Canapi Ventures, a fintech venture capital fund backed by nearly 70 financial institutions and strategic investors across the United States, announced the raise of a $750 million Fund II.
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 Canapi’s total assets under management to over $1.4B and will allow the Fund to 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 best-in-class financial and strategic returns to its Alliance. In Fund I, Canapi 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. Canapi 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.
“Our venture capital model connects high-quality fintech companies to our extensive network of banks and strategic partners, creating strong symbiotic value in this important ecosystem,”
said Canapi Managing Partner, Gene Ludwig.
Canapi also seeks to back diverse leaders who reflect the increasingly heterogenous financial landscape; to that end, 61% of C-suite members or founders in Canapi’s portfolio are either minorities, women, or veterans.
Featured image credit: Edited from Unsplash
