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July 28, 2021

iCapital Network rakes in $440m to bolster client offerings

By Verdict Staff

Financial technology firm iCapital Network has raised $440m at $4bn valuation in a funding round led by Temasek.

The round also saw participation from a number of investors including Owl Rock, Blackstone, UBS, BNY Mellon, and Wells Fargo, among others.

iCapital said that the fresh capital will be used to enhance platform technology and expand strategies and product types on alternative investment menu.

It will also be used to pursue strategic acquisitions in a bid to bolster client capabilities.

iCapital Network chairman and CEO Lawrence Calcano said: “We are honoured to welcome such a renowned group of strategic investors into our latest fundraising round.

“Their conviction in iCapital validates the achievements of our team to date and our ongoing efforts to expand alternative investing opportunities to wealth advisors and their clients in the years ahead.”

iCapital’s platform provides asset and wealth management companies with enhanced access to alternative investing.

The firm secured a total of $162m since its last fundraise in March last year.

During this period, iCapital doubled its headcount, expanded its technology and education capabilities and finalised five acquisitions including that of AI Insight.

The firm also launched customised offerings for accredited investors, broadened its international footprint, and launched over 45 new white labels with partners around the world.

Latest investors have also agreed to expand the use of iCapital’s technology to facilitate their respective private market activities serving the high-net-worth wealth marketplace.

The firm expects a second closing of the round in the next month.

It will have backing from new strategic investors in addition to further commitments from the existing investors, said the company.

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