Wealth management technology platform Addepar has received $40m funding from growth equity firm WestCap Group.
WestCap founder and Addepar board member Laurence Tosi along with WestCap senior partner Scott Ganeles led the fundraising.
Ganeles noted: “Having operated and grown fintech companies serving both public and private markets for the last 30 years, I am highly confident in Addepar’s trajectory – the company is perfectly positioned to arm advisers and investors with the best data, technology and products in order to make confident, data-driven decisions in a scalable way.
“Our investment supports our belief in the tangible value they provide, no matter the market conditions.”
Addepar intends to utilise the latest infusion for platform development as well as market expansion.
The firm also plans to invest in research and development using the capital.
Addepar CEO Eric Poirier said: “This latest financing from WestCap helps Addepar expand on the value we bring to our clients, which has fueled our growth trajectory over the past decade.
“Our cloud-based data aggregation, analytics and reporting solution empowers Addepar’s clients to give each of their clients a clear and complete understanding of their investment portfolio, from anywhere at any time.”
Addepar focuses on data aggregation, analytics and reporting. The firm manages more than $1.7trn of assets on its platform.