Addepar, which says clients use its platform to advise and run more than $7 trillion of assets, said a range of investors, for example Singapore's own public bodies, were part of the fundraising round.

Addepar, the US-headquartered technology firm working with wealth managers and other financial sectors globally, has closed its $230 million Series G investment round. 

The round was co-led by London-headquartered Vitruvian Partners and returning investor, New York-based WestCap, along with other investors such as 8VC and Valor Equity Partners. Global investor EDBI, operating under SG Growth Capital – the investment platform of the Singapore Economic Development Board (EDB) and Enterprise Singapore – also joined this round as a new investor.

The firm said it invests more than $100 million annually in research and development and is on track to achieve profitability in 2025.

The money raised in the latest round will mainly be used to provide liquidity to employees and other investors through a tender offer. This allows them to realise the “value of their contributions,” Addepar said. The new capital will also accelerate investments in innovation and client capabilities.

“This funding aims to reward everyone who has contributed to our mission during our first 15 years, and reinforces our commitment to empowering the world’s leading firms with deep and lasting innovation,” Eric Poirier, CEO at Addepar, said in a statement. 

Addepar’s clients use its platform to manage and advise on more than $7 trillion in client assets, up from $5 trillion a year ago. Addepar said it adds more than $25 billion in new assets on average each week. It serves more than 1,200 client firms across more than 50 countries, used by single-family offices, RIAs, large banks, institutional asset owners and alternative fund managers. It has offices in Silicon Valley, New York City, Salt Lake City, Chicago, London, Edinburgh, Pune and Dubai.