Addepar Raises $117M in Series E Funding

MOUNTAIN VIEW — Addepar, which operates a technology platform for wealth management, has closed a $117 million Series E funding round, led by WestCap Group.

WestCap’s investment was led by Laurence A. Tosi, WestCap’s Founder and Managing Partner as well as a member of Addepar’s Board of Directors for the past two years, and by Scott Ganeles, also a partner at WestCap. Other investors in the round include 8VC, the venture fund founded by Joe Lonsdale, who is also the founder of Addepar and co-founder of PalantirSway Ventures also participated in the round, which brings Addepar’s total funding to date to approximately $325 million. The funding will be used to support the expansion of the company’s market leading data aggregation, analysis and reporting platform for investors and advisors.

Addepar is one of several strategic investments made by WestCap in FinTech over its 20-year history. Tosi and Ganeles have focused WestCap’s Fintech strategy on the nexus of technology and private capital markets, a segment of the financial industry that has historically been underserved by technology and one that holds a significant and growing portion of the world’s investable capital.

Addepar has sustained client, revenue, and asset growth, and now has more than $2 trillion in client assets on the platform. Addepar has sustained its pace of adding an average of $10 billion per week – reflecting Addepar’s market leading position and high growth profile.

“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,” said Mr. Tosi. “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.”