2B company. There has been much press around hospitals and plastic waste, especially in the midst of a global pandemic that requires much PPE to be used. Canopy could come in and become the emerging leader in the environmentally friendly PPE space.

Next Section: Executive Summary

Executive Summary

The early stages Canopy finds itself in makes it difficult to pin down exactly the trajectory the business is on. The impending end to the COVID-19 pandemic will likely result in the general public wearing masks less. This consumer behavior will limit the company to hospitals and healthcare workers for its market opportunity. Canopy’s product has yet to be a proven success in a clinical setting, and it has no financial data to show any levels of success. With that being said, Canopy’s mask is strongly differentiated from other mask providers by being environmentally conscious, and the market for PPE remains relatively large, given how important it is in hospital and clinical settings. Taking everything into account, Canopy has been rated a Neutral Deal.

For questions regarding the KingsCrowd staff pick or ratings for this company, please reach out to

Analysis written by Ethan Thomas.

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Canopy on Republic
Platform: Republic
Security Type: Equity - Common
Valuation: $6,500,000
Price per Share: $5.60

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