US-based financial technology platform Addepar has raised $50m in series C funding in a round featuring corporate-backed venture capital firm Formation 8.
The round was co-led by former Paypal chief operating officer and Yammer founder David O Sacks and private equity firm Valor Equity Partners. Additional participants included hedge fund manager Stanley Druckenmiller, property investor Harrison LeFrak and additional angel investors.
Founded in 2009, Addepar analyses all financial data and presents it in one place, making it easier for wealth and fund managers to understand the information. Addepar will use the latest investment to further its growth.
In 2011 Addepar raised $16m in a series A round featuring VC firms Accelerate-IT Ventures and Blumberg Capital, and venture capitalist Peter Thiel.
Formation 8 backers include Korea Telecom and LS Group, the family business of Formation 8 co-founder Brian Bonwoong Koo.