Following a $300 million minority growth investment, Wilmington, North Carolina-based Vantaca is a newly-minted technology unicorn company in the state.
The startup, which provides HOA solutions and community association software to property management firms, raised $300 million in private equity, at a $1.25 billion valuation, from lead investor Cove Hill Partners out of Boston.
Vantaca had previously raised a $5 million venture round from Baltimore-based JMI Equity in 2022.
CEO Ben Currin called the investment a “ major milestone” that “validates the strength of our platform, the trust our customers place in us, and the impact we’re driving across the industry every day.”
Currin added that Cove Hill was the right partner for Vantaca’s next phase of growth because of the firm’s “long-term mindset” and “deep experience scaling category-defining technology companies.” (Cove Hill portfolio list here).
The investment is one of the largest private company deals in North Carolina this year, per available Crunchbase data.
Building Vantaca In Wilmington
Vantaca and its HOAi platform provides resident support, accounting, and community management solutions for properties that need to streamline how they prepare board packets and build budgets.
While small in size, Wilmington, North Carolina’s beach community has scaled large companies before. One that Hypepotamus readers will know is nCino, a now publicly-traded financial technology company.
Currin said that Vantaca currently employs over 270 people, over half of whom are based out of their Wilmington headquarters.
“This community has been part of our story from the very beginning,” said Currin, a nuclear submarine officer-turned entrepreneur and tech executive. “It’s been incredibly meaningful to build a world-class technology company right here in Wilmington, to create great jobs and career opportunities, and to prove that you don’t have to leave to do big things. We’re excited to keep growing our presence here while also expanding nationally to attract the best talent.”
What’s Next
Partnerships and AI adoption are top of mind for Currin when it comes to Vantaca’s future.
“Our focus is on deepening our leadership within the broader community association management ecosystem — management companies, banks, integrated partners, vendors, and residents. This industry is more connected than ever, and the real opportunity lies in bringing all those stakeholders together through a unified, intelligent platform,” he added. “[The new investment] positions us to move faster and go bigger: deepening our AI capabilities, expanding the reach of our platform, and delivering even more value to the growing community management market. But just as importantly, it reinforces our commitment to the mission we started with and that’s to transform how community management companies operate and help them deliver more for the communities they serve.”
Vantaca will turn its focus toward national expansion efforts, as well as “[deepening] partnerships with our current customers, and [bringing] new automation and AI-driven agentic capabilities to market,” added Currin. “We’re focused on sustainable, customer-centered growth that strengthens the entire community management industry.”