According to a report in TechCrunch, the venture capital funding, which could push the startup into unicorn status, will help the firm expand outside the U.S. and to fuel more acquisitions similar to the purchase of AltX earlier in June. The round of fund raising was co-led by Valor Equity Partners, 8VC, and QuantRes founder Harald McPike. Since launching, the company has more than double the assets under management to $650 billion from $300 billion, reported TechCrunch.
“Addepar is now poised to become the universal operating system to power global finance,” said Addepar, Palantir and 8VC founder Joe Lonsdale in an interview. “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.”
Addepar gives people insight into the fortunes of the super wealthy, but the company wants to bring the same tools and insight to pension funds and sovereign wealth to enable them to make better decision on managing money for their clients. It’s the reason Antonio Gracias, the founder, managing partner and chief investment officer, joined the company. “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 in a statement. “Addepar has not only imagined it, but achieved it, pioneering a fast-growing new market that will revolutionize the way data drives finance.” Addepar also has an API and has integrated its data mining and analytical toolkit into products for Salesforce, FolioDynamix, icapital Network, Citco Fund Services, RedBlack Software, Blas Portfolio and Quovo among others, noted the report.