Addepar said Tuesday that it has closed $50 million in Series C funding. Valor Equity Partners and Yammer founder David O. Sacks led the round. Other investors included Formation 8 Partners, Stanley Druckenmiller and Harrison LeFrak. Headquartered in Mountain View, Calif., Addepar is a financial tech platform.
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Addepar, a leading financial technology platform for the $120 trillion investment management industry, announced that it has raised $50 million in its Series C financing. The round was led by Yammer founder and former PayPal COO David O. Sacks and Valor Equity Partners, backers of transformative companies including Tesla, SpaceX and Solar City, with additional participation from Formation 8 Partners. Renowned money manager Stanley Druckenmiller and real estate mogul Harrison LeFrak were among others completing the round. The new funding will be used to accelerate the company’s growth. Addepar had raised $16 million in previous funding rounds through investors including Peter Thiel and Blumberg Capital.
“Given the increasingly complex financial landscape, smart investment managers are demanding technology that gives them complete and immediate visibility into their investment portfolios,” said Eric Poirier, Addepar Chief Executive Officer. “We’ve built a capability that simply didn’t exist before. We have more than quadrupled our business this past year by bringing on some of the most demanding firms in this market as clients. They are on Addepar because it enables them to make smart, data-driven investment decisions and to communicate clearly and continuously with their stakeholders. The technology handles all data for even the most complex portfolios and makes interactive analysis and reporting intuitive and scalable so that investment managers can focus on adding lasting value to their clients.”
“Addepar brings Silicon Valley innovation to a massive set of challenges faced by the financial services industry,” said incoming investor and Yammer CEO David O. Sacks. “The global financial markets have become exponentially more complex in the last 20 years, yet financial technology has virtually stood still. There is an enormous gap between what the industry needs and what legacy products can deliver. As an Addepar user, I know first-hand how unique the product is, and I see an extraordinary opportunity to disrupt the industry with this technology.”
Joseph Piazza, Chairman and CEO of Robertson Stephens, LLC and an Addepar customer said, “Addepar gives us a technology platform that lets us do what we do best. They provide complete and customized performance reporting and analysis to each client dynamically. Simply put, their innovations enable smarter investment decisions. Addepar is transforming our industry.”
Addepar delivers the world’s first interactive investment analysis and reporting technology on a comprehensive financial data platform. This unique combination of capabilities replaces decades-old technology systems still used to track and manage some of the largest investment portfolios in the world. Clients include family offices, registered investment advisors (RIAs), foundations and endowments, global advisories, banks, financial services firms and wire houses. Started by Palantir co-founder Joe Lonsdale, Addepar was founded to bring trust and transparency back to the investment industry. Silicon Valley based Addepar focuses top software engineers, designers and data analysts on solving some of the most fundamental problems in the $1 trillion financial products and services industry, one of the largest and most important sectors in the world.