Private market exchange ADDX raises $58m pre-Series B funding

Private market exchange ADDX has raised $58 million in a pre-Series B funding round, bringing its total funding raised to date to approximately $120 million.

ADDX CEO Oi-Yee Choo

The round saw participation from several financial institutions, including UOB; Hamilton Lane; SET Venture Holding, a subsidiary of the Stock Exchange of Thailand (SET); and Krungsri Finnovate, the corporate venture capital arm of Krungsri, Bank of Ayudhya.

The funding will allow Singapore’s ADDX to scale its operations and shore up its position as Asia’s largest private market exchange, as well as support initiatives such as new private market services for wealth managers.

The new investors join existing shareholders such as Singapore Exchange, Temasek-owned Heliconia Capital, Development Bank of Japan, Japan Investment Corporation – Venture Growth Investments, Tokai Tokyo Financial Holdings, Kiatnakin Phatra Financial Group, and Hanwha Asset Management.

ADDX is a digital securities exchange that uses blockchain and smart contracts to fractionalise securities to open up private market investing to individuals.

CEO Oi-Yee Choo says ADDX is on a mission to democratise private markets and the investment from stock exchanges such as SET is part of a larger global trend of “exchanges joining forces in a new capital market landscape that emphasises continuity between the public and private markets”.

“This pre-Series B round sets ADDX up strongly for long-term success,” she adds.