WealthTech firm Addepar raises $117M in Series E funding

Addepar

Eric Poirier, CEO at Addepar

Silicon Valley firm Addepar, a wealth management technology provider has closed a $117 mn Series E funding round, led by WestCap Group. The new investment has brought the company’s total funding to date to approximately $325 mn. 

Laurence A. Tosi, WestCap’s Founder & Managing Partner as well as a member of Addepar’s Board of Directors and by Scott Ganeles, also a partner at WestCap, led WestCap’s investment from its flagship Strategic Operator Fund. The funding round also saw participation from other investors including 8VC, the venture fund founded by Joe Lonsdale, also the founder of Addepar and co-founder of Palantir and Sway Ventures.

“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,” said Mr. Tosi. 

Addepar, over the past year has continued to invest in innovations, delivering products and launching new offerings that amplify the results wealth managers can bring to their clients as they navigate through the challenging market conditions while adapting to new virtual workforce. The firm is planning to use the finance to support the expansion of the company’s market-leading data aggregation, analysis and reporting platform for investors and advisors.

“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. 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,” said Addepar CEO Eric Poirier.

Established since 2009, Addepar was built with the goal of creating a more transparent financial system. The FinTech provides a wealth management platform that specializes in data aggregation, analytics and performance reporting. According to company data, the company has tracked over $2T client assets. $10B assets added to the platform per week and 400+ clients in more than 14 markets, around the world.

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