Print
Banking & Finance

Canapi Ventures Enables 2-year-old Startup Able

By Jenny Callison, posted Jul 1, 2022
An investment by Canapi Ventures is increasing the capacity of a tech startup to serve commercial lenders. Canapi led the recent Series A capital raise by San Francisco-based Able, a 2-year-old company that has built a system to speed up the processing of documents and other data required for commercial loans.
 
Canapi’s share of the $20 million total was not disclosed.
 
Able is an artificial intelligence (AI) platform that expedites commercial loan processing to save time and money for everyone involved in the transaction: lenders, borrowers, accountants, appraisers and lawyers.

“Canapi has been a true partner in our growth,” Canapi Ventures’ website quotes co-founder Diego Represas as saying. “Beyond leading our Series A, they have given us access to experts, knowledge and partners that would have taken us years to develop on our own.”

In a post on the Canapi Ventures website, company officials explained why the fund decided to invest in Able.

“It’s rare that Canapi invests in companies at formation stage, but after meeting [co-founders] Diego and
Andrew [Hurst] in 2019 we felt there was a clear opportunity to change the shape of the commercial lending industry,” the post reads.

Before opening the cash register, however, Canapi Ventures invited Represas and Hurst to spend “hundreds of hours” with lenders in the Canapi network to prove the worth of their AI platform.

Venture capital firm Canapi Ventures invests in early- to growth-stage financial technology companies. It was founded in 2018 by Gene Ludwig, founder and chairman of Promontory Financial Group, and James “Chip” Mahan, CEO and chairman of Live Oak Bancshares.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Mcwhorter 0005

Preparing an Idea to Share with the World

Heather McWhorter - UNCW Center for Innovation and Entrepreneurship
Screenshot2022 01 06at338 162234623

Genesis Bridge: Automating Connections to Contracts

Girard Newkirk - Genesis Block
Dallasromanowski headshotcopy

Love Can’t Be Blind: Preparing for a Business Transfer to Children or Insiders

Dallas Romanowski - Cornerstone Business Advisors

Trending News

Murchison Building Downtown Sold For $8.25M

Johanna F. Still - Aug 12, 2022

With Home Sales Down In July, Realtors Struggle To Choose 'sweet Spot' Prices

Cece Nunn - Aug 12, 2022

Local Film Projects Building Sizeable Spend; New TV Series Announced For September

Jenny Callison - Aug 12, 2022

In The Current Issue

Beach Equipment Rentals Sizzle

For some beachgoers, their perfect day is lazing on the shore, soaking up rays. For others, it’s water sports or maybe biking alongside the...


Commercial Tenants Navigate Rent Spikes

One of the realities small businesses throughout the area face when trying to find commercial space, which also include increasing rents and...


Schools Face Nursing Shortage Crises

The pandemic-induced havoc on hospitals around the country still ricochets across systems today. A dire trend accelerated and emerged: a sho...

Book On Business

The 2022 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100