London-based fund accounting platform LemonEdge has closed a $21 million Series A round to accelerate product development and expand in the US and Europe. Blackstone Innovations Investments led the round; BNY joined as a strategic investor, with Sidekick Partners also participating. The raise brings LemonEdge's total funding to more than $30 million since its 2020 founding.
The company serves private equity firms, fund administrators, and large family offices, with $2.5 trillion in assets under client management. Its platform brings fund accounting and operations onto a single real-time system, an alternative to the spreadsheet-adjacent workflows and legacy software still common in private markets back offices.
Two senior appointments accompany the raise. David T. O'Malley joins as CEO and Board Chair, having previously served as President of Numerated Growth Technology before orchestrating its sale to Moody's Analytics. Katharine Briggs joins as Chief Growth Officer, responsible for go-to-market across the US and EMEA.
"LemonEdge was built to simplify the complexity of the rapidly scaling private markets space, with global private market AUM forecast to reach $26.7tn by 2030. Legacy systems froze, and, as a result, many of the most sophisticated private market firms in the world are being held back by tools that were not designed for the complexity they face today."
— David T. O'Malley, CEO, LemonEdge
Blackstone's Stevi Petrelli framed the investment through the lens of operational metrics: "Finance leaders choose accounting platforms that shorten close cycles, reduce audit risk and improve data insights. LemonEdge has built a trusted system of record for private markets, and embedded native AI capabilities to drive modern investor reporting and analytics."
Christine Waldron at BNY pointed to the same convergence of legacy stress and emerging technology demands: "Many of the firms we serve have requirements that legacy systems can no longer support, from new fund types to the safe adoption of emerging technologies. Both depend on one system of record where the data is governed, auditable and accurate."
LemonEdge is headquartered in New York and London, with teams across Austin, Charlotte, São Paulo, Delhi, and Toronto.
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