Singapore-based crowdfunding platform FundedHere has launched FundedX, a new private stock exchange to facilitate the trading of shares of high-growth startups and privately-held companies in Southeast Asia.
According to an announcement, FundedX will transform Southeast Asia’s private markets by creating new opportunities for investors and providing much-needed liquidity for shareholders of privately-held companies in the region.
The new private stock exchange aims to remove intermediate steps by supporting the end-to-end process from connecting companies to a global investor base, to assessing shareholders and interested buyers.
It also plans to incorporate smart contracts powered by blockchain technology for a safer and more cost-efficient trade.
Through FundedX, legacy shareholders such as ex-employees and early investors can monetize their returns. Employees with stock options seeking partial liquidity can also submit verification of ownership to participate in the exchange.
The company disclosed that it has already received interest from several investors, companies and shareholders throughout Southeast Asia to participate on the platform, and plans to go live with its first transaction within three months.
“FundedX is a game changer that will help to bring much-needed liquidity to the private market. We see this new platform as a complementary and natural extension of FundedHere’s current offering that will support yet another key stage of the funding cycle for emerging companies,” said Daniel Lin, Co-Founder and Executive Director of FundedHere.
Established in 2016, FundedHere is Singapore’s first crowdfunding platform to offer both equity and debt deals for promising companies.
Last year, FundedHere raised a combined S$505,500 ($375,334) for two local startups including BEAM, which offers concierge warehousing and logistics solutions on a mobile app, and NephTech, a cloud-based solution to offer surveillance and management of chronic renal disease patients.
The licensed equity and debt-based crowdfunding platform plans to expand its reach to mass affluent investors, in addition to exploring opportunities to expand in Malaysia and Indonesia.