Overall, the new funding will be used to accelerate the company’s growth. Karen White, president and chief operating officer at Addepar, told Family Wealth Report that the firm has quadrupled in terms of client numbers and revenue over the past year.

“The very first market we started on was in North America, focused on the investment and wealth management markets – namely advisors, wealth managers, private equity funds, etc. With the growth capital, we’re going to continue investing in product innovation and on the Silicon Valley engineering team,” White said.

She added that the firm is also planning to enter the EMEA market, by pushing into the UK “in early 2015.”

Put simply, Addepar delivers interactive investment analysis and reporting technology on a financial data platform or dashboard.

Clients at the firm include family offices, registered investment advisors, foundations and endowments, global advisories, banks, financial services firms and wirehouses. 

“Addepar brings Silicon Valley innovation to a massive set of challenges faced by the financial services industry,” said 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,” he said.