LemonEdge Raises $21M Series A to Expand Fund Accounting

LemonEdge has closed a $21 million Series A round led by Blackstone Innovations Investments, with participation from BNY and Sidekick Partners. The financing brings the company’s total capital raised to more than $30 million.

The firm, founded in 2020 and headquartered in New York and London, provides fund accounting and recordkeeping software for private equity firms, fund administrators and large family offices. LemonEdge says its clients collectively manage over $2.5 trillion in assets.

The new capital will be used to expand the client base and speed product development over the next 12 months, the company stated. Planned activities include scaling sales and customer onboarding and advancing the platform’s product roadmap for 2026 and 2027.

LemonEdge announced leadership changes alongside the financing. David T. O’Malley has been appointed chief executive officer and board chair. He previously served as president of Numerated Growth Technology, where he led international expansion and the company’s sale to Moody’s Analytics. Katharine Briggs was named chief growth officer to lead the firm’s go-to-market strategy across the U.S. and EMEA.

O’Malley noted the platform was created to simplify private markets accounting as products and asset volumes grow. He pointed to industry forecasts that global private market assets could reach $26.7 trillion by 2030 and said legacy systems have “frozen,” leaving firms constrained.

Christine Waldron, global head of fund and investor solutions, asset servicing at BNY, commented that many clients require systems that support new fund types and the safe adoption of emerging technologies. She emphasized the need for a single system of record where data is governed, auditable and accurate.

LemonEdge competes in a market where private market assets and fund structures are expanding, creating demand for systems that handle complex accounting, reporting and data governance. The company said the Series A will support wider commercial expansion in the U.S. and Europe and faster deployment of planned product releases.