ADDX Funding, Investors & Competitors
ADDX has raised $141M across 6 funding rounds, most recently a $20M Series B in November 2022.
Last ADDX funding round
$20M
Series B · Nov 2022
Cumulative funding ADDX raised
$141M
across 6 funding rounds
Key investors in ADDX
Hanwha Asset Management
Tokai Tokyo Financial Holdings
JIC Venture Growth Investments
Hamilton Lane
Development Bank of Japan
Krungsri Finnovate
Heliconia Capital Management
United Overseas Bank
About ADDX
ADDX is a Singapore-headquartered digital securities exchange regulated by the Monetary Authority of Singapore since 2019. Utilizing blockchain and smart contracts, it tokenizes assets including pre-IPO equities, private equity funds, hedge funds, and bonds, enabling accredited investors to buy fractions starting at 20,000 Singapore dollars. Launched in 2017, ADDX lists offerings from managers like Nikko Asset Management.
Founded
2017
HQ
SingaporeWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Commission
ADDX Funding History
ADDX has raised a total of $141M across 6 funding rounds.
ADDX's first fundraising round was a $3M seed round in April 2019. The most recent completed round was a $20M Series B in November 2022.
ADDX funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Nov 2022 | Series B | KB Securities (lead) | $20M | ADDX is a Singapore-based global private market exchange that uses blockchain and smart contract technology to democratize access to private markets, allowing individual investors to participate in deals traditionally reserved for institutions by reducing minimum investment sizes from $1 million to as low as $5,000 or $1,000. The platform offers asset classes including private equity, hedge funds, venture capital, private credit, real estate, debt, and structured products, with features like the ADDX Advantage wealth management platform for private banks, brokerages, and family offices. It has listed over 80 deals and grown its investor base by around 80% year-on-year as of late 2022. In November 2022, ADDX raised approximately $20 million in an extension to its Pre-Series B round, led by KB Securities (a subsidiary of Korea's KB Financial Group), bringing the total for the Pre-Series B (which started in May 2022 with $58 million from investors like Stock Exchange of Thailand, Hamilton Lane, and UOB) to around $78 million. This brought ADDX's cumulative funding since its 2017 inception to about $140 million, including a $50 million Series A in January 2021. Other shareholders include Singapore Exchange, Temasek subsidiary Heliconia Capital, Development Bank of Japan, Krungsri Bank, and Tokai Tokyo Financial Holdings. The new capital is earmarked for expanding ADDX Advantage, funding global market entry through partnerships and new licenses, and exploring tie-ups with KB Securities for private market services in Asia, including potential collaborations in Singapore or Korea. CEO Oi-Yee Choo highlighted ADDX's leadership in technology-driven private market infrastructure amid market volatility, supported by industry insider shareholders. |
| Sep 2022 | Series B | Hamilton Lane; Stock Exchange of Thailand; Krungsri Finnovate; United Overseas Bank | $5M | ADDX, a Singapore-based blockchain-enabled private market exchange, raised US$58 million in a Pre-Series B funding round announced in May 2022 from investors including the Stock Exchange of Thailand, United Overseas Bank (UOB), Hamilton Lane, and Krungsri Finnovate, bringing total capital raised since 2017 to around US$120 million. The platform tokenizes private market assets such as private equity funds, hedge funds, and digital bonds, enabling access for accredited investors and institutions. In Q2 2022, ADDX listed offerings like a US$100 million sustainability-linked digital bond from Singtel managed by UOB. ADDX's funds demonstrated resilience amid market downturns, with private equity funds from Hamilton Lane and Partners Group returning -0.51% and -5.99% respectively in the first half of 2022, outperforming the MSCI World Index decline of -20.51%; hedge funds like Ternary Cypress achieved annualized returns of 52.7% from March 2021 to March 2022. The platform expanded services to institutional investors via ADDX Advantage in Q1 2022 and onboarded Hamilton Lane's GPA Fund, which had annualized net returns of 16.11% since inception and over US$1.845 billion in assets as of January 2022. Investor base growth stabilized at 120% per annum by early 2022. |
| May 2022 | Series B | Stock Exchange of Thailand (lead); United Overseas Bank (lead); Hamilton Lane; Heliconia Capital Management; JIC Venture Growth Investments; Tokai Tokyo Financial Holdings; Development Bank of Japan; Krungsri Finnovate; Kiatnakin Phatra Financial Group; Hanwha Asset Management | $58M | ADDX is a Singapore-based digital securities exchange regulated by the Monetary Authority of Singapore (MAS) that uses blockchain and smart contract technology to tokenize and fractionalise private market investment opportunities. The platform allows accredited investors to access pre-IPO equity, private equity funds, hedge funds, bonds, and structured products with minimum investment sizes reduced from $1 million to $10,000, democratizing access to alternative assets previously available only to ultra-wealthy individuals and large institutions. In May 2022, ADDX announced a Pre-Series B funding round of $58 million from new investors including SET Venture Holding (subsidiary of the Stock Exchange of Thailand), United Overseas Bank, Hamilton Lane, and Krungsri Finnovate, joining existing shareholders Singapore Exchange, Temasek-owned Heliconia Capital, Development Bank of Japan, JIC Venture Growth Investments, Tokai Tokyo Financial Holdings, Kiatnakin Phatra Financial Group, and Hanwha Asset Management. This round brought total funding raised since the company's 2017 inception to approximately $120 million and strengthened ADDX's position as Asia's largest private market exchange. The capital supported strategic initiatives including the launch of ADDX Advantage (private market services for wealth managers), expansion into new Asian markets particularly Thailand, China, and Japan, and broader product innovations bridging traditional and digital finance. As of early 2020, ADDX had been licensed as a private market exchange by MAS and by the time of this funding announcement had listed 31 deals on the platform including offerings from Investcorp, major regional financial institutions, and entities owned by Temasek Holdings. |
| Jan 2021 | Series A | Development Bank of Japan (lead); JIC Venture Growth Investments (lead); Heliconia Capital Management; Tokai Tokyo Financial Holdings; Juroku Bank; Mobile Internet Capital; Hanwha Asset Management | $50M | ADDX, founded in 2017 as ICHX Tech Pte Ltd, is a Singapore-based full-service capital markets platform regulated by the Monetary Authority of Singapore (MAS) with licenses for issuance, custody, and secondary trading of digital securities. It enables fractional ownership of private market assets like real estate funds and collectibles, serving accredited investors from 27 countries across Asia Pacific, Europe, and the Americas (excluding the US). ADDX was previously known as iSTOX and has partnerships such as with Tokai Tokyo Financial Holdings for security token offerings in Japan. In January 2021, ADDX raised US$50 million in its Series A funding round, with lead investors Development Bank of Japan (DBJ) and JIC Venture Growth Investments (JIC-VGI), alongside participants including Heliconia Capital (Temasek subsidiary), Singapore Exchange (SGX), Hanwha Asset Management, Tokai Tokyo Financial Holdings, and others like Mobile Internet Capital and Juroku Bank as per query details. The round supported ADDX's growth in tokenizing alternative assets amid rising demand for private market access. Japanese investors like DBJ and JIC-VGI aligned with efforts to build venture ecosystems, with JIC VGI committing ~JPY 17B across 17 deals by March 2021, focusing on middle/later-stage growth. Post-round, ADDX highlighted successes like listing Elite's real estate logistics fund, which exceeded 2x target returns and sold to Blackstone, distributing 98% proceeds to investors, enabled by blockchain reducing minimums from EUR 1M to EUR 20,000. It also tokenized XM Studios investments for luxury collectibles with minimums as low as S$10,000, backed by Heliconia. Partnerships expanded, including with Tokai Tokyo after its 2021 security tokens license for Japanese real estate and bank issuances. |
| Jan 2020 | Series A | Hanwha Asset Management (lead); Tokai Tokyo Financial Holdings | $5M | ADDX, originally launched as iSTOX, is a Singapore-based next-generation capital markets platform that supports the issuance, custody, and trading of digital securities using smart contract and distributed ledger technology. It provides a flexible, affordable, and inclusive alternative to traditional trading venues, enabling direct connections between investors and issuers. The platform was enrolled in the Monetary Authority of Singapore FinTech Regulatory Sandbox and transitioned to full operational status in early 2020. In January 2020, iSTOX secured a USD 5 million investment from Hanwha Asset Management, following partnerships with Thailand’s Kiatnakin Phatra Financial Group and Japan’s Tokai Tokyo Financial Holdings. Hanwha Asset Management, headquartered in Seoul and a subsidiary of Hanwha Life, offered a range of financial investment products across regions including Korea, Southeast Asia, China, and the U.S. |
| Apr 2019 | Seed | RF International Holdings (lead) | $3M | - |
Who has invested in ADDX?
14 investors have backed ADDX across its funding rounds, including Hanwha Asset Management, Tokai Tokyo Financial Holdings, JIC Venture Growth Investments, Hamilton Lane, Development Bank of Japan and Krungsri Finnovate.
Lead investors include KB Securities, Stock Exchange of Thailand, United Overseas Bank, Development Bank of Japan, JIC Venture Growth Investments and 2 other investors.
ADDX Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Tokyo | 3 | Participant | Jan 2020 | |
 Seoul | 3 | Lead | Jan 2020 | |
 Philadelphia, PA | 2 | Participant | May 2022 | |
| Singapore | 2 | Participant | Jan 2021 | |
 Thailand | 2 | Lead | May 2022 | |
| Tokyo | 2 | Lead | Jan 2021 | |
| Tokyo | 2 | Lead | Jan 2021 | |
| Bangkok | 2 | Participant | May 2022 | |
| Singapore | 2 | Lead | May 2022 | |
| South Korea | 1 | Lead | Nov 2022 | |
| Gifu | 1 | Participant | Jan 2021 | |
| Tokyo | 1 | Participant | Jan 2021 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialADDX Competitors
ADDX competitors include listed companies like Securitize and Finexity, and private ones like Anchorage Digital, LayerZero Labs, Paxos and 2TM.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| San Francisco, CA | Private | $85M | - | $4.2B | 49.4x | |
 Vancouver | Private | - | - | $3B | - | |
| New York City, NY | Private | - | - | $2.4B | - | |
 Brazil | Private | - | - | $2.1B | - | |
| United States | Publicly listed | $62M | ($34M) | $1.5B | 22.2x | |
 Germany | Publicly listed | $2M | ($1M) | $49M | 4.6x |
ADDX Public Comps
ADDX is still privately-owned, but its public comps include Strategy, Block, Coinbase, Circle, Tradeweb Markets, BitMine, StoneX Group, Allfunds, MarketAxess and Bullish.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $477M | ($5.4B) | 149.4x | 144.4x | (13.1x) | (12.3x) | |||
| $24B | $2.2B | 1.7x | 1.6x | 18.6x | 9.4x | |||
| $7.2B | $1.8B | 6.1x | 7.6x | 24.2x | 27.2x | |||
| $2.7B | ($73M) | 7.2x | 6.8x | (273.4x) | 29.6x | |||
| $2.1B | $1.4B | 9.9x | 9.0x | 15.0x | 16.6x | |||
| $6M | ($364M) | 2308.9x | 97.4x | (38.6x) | - | |||
| $132B | $2B | 0.2x | 5.0x | 14.6x | - | |||
| $749M | $295M | 8.4x | 8.1x | 21.2x | 12.3x | |||
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Common questions about ADDX
| When was ADDX founded? | ADDX was founded in 2017. |
| Where is ADDX headquartered? | ADDX is headquartered in Singapore, Singapore. |
| Is ADDX publicly listed? | No, ADDX is a private, VC-backed company. |
| How much funding has ADDX raised? | ADDX has raised $141M across 6 funding rounds. |
| What was ADDX's last funding round? | ADDX's last funding round was a $20M Series B in November 2022, led by KB Securities. |
| Who are ADDX's investors? | ADDX's investors include Tokai Tokyo Financial Holdings, Hanwha Asset Management, Hamilton Lane, Heliconia Capital Management, Stock Exchange of Thailand, JIC Venture Growth Investments, Development Bank of Japan, Krungsri Finnovate, United Overseas Bank, KB Securities and 4 others. |
| Which companies are comparable to ADDX? | Companies comparable to ADDX include Anchorage Digital, LayerZero Labs, Paxos, 2TM, Securitize and Finexity. |
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