Addepar, a Mountain View, Calif.-based technology platform for wealth management, raised $40m in funding by WestCap Group.
The investment was led by Laurence Tosi (“L.T.”), a member of Addepar’s Board of Directors for the past two years as well as WestCap’s founder and managing partner, and by Scott Ganeles, senior partner at WestCap.
The company intends to use the funds to continue investing in research and development, market expansion and building out of its platform.
Led by CEO Eric Poirier, Addepar provides a cloud-based wealth management platform that specializes in data aggregation, analytics and reporting for even the most complex investment portfolios. The platform aggregates portfolio, market and client data all in one place. It provides asset owners and advisors a clear financial picture at every level, allowing them to make more informed and timely investment decisions. Addepar works with hundreds of financial advisors, family offices and large financial institutions that manage data for over $1.7 trillion of assets on the company’s platform.
The company also has offices in New York City and Salt Lake City.