Singapore Exchange-backed private market platform ADDX has raised US$58 million in a Pre-Series B funding round, bringing its total funds raised to around US$120 million.
The fundraise saw several financial institutions come on board as new shareholders.
This includes SET Venture Holding, a subsidiary of the Stock Exchange of Thailand (SET), UOB, Hamilton Lane and Krungsri Finnovate, the corporate venture capital arm of Krungsri (Bank of Ayudhya PCL).
New investors join existing shareholders on the ADDX cap table, such as Singapore Exchange (SGX), Temasek-owned Heliconia Capital, Development Bank of Japan (DBJ), Japan Investment Corporation – Venture Growth Investments (JIC-VGI), Tokai Tokyo Financial Holdings, Kiatnakin Phatra Financial Group and Hanwha Asset Management.
The new shareholders will be partnering with ADDX on specific projects that will help the exchange expand into new business areas, geographies or market segments.
The fresh funds will allow ADDX to scale its operations and bolster several strategic initiatives.
This includes the recent launch of private market services for wealth managers, dubbed ADDX Advantage, ongoing efforts to bring on board general partners as issuers, as well as product innovations.
ADDX is regulated by the Monetary Authority of Singapore (MAS) as a digital securities exchange.
Oi-Yee Choo, CEO of ADDX, said:
“The sizeable investment from SET, UOB, Hamilton Lane and Krungsri serves as a ringing endorsement for ADDX’s business model, the team we have assembled and the broader vision we have for transforming the capital markets and the wealth management industry.
The new shareholders aren’t just capital partners, but strategic partners too. They have much to contribute in the form of expertise, ideas, market experience and business networks, and ADDX looks forward to adding value to their businesses in return. This Pre-Series B round sets ADDX up strongly for long-term success.”
Pakorn Peetathawatchai, President of the Stock Exchange of Thailand said,
“Joining hands with ADDX which is a multi-asset digitised securities investment platform regulated by MAS will contribute to the great development of digital assets in Thailand.
We look forward to working with the ADDX team and we strongly believe that the collaboration will provide extensive experience, knowledge and more opportunities to Thai capital markets’ stakeholders through the international digital capital markets platform.”
