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Canapi Ventures launches $750m fund to back US fintechs

The raise brings Canapi’s total assets under management to more than $1.4bn

Walker Forehand/Canapi

Walker Forehand/Canapi Ventures

US-based venture capital firm Canapi Ventures has raised $750m as part of its new fund to support innovative entrepreneurs and companies creating a “more inclusive and equitable financial ecosystem”.

The VC fund is backed by almost 70 financial institutions and investors across the US and has supported nearly 100 partnerships between its LPs and portfolio companies, including Alloy, Built, Greenlight and Thoropass.

It estimates this has delivered $40m in annualised revenue and created around 1,500 new jobs in fintech and financial services.

“With decades worth of financial services experience, we provide our stakeholders with the knowledge and expertise they need to identify emerging innovations within the bank and fintech ecosystems,” Canapi president and general partner Walker Forehand said.

“We're proud to deliver not only financial returns to our LPs, but also strategic value that is transforming the fintech and financial services industry.” 

The raise brings Canapi’s total assets under management to more than $1.4bn.

With the funds, Canapi says it will continue to support key industries while also broadening its investments to include more opportunities and challenges facing the financial industry, such as responsible use and governance of AI, cybersecurity and climate technology.

“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,” Canapi managing partner Gene Ludwig said.

The fund also prioritises backing diverse leaders, with 61 per cent of its C-suite members or founders in its portfolio being either minorities, women or veterans.

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