Fintech iCapital surpasses $7.5 billion valuation in recent fundraise
iCapital, a New York fintech company, has landed $820 million in fresh funding led by T. Rowe Price and SurgoCap Partners, with existing investors like Blackstone and BlackRock also being part of iCapital's investor base.
This boost takes iCapital's valuation past $7.5 billion—a solid jump from three years ago.
What does the company do?
Since 2013, iCapital has been making private-market investments—once reserved for big institutions—more accessible to wealth managers and their clients.
They offer tools for managing assets and learning about investing, and recently picked up Citigroup's wealth alternatives unit (that's 180+ new private asset funds).
The new cash will help them buy more companies and upgrade their tech.
iCapital now manages a massive $945 billion in assets
iCapital now manages a massive $945 billion in assets (with $257 billion in alternatives) and has made 23 acquisitions so far.
CFO Michael Kushner says this funding will fuel even more growth and tech innovation at the company.