ADDX has raised some US$20 million in fresh capital on Nov 15 from new and existing shareholders.
The funding round, which was part of an upsized pre-Series B round, was led by KB Securities, a subsidiary of Korea’s largest banking group KB Financial Group (KBFG). The round kicked off in May 2022, when ADDX announced a US$58 million ($79.5 million) fundraise involving new shareholders Stock Exchange of Thailand (SET), Hamilton Lane and UOB.
The latest equity round brings the total funds raised by ADDX to around US$140 million ($191.8 million) since its inception in 2017.
According to ADDX, part of the newly raised capital will go towards its wealth management platform, ADDX Advantage. The investment will also be used to fund the firm’s global expansion. This includes plans to enter more markets both by working with partners and by obtaining new licenses.
“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. 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,” says Choo Oi-Yee, CEO of ADDX.
She adds: “KB Securities, which belongs to Korea’s biggest banking group, has now backed us – a truly exciting development, filled with potential and opportunity. Our clients will benefit from the innovation and dynamism one can expect when ADDX and KB Securities work hand in glove. We will grow together. We will be a collective force for good in Asia’s capital markets.”
