Addepar raises $117m for wealth management technology platform

Addepar, a US-based wealth management technology platform, has raised $117 million in a Series E funding round, led by growth equity firm WestCap Group.

The investment by WestCap Group was made from its flagship Strategic Operator Fund.

Other investors in the Series E round are 8VC and Sway Ventures.

Laurence A. Tosi – WestCap Group Founder and Managing Partner said: “Addepar is an intuitive and critical platform for effectively tracking and managing a wide range of financial assets. The Addepar team has brought the best of Silicon Valley innovation and Wall Street risk management capabilities together and is fundamentally transforming the financial industry by giving investors more visibility and control over their investments.

“Addepar will see continued high growth as investment management firms need even greater speed, clarity, and insight to stay competitive and manage risk. The company’s performance during this unprecedented time of volatility shows its ability to deliver unmatched value across market cycles.”

Addepar’s total funding so far has gone up to nearly $325 million.

The wealth management technology platform intends to use the funding for supporting the expansion of its data aggregation, analysis and reporting platform designed for investors and advisors.

Currently, Addepar is said to cater to more than 500 family offices, registered investment advisors (RIAs), and banks. It works with thousands of advisors and claims to handle millions of daily transactions.

Eric Poirier – Addepar CEO said: “There are more than $120 trillion in investable assets globally, and the striking majority of these investments are managed in spreadsheets, using decades-old processes. Addepar is making meaningful technology- and data-driven innovations to maximize the impact of this capital, and bringing our solutions to a wider audience.

“The growth we’ve experienced this year is a direct result of putting our clients at the center of our priorities. We’re continuously pursuing novel ways to expand the value we bring to each of these relationships.”