The funds will be used to develop technology solutions and strategic acquisitions.
B2b investment management platform iCapital Network raised $50 million in another funding round. As a result, the startup’s valuation reached $6 billion.
WestCap became the main investor of the round. Singapore-based Apollo and Temasek Foundation also contributed to the funding. Existing investors will complete the round early next year, the company said. These include financiers Goldman Sachs, investment firm BlackRock, KKR, The Carlyle Group, as well as banks Wells Fargo, BNY Mellon and UBS.
“ICapital has developed one of the best end-to-end solutions in the industry that bridges the gap between alternative asset managers and wealth consultants, and we are excited to invest in a market leader,” said Apollo partner Stephanie Drescher.
The funds raised will be used to strengthen the platform’s technology base and expand the range of service products. The startup is also planning strategic acquisitions that “will empower customers,” according to the press release.
American startup iCapital was founded in 2013. The platform helps investment firms and asset managers invest client funds in various funds and securities. As of November 2021, iCapital manages $104 billion in client assets, according to the company. The startup team consists of 700 people, and its divisions are located in Zurich, London, Lisbon, Hong Kong, Singapore and Toronto.
The total amount raised by the startup, taking into account the latest round, was nearly $730 million, according to Crunchbase. In July, the platform raised $440 million from a group of investors led by Temasek.
Let us remind you that yesterday retail investment platform Ant Money raised $20 million and added Blast, a service for gamers.
Read also: In 2021, European start-ups will attract an extraordinary amount of investment, the study shows.