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.

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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.

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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.”