Growth equity firm WestCap Group has invested $40m in Addepar, a US-based wealth management platform developer backed by online lender CreditEase.
Addepar provides a wealth management service that incorporates data aggregation, analytics and reporting in addition to help investors and asset managers make more informed decisions.
WestCap’s funding will go to research and product development in addition to a planned market expansion drive.
The company has now raised more than $245m altogether, including $140m in a 2017 series D round co-led by Valor Equity Partners, 8VC and private investor Harald McPike. CreditEase announced the following month Addepar was part of its Fintech Investment Fund’s portfolio.
Valor Equity Partners and David Sacks co-led Addepar’s $50m series C round in 2014, investing with additional individuals including Stanley Druckenmiller and Harrison LeFrak in addition to 8VC predecessor Formation 8.
The only other funding disclosed by the company is a 2011 round sized at $15.8m according to a securities filing. Its earlier investors include Accelerate-IT Ventures, Blumberg Capital and Peter Thiel.
Eric Poirier, chief executive of Addepar, said: “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.
“These capabilities are an absolute requirement in today’s market environment, and our team’s commitment to this problem space is stronger now than ever.”
