Addepar, a technology platform for wealth management, announced it has closed a $117 million Series E funding round, led by WestCap Group ("WestCap"). WestCap's investment from its flagship Strategic Operator Fund was led by Laurence A. Tosi, WestCap's Founder and Managing Partner as well as a member of Addepar's Board of Directors for the past two years, and by Scott Ganeles, also a partner at WestCap. As longtime partners, Tosi and Ganeles co-founded Ipreo, a leading capital markets Fintech company which was sold to IHS Markit for $1.9 billion in 2018. Other investors in the round include 8VC, the venture fund founded by Joe Lonsdale, who is also the founder of Addepar and co-founder of Palantir. Sway Ventures also participated in the round, which brings Addepar's total funding to date to approximately $325 million. The funding will be used to support the expansion of the company's market leading data aggregation, analysis and reporting platform for investors and advisors.
Addepar is one of several strategic investments made by WestCap in FinTech over its 20-year history. Tosi and Ganeles have focused WestCap's Fintech strategy on the nexus of technology and private capital markets, a segment of the financial industry that has historically been underserved by technology and one that holds a significant and growing portion of the world's investable capital.
Addepar has sustained client, revenue, and asset growth, and now has more than $2 trillion in client assets on the platform. Addepar has sustained its pace of adding an average of $10 billion per week - reflecting Addepar's market leading position and high growth profile.
Source: PR Newswire