HomeUSACanapi Ventures Closes Fund II, at $750M

Canapi Ventures Closes Fund II, at $750M

Canapi Ventures

As we anticipated earlier today, Canapi Ventures, a Washington, DC-based fintech venture capital firm, closed its Fund II, at $750m.

Canapi is backed by the Canapi Alliance, the fund’s network of strategic banks and financial partners institutions across North America, as well as institutional investors. This latest raise brings total assets under management to over $1.4B.

The fund will continue to support the most innovative entrepreneurs and companies looking to create a sounder, more inclusive and equitable financial ecosystem.

Core to Canapi’s value proposition is the delivery of financial and strategic returns to its Alliance. In Fund I, the firm made 20 investments across key verticals, including fraud and identity, financial infrastructure, lending and credit, payments, and real estate technology. As part of these investments, Canapi has helped to facilitate nearly 100 partnerships between its LPs and portfolio companies – including such names as Alloy, Built, Thoropass, and Greenlight. The firm estimates that this has delivered some $40 million in annualized revenue and supported the creation of nearly 1,500 new jobs in the fintech and financial services industry.

In Fund II, Canapi will maintain this considered strategy and support these key industries, while broadening its investment aperture to include additional opportunities and challenges facing the financial industry and other industries. This includes the responsible use and governance of AI, cybersecurity, and the intersection of financial services and climate technology. To that end, Canapi has made a handful of investments out of Fund II in companies such as DynamoFL, Island, and Crux Climate.

Canapi will continue to invest in companies across stages, partnering with founders as early as ideation and continuing to provide value throughout a company’s lifecycle. The fund has grown its platform team to include business development and talent professionals who collaborate with portfolio companies on key strategic imperatives.

The team now has offices in New York City, led by General Partner Jeff Reitman, as well as San Francisco, led by General Partner Tom Davis. Other key people include Managing Partner Gene Ludwig, President and General Partner Walker Forehand and General Partner Neil Underwood.

VCWire

06/12/2023