Deal of the Week: Another family office backs wealth platform

Addepar, a wealth management platform set up by Silicon venture investor Joseph Lonsdale, has attracted more money from a family office/venture group. This time Laurence Tosi’s WestCap has pumped $40 million into the Mountain View, California based group. 

Tosi sits on the board of Addepar and the deal has led some to speculate, given its timing with the coronavirus pandemic raging, that is could be a defensive move. 

Addepar has raised close to $250 million from backers like family-backed real estate group LeFrak, Peter Thiel’s Founders Fund, Joshua Kushner’s Thrive Capital, and Nathan Kirsh’s White Sand Capital, as well as a number of prominent institutional investors. It also employed Justin Rockefeller, of the Rockefeller dynasty, to help Addepar win business with family offices. 

Given the level of backing, Addepar must be approaching unicorn level of valuation – at least before the coronavirus pandemic struck. 

Addepar also has offices in Salt Lake City and in February signed a lease on a sizable office space in New York City.