Singapore-based private exchange ADDX has raised an extension of $20 million to its pre-Series B funding round led by KB Securities, a South Korean investment bank under KB Financial Group.
With the total funds raised amounting to around $140 million, the startup plans to deploy its fresh fundings to develop ADDX advantage, its wealth management platform for private banks, brokerages and family offices. The funding will also be used for expansion of its global footprint in new markets by joining new partners and obtaining new licenses.
ADDX originally secured $58 million in the round in May which was participated by the Stock Exchange of Thailand (SET), United Overseas Bank (UOB), Hamilton Lane, and Krungsri Bank.
These new investors had joined a raft of global institutional investors including the Singapore Exchange (SGX), 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 has become the focal point for Asian financial institutions that believe in building a new technology-driven infrastructure for private markets, to overcome inefficiencies in the traditional model,” said Oi-Yee Choo, CEO of ADDX in a statement.
“In these volatile times, with many investors waiting by the sidelines for more stability in the financial markets, our ability to raise capital demonstrates the momentum behind ADDX and its mission…”