Banking & Finance

Wilmington Fintech Investment Firm Announces $750M Capital Raise

By Audrey Elsberry, posted Dec 6, 2023
A $750 million capital raise was announced on Wednesday by Canapi Ventures, a venture capital firm with ties to Wilmington and Live Oak Bank.
Its second raise, Fund II, brings Capani’s total assets under management to $1.4 billion, according to Canapi’s release. The fund has already been investing Fund II’s capital in companies such as Island, a privacy software company. Canapi announced that investment in in October.
Canapi Ventures was founded by CenterHarbor Advisors and Live Oak Bancshares. The firm specializes in early-stage financial technology companies. Canapi's partners include some Live Oak executives. CEO of Live Oak Bancshares, Chip Mahan, is a managing partner of the firm.
"Our connectivity in Washington and to its regulators has allowed us to help our companies better understand and comply with complex requirements while building alongside founders to maximize impact,” Mahan said in the release.
Canapi is backed by a network of financial institutions and investors called the Canapi Alliance. Since the previous capital raise, Fund I, was announced, the Alliance’s composition has almost doubled, according to Canapi, with a total of nearly 70 members.
Fund II will include investments in the firm’s signature industries, such as fraud and identity, financial infrastructure, lending and credit, payments and real estate technology, according to the release. But the newest fund will expand the firms focus to include AI governance, cybersecurity and climate technology’s connection with finance.

“Canapi Ventures is helping fuel the fintech revolution from our own backyard here in Wilmington,” Neil Underwood, Canapi cofounder and general partner, told the Business Journal.

Underwood is also a board director at Live Oak Bank. He stepped down from his role as president of Live Oak Bancshares in November to focus on the venture capital firm. 

“Canapi is an exceptional platform to release next generation technologies. As we invest in themes such as AI, data, cyber, infrastructure and payments, we are creating exciting opportunities for banks to improve and modernize financial services," he said. 
In Fund I, Canapi made 20 investments and estimates a delivery of approximately $40 million in annualized revenue from its investments. To date, the firm has led eight companies through two or more funding rounds, Canapi officials said.
Along with the announcement of Fund II, Canapi disclosed a geographic expansion. The firm’s offices are now in four cities — the existing Wilmington and Washington D.C. offices, and the newly-added New York City and San Francisco offices.
Ico insights


Chris coudriet

Community Input Is Crucial To Guiding The Model Of Good Governance

Chris Coudriet - New Hanover County Government
2022052 75 142344351

Bridging Futures: The Case for Toll Funding in Wilmington’s Cape Fear Memorial Bridge Revamp

Natalie English - Wilmington Chamber of Commerce
Untitleddesign2 4523114356

Cybersecurity and Productivity: Striking the Perfect Balance for Business Success

Barrett Earney - EarneyIT

Trending News

Bank, Nonprofit Look To Lease Skyline Center Space From City

Emma Dill - Feb 19, 2024

Homebuilders Association Adds Taylor As Director Of Business Development

Staff Reports - Feb 20, 2024

Insurance Company Leases Space In Upcoming Midtown Office Building

Cece Nunn - Feb 20, 2024

Coffee Shop, Bar Takes Flight In Downtown Wilmington

Laura Moore - Feb 21, 2024

Local Women's Impact Network Announces Board Officers, Members

Staff Reports - Feb 20, 2024

In The Current Issue

Gadgets Boost Area’s Biotech

“AI is starting to weave itself into our social culture. Say you have a wearable on 24/7; you don’t even know it’s there,” said Morris Nguye...

Trouble Brewing: How A Social Media Post Bubbled Over For A Wilmington Brewery

Social media can influence which local breweries are favored among patrons and restaurants. This dynamic played out recently with an online...

Locals Cook Up Kitchen Concepts

Local chefs and restaurant industry owners are setting up shared kitchens, some with an entrepreneurial drive....

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!



2023 Power Breakfast: Major Developments