Addepar, the operating system for our financial world, today announced it has closed a $140 million Series D funding round, co-led by Valor Equity Partners, 8VC, and QuantRes founder Harald McPike.
The financing comes on the heels of Addepar’s unprecedented growth — from $300 billion to over $650 billion assets on platform in less than 18 months — as top wealth managers embraced Addepar’s category-defining client reporting software. With the new capital, Addepar will continue investing significantly in R&D, expanding its product, platform and tech-enabled services to unlock more value for its clients while also serving a wider range of wealth and asset management firms.
Much of the technology infrastructure that powers global finance was built 20 to 40 years ago. Addepar was founded in 2009 to transform financial services, and started by reimagining the technology foundation. Addepar’s world-class team has built and tuned the technology platform to power its unrivaled performance reporting product, and has opened APIs to integrate with complementary products. With a focus on giving wealth advisors the best technology and data to provide high-quality, strategic advice to their most complex clients, Addepar has gained strong industry traction — from Family Offices, RIAs, Private Banks and Wirehouses, and large allocators alike — by solving this very real problem.
“The company’s extraordinary growth speaks for itself," said Joe Lonsdale, co-founder of Addepar and Palantir Technologies and partner at 8VC. "Addepar is now poised to become the universal operating system to power global finance. It has already connected much of the financial services ecosystem as the leading platform for the highest caliber of asset owners and advisors, capturing and aggregating data from numerous sources and helping to apply it in the most intuitive and impactful ways."
Recognizing this potential, Antonio Gracias, Founder, Managing Partner and Chief Investment Officer of Valor Equity Partners, joined Addepar’s Board of Directors after co-leading Addepar’s Series C financing in March 2014. Gracias is known for backing game-changing technology companies that are forging entirely new markets, and has been a key investor in Elon Musk’s companies for several decades. He currently serves as Lead Independent Director at Tesla Motors and Board Director at Space Exploration Technologies and Marathon Pharmaceuticals.
“The idea of a common language and a truly universal data platform for the financial services world is something Wall Street 10 years ago could never have imagined,” said Gracias. “Addepar has not only imagined it, but achieved it, pioneering a fast growing new market that will revolutionize the way data drives finance.”
“Addepar’s open platform will catalyze the next generation of innovation in the financial services industry,” said Harald McPike. “I believe that open platforms will precipitate a wave of data-driven customer centric services that will be transformative.”
Strategic initiatives fueled company momentum, including the May 2017 acquisition of AltX to double down on the high-growth alternatives market. Last fall, Addepar launched the Addepar API and added numerous integrations to its roster, which now includes Salesforce Financial Services Cloud, FolioDynamix, iCapital Network, Citco Fund Services, RedBlack Software, Blaze Portfolio, Quovo, Morningstar and BaySys Technologies.
"We’ve aligned Addepar’s business, product and technology strategy to enable a new level of innovation and connection across the financial services industry. We’re playing the long game," said Eric Poirier, CEO of Addepar. “We are adding real value to our clients today, and we’re just getting started. We’re eager to empower and encourage innovators to build new apps on top of Addepar; this is more important than anybody understands. It’s how we push forward with our ambitious vision to make financial markets data-driven, so they can be trusted, secure, and fair for all types of investors."