Alt Investments
Singapore-Based ADDX Raises $58 Million As Expansion Pushes On
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The Asian organisation says that its mission is to "democratise" access to private market investment assets, a trend seen around the world.
Asia’s private market exchange ADDX has raised $58 million in a
Pre-Series B funding round, highlighting how this corner of
alternative investment continues to grow.
ADDX said that several financial institutions have become
new shareholders: SET Venture Holding, a subsidiary of the Stock
Exchange of Thailand; United Overseas Bank; Hamilton
Lane; and Krungsri Finnovate, the corporate venture capital arm
of Krungsri (Bank of Ayudhya PCL).
Since the company’s inception in 2017, the latest investment
brings total funds raised by ADDX to around $120
million.
Other investors include Singapore Exchange, Temasek-owned
Heliconia Capital, Development Bank of Japan, Japan Investment
Corporation – Venture Growth Investments, Tokai Tokyo
Financial, Kiatnakin Phatra Financial Group, and Hanwha
Asset Management.
The new shareholders will also partner with ADDX on specific
projects which will help the exchange expand into new business
areas, geographies or market segments, ADDX said.
ADDX is regulated by the Monetary Authority of Singapore (MAS) as
a digital securities exchange. The financial technology company
uses blockchain and smart contract technology to tokenize and
fractionalise private market opportunities such as pre-IPO
equity, private equity, hedge funds, and bonds. Such technology
allows ADDX to cut minimum investment sizes from $1 million to
$10,000, widening investor access to assets which
were once the preserve of the ultra-wealthy or large
organisations. To that extent, ADDX is part of a wider trend of
firms using technology to make it easier for investors to enter
the space.
“ADDX is on a mission to democratise the private markets. 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,” Oi-Yee Choo, chief executive of ADDX, said.
“SET is the second stock exchange to join as an investor after
SGX, and this is part of a larger global trend over the past two
years of exchanges joining forces in a new capital market
landscape that emphasises continuity between the public and
private markets. The backing of UOB and Krungsri, as well as the
private markets investment firm Hamilton Lane, underscores the
confidence we have built among important players in the
ecosystem.”