Wealth management technology builder Addepar closes new round

Wealth management technology platform Addepar has collected $40m in a funding round from global equity firm WestCap Group.

The round was led by WestCap founder and managing partner Laurence Tosi and WestCap senior partner Scott Ganeles.

With the fresh batch of capital, the WealthTech company is looking to increase its research and development and market expansion efforts, as well as enhancing its platform.

The WealthTech is a wealth management platform which helps firms with data aggregation, analytics and reporting for portfolios. Its solution 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.

Addepar works with financial advisors, family offices and financial institutions to manage data of over $1.7 trillion of assets.

WestCap senior partner Scott Ganeles said, “Addepar was created in response to the 2008 financial crisis and is uniquely poised to provide solutions and insights during times of extreme market volatility as we’re seeing today. As we learned from our experiences with founding and scaling iLevel and iPreo, risk management software is a counter cyclical investment.”

Addepar previously raised $140m in its Series D round back in 2017 from investors including Valor Equity Partners, 8VC, and QuantRes founder Harald McPike.

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