Participated · Equity · Feb 2024

Climate Impact X (CIX) operates a global marketplace and exchange for quality carbon credits. It offers services including CIX Marketplace, CIX Auctions, CIX Exchange, CIX Intelligence and CIX Clear to facilitate transactions, price discovery and liquidity. CIX specialises in standardised spot contracts and project-specific carbon credits and has traded and cleared over 1 million tonnes through its exchange and more than 2 million tonnes across its offerings. The company was founded in 2021 by DBS Bank, SGX, Standard Chartered and Temasek’s GenZero under Singapore’s Emerging Stronger Taskforce Alliance for Action on Sustainability. Its announced partnership with Mizuho is aimed at enhancing cross-border trading and connectivity with Japan’s carbon credit market. Recent financing activity includes a new S$30 million investment and the conversion of S$30 million in convertible notes into ordinary shares for existing stakeholders.

Participated · Equity · Oct 2021

Trumid operates an electronic credit trading platform that enables more automated and efficient international credit trading. The company emphasizes market expertise, agile technology and product design as differentiators. Trumid has expanded its offering beyond a US corporate bond franchise to add Emerging Market debt. Daily trading volumes on the platform have grown rapidly and are now almost seven times higher than two years ago, with 2021 YTD average daily volume up 71% year‑over‑year. Growth capital from the financing is intended to enhance technology and expand to additional trading protocols, asset classes and geographies. The company recently appointed Bryan Harkins as Chief Revenue Officer to oversee sales and commercial leadership of protocol, product and geographic expansions. Trumid operates Market Center, an electronic trading platform for corporate and fixed income markets that leverages data and network effects to provide transparency, liquidity and efficient trade execution. In 2020 the platform saw 374% year‑over‑year volume growth, its client network expanded to 530 institutions, and the number of users executing a trade each day grew 129%. The company completed 26 technology release cycles during the year and launched Emerging Market debt onto its Market Center in Q4 2020. Trumid announced a strategic relationship with Goldman Sachs to provide connectivity and liquidity via its Attributed Trading protocol and hired Vlad Khandros as Head of Corporate Development to pursue expansion and strategic opportunities. The company completed a $50 million financing whose proceeds will be used to repurchase shares from existing shareholders and which values the company at a premium to its most recent financing. Trumid Financial LLC is a bond trading platform. The company raised $200 million in its latest fundraising round. Funds and accounts managed by T. Rowe Price Associates Inc. and BlackRock Inc. were among the investors in the round. The financing pushed Trumid’s valuation to over $1 billion. The article notes this valuation more than doubled since last May. Trumid operates an electronic trading platform that gives corporate bond market professionals direct access to liquidity and market intelligence. The firm leverages data, technology and innovative products to bring efficiency to credit trading. Founded in 2014 by Mike Sobel, Trumid serves a client network of over 425 buy-side and sell-side institutions. The company plans to use recent funding to expand its US corporate bond business and to broaden protocol and product offerings. Trumid received roughly $60m in a strategic minority investment announced in May 2019. Trumid operates the Trumid Market Center, an electronic trading platform that provides corporate bond market professionals with direct access to liquidity and market intelligence. Founded in 2014 by Mike Sobel and based in New York City, the company brings efficiency to credit trading through data, technology and innovative products. It has a large and diverse user network of about 400 buy-side and sell-side institutions. Trumid intends to use the funds to further scale its US corporate bond business and to support expansion of protocols, products and geographies. The partnership with Singapore Exchange is expected to help the company gain access to the Asian market by leveraging SGX’s regional expertise and presence.

Participated · Series A · Jan 2021

ADDX runs a securities exchange powered by blockchain technology that lets investors buy and sell private-market investments such as pre-IPO shares, unicorns, private equity and hedge funds. The platform has listed more than 40 deals, including bonds from Singtel and funds owned by Temasek. ADDX said it will use new proceeds to grow its recently launched institutional wealth management platform and to explore tie-ups with KB Securities to expand private-market services in Asia. The firm serves individual accredited investors from 39 countries across Asia Pacific, Europe and the Americas (excluding the U.S.). In June, ADDX said it will recognize certain cryptocurrency holdings (bitcoin, ether and USDC) when assessing accredited investor status under its stated income and asset thresholds. Since its founding in 2017, ADDX has raised a total of $140 million from investors including Temasek’s Heliconia Capital, Singapore Exchange, Tokai Tokyo Financial Holdings and Development Bank of Japan. iSTOX is a digital securities platform, founded in 2017 and owned by blockchain infrastructure firm ICHX, that digitizes issuance, custody and trading of private capital securities on blockchain. The platform aims to broaden access to private equity, funds, hedge funds and private debt by enabling smaller ticket sizes and serving accredited and institutional investors. iSTOX says investors can make investments as small as SGD $100 (~USD $75.50) and that blockchain-based smart contracts lower issuance costs and enable faster settlement. It completed the MAS FinTech Regulatory Sandbox and was approved by the Monetary Authority of Singapore for issuance, custody and trading of digitized securities. The company plans to expand geographically into China (has an agreement in Chongqing), Europe and Australia, and to add new products including private issuances available in “bite-size portions.” iSTOX operates a regulated capital markets platform supporting issuance, custody and trading of digitized securities. The company secured USD 5m in funding from Tokai Tokyo Global Investments, a Singapore subsidiary of Japan's Tokai Tokyo Financial Holdings. iSTOX has completed the first issuance and secondary market listing on its platform. It is working to graduate from the Monetary Authority of Singapore's FinTech Regulatory Sandbox and to enter full operation in Q1 2020. The Tokai Tokyo partnership is intended to provide a strategic gateway to accredited and institutional investors and issuers across Japan; iSTOX has a similar deal with Kiatnakin Phatra Financial Group to access the Thai market and is establishing links to other Asian markets. Other key shareholders include Singapore Exchange (SGX) and Heliconia, a Temasek Holdings subsidiary. iSTOX is a regulated capital markets platform that supports one-stop issuance and trading of digitized securities. The company is established and operated by ICHX Tech Pte. Ltd. and is operating under the Monetary Authority of Singapore’s FinTech Regulatory Sandbox. iSTOX is led by Founder and CEO Danny Toe and Co-Founder and Chief Strategy Officer Darius Liu. The company plans to launch its first issuance of digitized securities by Q4 2019, with trading on the platform to begin shortly after. iSTOX secured a Series A funding round of undisclosed amount led by Kiatnakin Phatra Financial Group via its capital markets arm Phatra Capital Plc. The company and KKP said they will work together to make capital market trading more open, equitable, and transparent.

Led · Series C · Sep 2018

Freightos operates an online freight marketplace and booking platform that allows users to compare prices and book, manage, and track shipments with more than 1,200 logistics providers. Launched in 2016 as a price comparison service for freight forwarders, the company now processes more than one million instant freight quote requests each month using patent-pending routing and pricing engines. Its database of global shipping rates underpins the Freightos Baltic Index (FBX), developed with the Baltic Exchange, which tracks pricing from 12 major routes and aggregates them into an industry-wide index. Freightos says it plans to keep its online marketplace as the flagship product while building a global digital infrastructure to make the freight industry more efficient and is exploring ways to connect airlines to sell cargo space. The company is partnering with the Singapore Exchange to develop new financial instruments and move FBX reporting from weekly to daily updates. To date Freightos has raised $94.4 million in funding. Freightos offers Freightos Marketplace — described as "booking.com for international shipping" — and AcceleRate, a SaaS product for carriers and freight forwarders to calculate and manage rates. The Marketplace currently operates in China, Hong Kong, Taiwan and the U.S., and the company plans to expand into the rest of Asia and Europe using the new capital. AcceleRate is used by over 1,000 logistics providers and global supply chain companies, including Nippon Express, Hellman Worldwide Logistics and Sysco Foods. Freightos was founded in 2012 and is based in Hong Kong. The company positions GE Ventures as a strategic investor and potential customer that can provide insight into large shippers. Management frames the products as helping freight forwarders automate and prepare for competitive threats such as Amazon expanding logistics services. Freightos builds an online marketplace and pricing/routing engines that aggregate complex international freight quotes and let users filter options by price, time, route, fees, and transport mode. The company offers multi-language and multi-currency support and recently added a sustainability feature to surface lower‑carbon routing choices. Freightos works with over 30 freight forwarders, including Hellmann Worldwide and Nippon Express, and says integrating large partners can take up to a year. Last quarter the platform processed 24,000 automated quotes ranging from hundreds to tens of thousands of dollars. The startup aims to reduce inefficiency and increase pricing transparency across the trillion‑dollar international freight industry. Freightos operates an online freight network that uses big data technology to enable freight forwarders, shippers and carriers to automate freight booking and pricing. Its platform allows freight forwarders to quote instantly for complex routes and provides automated rate management and quoting solutions. The company serves dozens of global freight brokers and major import/export companies. Led by CEO Zvi Schreiber, Freightos focuses on streamlining pricing and booking workflows across international freight. The company intends to use new funding to continue expanding operations. Freightos is based in Hong Kong. Freightos operates an online freight network and a Software-as-a-Service platform that brings realtime quotes and automation to freight forwarders. Its SaaS lets freight forwarders manage rates, automate routing and pricing, and embed customer-facing eCommerce solutions so customers can generate quotes online. The Freightos Network enables vendors to collaborate automatically to provide instant door-to-door quotes, buy routes from other vendors, and automate resale to their own customers. The company positions its product as replacing legacy Excel, PDF and fax workflows to speed quoting from days to real time. Freightos pitches itself as addressing a multi-trillion-dollar freight industry need for greater efficiency and transparency. Financially, Freightos has raised a $4.6 million Series B, bringing total funding to $6.3 million.