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.
