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Bloomberg: Addepar Seeks Funding at $3.25 Billion Pre-Money Valuation

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Originally posted on Bloomberg.

  • Over $7 trillion of assets are managed on Addepar platforms
  • Software company’s clients include Morgan Stanley, Jefferies

Wall Street wealth management and investment software provider Addepar Inc. is in talks to raise $250 million, according to people familiar with the matter.

The startup, which serves more than 1,200 institutions including banks such as Morgan Stanley, Jefferies and HSBC, has a pre-money valuation of $3.25 billion, said the people, who asked not to be named discussing private information. Co-founder Joe Lonsdale is investing via his venture firm 8VC, and existing investors including Valor Equity Partners and Laurence Tosi-founded WestCap are also participating, said one of the people.

Addepar plans to use the capital raised to buy shares from existing holders via a future tender offer, said one of the people. The company is expected to be cash-flow positive with hundreds of millions of dollars in revenue in 2025, the person said.

A spokesperson for Addepar declined to comment.

More than $7 trillion worth of assets are managed on Addepar’s platforms, which organize investment data and monitor client portfolios. The Manhattan-based startup also provides financial modeling and serves family offices and registered investment advisers.

The company was valued at just over $2 billion in 2021. Prior to this financing round, it raised close to $500 million, according to PitchBook Data. Other early investors include D1 Capital PartnersBlumberg Capital and David Sacks.

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