Addepar, a US-based wealth management product developer that counts online lender CreditEase as an investor, completed a $117m series E round yesterday led by growth equity firm WestCap Group.
WestCap provided $40m for the round through its Strategic Operator Fund in March this year, and was joined in the round by 8VC and Sway Ventures. The company said the deal boosted its overall funding to about $325m.
Founded in 2009 by 8VC co-founder Joe Lonsdale, Addepar has created an online wealth management platform that makes use of detailed data aggregation, analysis and reporting so clients can get better insights into their portfolios.
Eric Poirier, chief executive of Addepar, said: “The growth we have experienced this year is a direct result of putting our clients at the centre of our priorities. We are continuously pursuing novel ways to expand the value we bring to each of these relationships.
“We are winning in our core markets and see a substantial opportunity to grow, and we are ideally positioned to continue expanding our business in new dimensions as our team drives towards our bold vision with our client, partner and investor community.”
The company had picked up a total of $15.8m from investors including Accelerate-IT Ventures, Blumberg Capital and Peter Thiel before David Sacks, Valor Equity Partners. Formation 8, Stanley Druckenmiller, Harrison LeFrak and various individuals added $50m in 2014.
Valor Equity Partners, 8VC and Harald McPike subsequently co-led a $140m series D round for Addepar in 2017 that included CreditEase’s Fintech Investment Fund.
