WealthTech platform Addepar nets $177m in its new funding round

WealthTech platform Addepar has closed its Series E funding round on $177m, as it looks to deepen its platform capabilities.

WestCap Group served as the lead investor of the series investment, with support also coming from 8VC and Sway Ventures. The equity line brings the company total funding to $325m.

Having closed the round, Addepar is looking to expand its data aggregation, analysis and reporting services.

The company aggregates portfolio, market and client data into a single location, giving asset owners and advisors a clearer picture of investments so they can make more informed decisions.

It claims to have more than $2trn in client assets on the platform, and adds an average of $10bn per week.

Earlier in the year, the company released its Marketplace application, which is offered through Acervus Securities. It enables advisors to buy and sell alternative funds, private company securities and invest in cash deposit programs, from a single location.

“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,” said Mr. Tosi.

“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.”

The WealthTech previously raised $40m earlier in the year from WestCap Group.

Addepar serves more than 500 family offices, RIAs and banks, supporting advisors and handling millions of transactions each day.

Addepar CEO Eric Poirier 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 centre of our priorities. We’re continuously pursuing novel ways to expand the value we bring to each of these relationships. We are winning in our core markets and see a substantial opportunity to grow, and we’re ideally positioned to continue expanding our business in new dimensions as our team drives towards our bold vision with our client, partner and investor community.”

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