Funding round
iCapital Growth
Reported as "Growth Equity"
iCapital, which works in alternative investment management solutions in New York, raised $50M in a Growth round announced on 23 Dec 2021, led by WestCap, at a $6.00B post-money valuation. 7 firms took part, 5 of them already investors. It is iCapital's third venture round on record; the one before was a Growth in Sep 2021.
$50M
Amount raised
$6.00B
Post-money valuation
$5.95B pre-money
7
Investors
1 lead
1.5x
Step-up from the Growth
$4.00B in Sep 2021
under 1%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced iCapital at $6.00B after the new money, 1.5 times the $4.00B of its Growth (Sep 2021). The $50M bought investors about under 1% of the company. It came 3 months after iCapital's Growth. It is 3.4% of the $1.46B iCapital has raised in the venture rounds on record. iCapital raised again 43 months later: a Growth round of $820M in Jul 2025, at $7.50B post-money.
iCapital's funding rounds
iCapital has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
WestCap led the round with 6 other firms. WestCap, Temasek, Blackstone and KKR and 1 more had backed iCapital before.
Lead investor
- WestCap backs 36 venture-backed companies existing investor
Also in the round
- Morgan Stanley backs 120 venture-backed companies new investor
- Apollo backs 41 venture-backed companies new investor
- Temasek backs 195 venture-backed companies existing investor
- Blackstone backs 83 venture-backed companies existing investor
- KKR backs 104 venture-backed companies existing investor
- Carlyle backs 22 venture-backed companies existing investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations, acquisitions and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Acquisitions
- Working capital
Comparable rounds
How it compares
20 Growth rounds in Investment Consultants & Financial Advisors within a year either side disclosed an amount; the median was $95M, and this round was 53% of the median. The closest in time, other companies' Growth rounds in Investment Consultants & Financial Advisors:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Investment Consultants & Financial Advisors | 20 Jan 2022 | $48M | not disclosed | not named |
| Investment Consultants & Financial Advisors | 30 Nov 2021 | $26M | not disclosed | Prosus Ventures and EDBI |
| FNZ Investment Consultants & Financial Advisors | 11 Feb 2022 | $1.40B | $20.00B | not named |
| Investment Consultants & Financial Advisors | 29 Mar 2022 | $200M | not disclosed | not named |
| Investment Consultants & Financial Advisors | 17 Sep 2021 | $5.9M | not disclosed | not named |
| Investment Consultants & Financial Advisors | 25 May 2022 | $80M | not disclosed | GIC |
| Investment Consultants & Financial Advisors | 28 Jul 2021 | $3.5M | not disclosed | Pinorena Capital |
| Investment Consultants & Financial Advisors | 1 Jun 2022 | $100M | not disclosed | not named |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did iCapital raise in its Growth round?
iCapital raised $50M in its Growth round, announced in Dec 2021.
Who led iCapital's Growth round?
WestCap led it, with Morgan Stanley, Apollo, Temasek, Blackstone and KKR and 1 more.
What was iCapital's valuation at the Growth round?
$6.00B post-money ($5.95B pre-money).
How does it compare with other Growth rounds in Investment Consultants & Financial Advisors?
20 Growth rounds in Investment Consultants & Financial Advisors within a year either side disclosed an amount; the median was $95M, and this round was 53% of the median.
Did iCapital raise again after this round?
Yes: a Growth round in Jul 2025 of $820M at $7.50B post-money.