Thailand’s stock exchange backs private market platform ADDX in US$58m round
SINGAPORE-BASED private market platform ADDX has raised US$58 million in a pre-Series B funding round that includes SET Venture Holding, a subsidiary of the Stock Exchange of Thailand (SET).
SET is the second stock exchange to back the startup after the Singapore Exchange, joining exchange operators around the world looking beyond their traditional businesses as fundraising in the private market booms.
The London Stock Exchange group, for instance, recently invested in private funding platform Floww in a bid to “modernise the capital markets”.
SET president Pakorn Peetathawatchai said in a press statement: “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.”
Other investors in ADDX’s funding round include UOB, investment firm Hamilton Lane, and Krungsri Finnovate, the corporate venture capital arm of Krungsri (Bank of Ayudhya PCL).
The additional funding brings total funds raised by ADDX to around US$120 million. Existing backers include Heliconia Capital, Development Bank of Japan, Japan Investment Corporation – Venture Growth Investments, Tokai Tokyo Financial Holdings, Kiatnakin Phatra Financial Group and Hanwha Asset Management.
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ADDX said it will partner with its new shareholders on projects that will help its expansion into new business areas, geographies or market segments.
The startup recently launched private market services for wealth managers, dubbed ADDX Advantage.
ADDX is regulated by the Monetary Authority of Singapore (MAS) as a digital securities exchange. It uses blockchain and smart contract technology to tokenise and fractionalise private market assets such as pre-IPO equity, private equity and hedge funds, and bonds.
This lowers the minimum investment sizes for investors, typically from US$1 million to US$10,000, ADDX said.
New investor Hamilton Lane, one of the world's largest allocators of capital into private markets, tokenised one of its funds for the first time in March through ADDX.
Private equity giant KKR likewise tokenised part of its US$4 billion technology fund it is currently raising, making it one of the largest issuers on ADDX, The Business Times reported in May.
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