Wealth management platform Addepar has raised $117m in a Series E financing round to support its expansion plans.

The fundraising was led by growth equity firm WestCap Group, whose investment from its Strategic Operator Fund was led by WestCap founder and managing partner Laurence Tosi and WestCap partner Scott Ganeles.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Tosi has been sitting on the Addepar board for the past two years.

WestCap Group was joined by 8VC – the venture fund founded by Addepar founder Joe Lonsdale – as well as Sway Ventures in the funding round.

The fresh infusion takes the total capital raised by the firm to $325m.

Using the capital, Addepar aims to aid the expansion of its data aggregation, analysis and reporting platform for investors and advisers.

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 maximise 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.”

Currently, Addepar caters to more than 500 family offices, RIAs, and banks. The firm has over $2trn in client assets on its platform.

Earlier this year, the firm secured $40m funding from WestCap Group.

Tosi noted: “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.”