The Silicon Valley-based firm said that it will use the latest financing round to fund expansion.

Investment house WestCap has invested $40 million in Addepar, the wealth management technology firm.

The investment was led by Laurence Tosi, a member of Addepar’s board of directors for the past two years, WestCap’s founder and managing partner, and by Scott Ganeles, senior partner at WestCap. As longtime partners, the duo also co-founded iPreo, a capital markets fintech company. 

Addepar will use the additional capital to continue investing heavily in research and development and market expansion.

“This latest financing from WestCap helps Addepar expand on the value we bring to our clients, which has fueled our growth trajectory over the past decade,” CEO Eric Poirier, said.

“Our cloud-based data aggregation, analytics and reporting solution empowers Addepar’s clients to give each of their clients a clear and complete understanding of their investment portfolio, from anywhere at any time. These capabilities are an absolute requirement in today’s market environment, and our team’s commitment to this problem space is stronger now than ever,” Poirier said. 

Addepar now manages more than $1.7 trillion in assets. The firm is based in Silicon Valley and has offices in New York City and Salt Lake City.