Singapore-based private market investing platform ADDX has received an additional investment of around $20m in its Pre-Series B round led by KB Securities, a subsidiary of KB Financial Group (KBFG).
Both new and existing investors took part in the fundraising, which comes shortly after ADDX raised $58m in the initial Pre-Series B round.
The initial round was launched in May this year and was joined by Stock Exchange of Thailand (SET), Hamilton Lane and UOB.
The latest equity round takes the total fund raised by ADDX since its establishment in 2017 to nearly $140m.
ADDX plans to use portions of the fresh infusion to further develop its wealth management platform, ADDX Advantage, which was introduced earlier this year to serve private banks, brokerages and family offices.
The firm will also use the funds to bolster its global presence by foraying into new markets and securing new licenses.
ADDX CEO Oi-Yee Choo said: “The fundamental design of private markets – how and to whom securities are distributed, and whether secondary trading is facilitated – has transformed more over the past two years than it has over the two decades before that.
“The impact of that change has been positive: access to the means of wealth creation is becoming more equal, and capital can flow unimpeded to the most efficient financing projects.
“In the long run, smooth and seamless capital markets will provide an uplift to growth in the real economy, with dividends for both workers and investors.”
ADDX, which is regulated by the Monetary Authority of Singapore (MAS), aims to provide individual investors with additional access to private market deals that are usually available to institutional investors.