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Mux

Beijing, China Financial Services Private

MUX (formerly MCDEX, Monte Carlo Decentralized Exchange) is a decentralized leveraged trading protocol and perpetual trading aggregator. It offers a multi-chain native liquidity protocol that enables trading crypto with zero price impact, up to 100x leverage, and no counterparty risks. The MUX Perpetual Aggregator routes trades to suited liquidity sources (including its own MUX V1/V3 and Degen protocols as well as integrations like GMX and gTrade) based on market, position size, liquidity, and trading cost, and can supply additional margin to boost leverage and optimize liquidation prices. The protocol is deployed across multiple chains including Arbitrum, BNB Chain (BSC), Avalanche, Optimism, and Fantom, and is governed by its native MCB token.

Overview

Company data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Founded

2019

Employees

140–147

Total Funding

$171M

4 rounds

Latest Valuation

$1.1B

May 1, 2021

Funding

Total raised $171M across 4 rounds

Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Last updated 06-25-2026

Latest Round

Type

Series D

Date

May 1, 2021

Amount

$105M

Valuation

$1.1B

Lead Investors

Coatue
DateRoundAmount RaisedValuationLead Investors
May 1, 2021 Series D $105M $1.1B Coatue
August 2020 Series C $37M $1B Accel
August 2019 Series B $20M Evolution Media, Accel

Funding by Round

Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Valuation Trajectory

Valuation indexed to 1.0× at the selected entry round. Valuation marks are estimates and may contain errors. Hover each dot to compare.

If you invested at:
1x 2021 Mux

Entry · Series C

$1B

Aug 2020

Mux today

$1.1B

May 2021 · latest mark

Mux multiple

1.1x

valuation uplift since first round

Y-axis is logarithmic. Hollow dots = estimated valuations. Does not represent realized investor returns.

Prominent Investors

Coatue Management Accel Andreessen Horowitz Cobalt Capital Dragoneer Coatue Andreessen Horowitz (a16z) Cobalt

Leadership

  • Liu Jie

    Founder

Competitors

Competitor list is illustrative and may be incomplete, stale, or erroneous.

  • Cloudflare Stream

    Video streaming platform from Cloudflare providing video infrastructure and analytics

  • Bitmovin

    Video infrastructure platform providing adaptive bitrate streaming, encoding, and analytics

  • Brightcove

    Cloud-based video hosting and streaming platform with analytics and player technology

  • JW Player

    Video hosting and delivery platform for content publishers

  • Wistia

    Video hosting platform designed for businesses with analytics and integrations

  • Vimeo

    Video hosting, streaming, and analytics platform for creators and businesses

Mux Investment FAQ

Public status and buying access

No. Mux is a private company and does not have a public stock ticker or trade on a public stock exchange. Its shares are generally held by founders, employees, investors, and other private shareholders. Buyers and sellers may be able to transact in Mux shares through private secondary transactions, but any transaction depends on share availability, buyer and seller agreement, transfer restrictions, company approval rights, and any applicable right of first refusal. There is no guarantee that Mux will complete an IPO or other liquidity event.

Yes, it is sometimes possible to buy Mux shares pre-IPO through private secondary transactions. This depends on finding a willing seller, company approval, and satisfying any transfer restrictions or rights of first refusal.

Buyers interested in buying Mux shares on the secondary market typically do so through SetterVC and other secondary-market platforms, subject to eligibility requirements, share availability, transfer restrictions, and issuer approval. Buyers may need to satisfy sophistication, accreditation, institutional, platform, regulatory, or other eligibility requirements before participating. Once eligible, buyers may be able to view listings, make bids, and work with a licensed broker through the transaction process. Buyers should ensure they have appropriate legal and financial advisors guiding them before completing any transaction.

The company's latest round valuation was approximately $1.1B as of May 1, 2021. The latest round valuation is often used as one reference point in secondary-market pricing, but secondary prices may be above or below that valuation at any given time. Secondary pricing can shift significantly based on post-round conditions, such as changes in company performance, supply-demand dynamics, share class, transaction size, transfer restrictions, or broader market shifts. Any implied valuation from a past round should be confirmed with a broker or through live market listings before relying on it.

Valuation and funding

Mux was most recently valued at approximately $1.1B as of May 1, 2021. This is a private valuation and may differ from secondary pricing. Secondary shares may trade above or below this mark based on various factors. SetterVC and Setter Capital does not verify the accuracy of these valuations. Buyers and sellers should always confirm current valuations before completing any transaction.

Mux's valuation has changed over time based on funding rounds, tender offers, secondary-market indications, and other reported or collected valuation marks. Mux's valuation moved from approximately $1B as of August 2020 to approximately $1.1B as of May 1, 2021. This comparison reflects company-level valuation marks and does not represent realized investor returns. Secondary-market prices may differ from these valuations based on share class, transaction size, transfer restrictions, supply and demand, company performance, and broader market conditions. SetterVC and Setter Capital does not verify the accuracy or completeness of valuation data, and buyers and sellers should confirm current information before relying on it.

Mux's latest disclosed funding round was a Series D round in May 1, 2021. The round raised approximately $105M at an approximately $1.1B valuation, with Coatue listed as disclosed lead or major investors. Primary funding rounds are different from secondary transactions: in a primary round, capital goes to the company, while in a secondary transaction, investors buy existing shares from current shareholders. Funding-round data reflects publicly reported or collected information and may be incomplete. The latest round valuation should be confirmed before it is used as a pricing reference.

Mux has raised approximately $171M in disclosed funding across 4 rounds. These figures reflect primary capital raised by the company and do not include every possible secondary transaction, undisclosed round, debt facility, or private transfer. Reported funding totals can change as new rounds are announced or older round details are corrected. Eligible users can use SetterVC to track Mux's funding history alongside private-market activity where available.

Mux's disclosed investors include Coatue Management, Accel, Andreessen Horowitz, Cobalt Capital, Dragoneer and Coatue. Investor lists are based on public reporting, company announcements, and collected funding-round data, and may be incomplete. Participation in a prior funding round does not mean those investors are currently buying or selling shares. On SetterVC, eligible users can review Mux's funding history, valuation history, and private-market activity alongside other venture-backed companies.

Market context

Mux's most-cited competitors include Cloudflare Stream, Bitmovin, Brightcove, JW Player, Wistia and Vimeo. Investors often compare these companies by sector, product focus, valuation, funding raised, growth signals, investor base, and private-market activity.

Secondary-market demand for Mux shares can be affected by company performance, revenue growth, profitability, funding history, valuation, investor interest, sector momentum, public-market conditions, expected timing of a liquidity event, and the availability of shares for sale. Demand can also be affected by transfer restrictions, company approval rights, right of first refusal processes, limited information, and the price expectations of buyers and sellers. Strong demand does not guarantee strong pricing, liquidity, or investment returns. Weak demand does not necessarily reflect the company's long-term prospects. Demand signals should not be treated as a recommendation or prediction of investment performance. Buyers and sellers should treat demand signals as informational and conduct their own diligence before transacting.

Selling and transaction mechanics

Sellers often rely on intermediaries and platforms, such as SetterVC and other secondary-market platforms, to identify potential buyers. The exact process varies by company and transaction, but sellers often begin by confirming their ownership, desired price, transferability, and any company approval or notice requirements. If the seller agrees with a buyer on acceptable price and terms, the company may need to be notified through a share transfer notice or similar process. If a right of first refusal, company approval right, or other transfer restriction applies, the seller may need to wait until that process is completed. The parties may then execute a purchase and sale agreement, complete required transfer documentation, and close if all required conditions are satisfied. Sellers should always seek proper legal and financial advice before completing the transaction.

Yes, current and former Mux employees, early investors, and other existing shareholders may be able to sell vested shares before an IPO through a private secondary sale. This is not automatic; it depends on whether the shareholder has transferable shares, whether there is buyer demand, and whether the company's governing documents permit the transfer. Many companies require prior notice, company approval, or a right of first refusal before shares can be sold. Sellers should also seek proper legal and financial advice before proceeding.

A Mux secondary transaction usually involves an existing shareholder selling shares to a buyer before a public listing. The buyer and seller typically agree on price, number of shares, share class, and closing conditions. The seller may then need to notify Mux through a share transfer notice or similar process. If Mux or existing investors have approval rights, transfer restrictions, or a right of first refusal, those steps may need to be completed before the transfer can close. The parties typically enter into a purchase and sale agreement, complete any required transfer documentation, and close only if the necessary conditions are satisfied. Timing and certainty can vary by company and transaction.

In most private secondary transactions, parties commonly use a purchase and sale agreement that outlines price, terms, and conditions. They may also use share transfer documentation, often a stock transfer notice, share transfer notice, transfer instruction, or similar document, along with any required company approval or right of first refusal materials. Proof of ownership, such as a cap table entry, share certificate, brokerage statement, issuer confirmation, or administrator confirmation, may also be important. Buyers often request recent company financials, but private companies may limit disclosure. Since every deal varies, buyers and sellers should consult legal and financial advisors to understand which documents are needed.

Risk, diligence, and investor caution

Buying Mux shares pre-IPO is risky. Shares are illiquid, no IPO or liquidity event is guaranteed, valuations can change, transfers may require company approval, and private companies may provide limited financial disclosure. Be prepared for total loss. SetterVC and Setter Capital do not provide due diligence, legal, tax, accounting, valuation, or investment advice. Buyers must conduct their own due diligence, verify information, and seek independent legal and investment advice before proceeding.

Private secondary shares are typically illiquid. Unlike public stocks, there is no active public market, so selling them can be difficult and time-consuming. Sales depend on finding a willing buyer and often require company approval. Investors should be prepared to hold the shares for an extended period, with no guarantee of a future sale. Always assess your need for liquidity before investing.

SetterVC and Setter Capital do not provide due diligence, legal, tax, accounting, valuation, or investment advice. Buyers must conduct their own due diligence, including verifying ownership, transferability, legal structure, company approval, and assessing the company's prospects. SetterVC and Setter Capital do not provide advice on whether an investment is good, what price to pay, or what the best bid or ask is. SetterVC and Setter Capital may share documents in some circumstances, but it does not guarantee their accuracy or completeness. Due diligence is essential. Seek legal and investment advice as needed.

Before buying Mux shares, a buyer should try to review the share class, price per share, implied valuation, transfer restrictions, ROFR process, company approval rights, seller ownership evidence, recent financing or tender-offer information, available financial information, information rights, resale restrictions, tax considerations, and expected liquidity paths. Not all information may be available for a private company. Buyers should confirm available diligence, process details, and information needs with their own legal, tax, and investment advisers.

SPVs carry risks. Examples include the need to confirm the company allows SPV-based transfers, verify that the SPV truly owns the shares or interests it claims to own, and ensure it has not sold more interests than it holds. Due diligence is essential. Seek legal and investment advice as needed.

Forward contracts carry risks. Examples include the seller refusing to transfer the shares at the future date, even if the seller owns them, the seller going bankrupt with creditors claiming the shares, or the seller committing the same shares to multiple parties. Due diligence is essential. Seek legal and investment advice as needed.

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