BlackRock to Lead Next Funding Round for Financial Technology Platform iCapital Network

BlackRock, an investment and risk management as well as advisory services, will lead the next funding round for iCapital Network, a financial technology platform focused on democratizing access to alternative investments. Shares of BlackRock climbed 1% intraday.

Frank Porcelli, the chairman of BlackRock’s US wealth advisory business, will join iCapital’s board and will work closely with it as a strategic advisor, according to a statement from iCapital Thursday.

iCapital recently announced that it has surpassed $2 billion in subscriptions from about 3,000 investors across more than 40 private offerings since the public launch of its platform two years ago.

“We are building the largest independent digital alternative investments platform in the industry,” said Lawrence Calcano, the CEO of iCapital Network.