LemonEdge, a modern fund accounting platform built for private markets, has completed a $21 million (£15.75m) Series A investment round to accelerate product development and continued expansion in the US and Europe.
Blackstone Innovations Investments, Blackstone’s early-stage investment arm, led the funding round. They’re joined by New York-listed financial services company BNY, with participation from long-time investor Sidekick Partners – bringing LemonEdge’s total funding raised to date to more than $30m.
LemonEdge has appointed New York-based David T. O’Malley as CEO and board chair. O’Malley brings extensive experience scaling high-growth global software-as-a-service and enterprise FinTech businesses.
Most recently, he served as president of Numerated Growth Technology, leading international expansion, operational and commercial strategy and ultimately orchestrating its successful sale to Moody’s Analytics.
Katharine Briggs also joins as chief growth officer, responsible for driving global go-to-market strategy, delivery, and client expansion as demand accelerates across the US and EMEA. She brings deep experience at high-growth software businesses, translating product innovations into measurable client outcomes. Her teams will guide clients from first sale through implementation and into long-term success, ensuring every client realizes increasing value from the platform.
“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,” said O’Malley.
“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.
“With this new funding, we plan to continue to address these major gaps and accelerate growth over the next 12 months, by bringing on a significant number of new clients and rapidly deploying our 2026 and 2027 innovation roadmap.”
Stevi Petrelli, senior managing director, head of Blackstone Innovations Investments, said: “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. We are delighted to continue to support their growth.”
Christine Waldron, global head of fund & investor solutions, asset servicing at BNY, said: “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 among the platforms purpose-built to address these challenges, and we look forward to collaborating with a team that shares our commitment to solving the complex problems our clients face.”