New York-based wealth management company iCapital Network announced Tuesday that it raised $440 million in a funding round led by Temasek. The massive raise brought the fintech unicorn’s valuation to a whopping $4 billion.
The latest raise is more than twice the size of the company’s last. In March of last year, iCapital brought in $146 million in a round led by Ping An Global Voyager Fund.
Since then, the company has been on a substantial growth trajectory. iCapital’s platform assets have more than doubled from $46 billion to over $80 billion, according to the company.
iCapital’s end-to-end technology was built for those in the wealth management, banking and asset management industries. The company aims to provide its investment clients with lower minimums and simplified digital workflows via its flagship platform.
The company’s tech offering provides clients with a curated selection of private equity, hedge funds, private credit and other alternative investments to help meet their return and diversification needs. Its suite of financial service solutions also covers advisor education, portfolio management, portfolio analytics and more.
“Many high-net-worth investors remain under-allocated to alternative investments relative to institutional investors, but are increasingly exploring the larger role these strategies can play in portfolio construction,” Gregg Lemkau, CEO of MSD Partners, said in a statement. “The market opportunity to open up access and digitize alternative investing in this space is substantial, and we believe iCapital is extremely well positioned to capture it.”
Founded in 2013, iCapital services more than 100,000 underlying accounts, according to the company.
iCapital will use the fresh fundraise to continue enhancing its platform as well as pursue strategic acquisitions.
The fintech platform has doubled its headcount since last year’s cash injection and it plans to keep that momentum going following the latest round. iCapital is now hiring for dozens of open positions across its engineering, human resources and finance teams, to name a few.
In addition to its NYC headquarters, the 450-person company has offices in Zurich, London, Lisbon and Hong Kong.
Additional investors OwlRock, MSD Partners and Noah Holdings participated in the round, among others.
