Addepar, a technology provider and operating system designed to cater to financial firms, announced that it has managed to raise $140 million in a series D round co-led by 8VC, Valor Equity Partners, and QuantRes founder Harald McPike.
The significant amount of funding follows the developer’s increased growth, as in under a year and a half it has more than doubled the value of assets on its platform, from $300 billion to $650 billion. A correlation has been noted, with valued wealth managers adopting the software. The new funding will assist the company in investing in R&D, the expansion of the platform and technology oriented services in order to be able to offer more to asset and wealth management entities.
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Joe Lonsdale, co-founder of Addepar and Palantir Technologies and partner at 8VC, commented: “The company’s extraordinary growth speaks for itself. 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.”
Antonio Garcias, the founder, Managing Partner, and Chief Investment Officer of Valor Equity Partners, joined Addepar’s board of directors after co-leading the company’s series C funding in March 2014. He had made a name for himself by backing innovative technology firms, as well as by being a longstanding key investor in Elon Musk’s companies. Garcias holds the position of Lead Independent Director at Tesla Motors, and serves as a Board Director at Marathon Pharmaceuticals and Space Exploration Technologies.
Garcias noted: “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. Addepar has not only imagined it, but achieved it, pioneering a fast growing new market that will revolutionize the way data drives finance.”
Recently, Finance Magnates reported when Airwallex, a cross-border payment software startup intended to be used by companies and individual clients, raised about $16 million in series A funding.