Singapore-headquartered healthcare technology company CXA Group has raised $25 million in its latest funding round backed by HSBC, Singtel Innov8, MDI Ventures, Sumitomo Corporation Equity Asia, and other new investors.
The company, which last raised $25 million in its Series B round in February 2017, said the fresh funding will accelerate its growth momentum in the Asia-Pacific region and further boost its employer-driven health platform.
Other investors participating in the latest round include Muang Thai Fuchsia Ventures, Humanica and Heritas Venture Fund.
“The investment by these leading global financial services institutions, telecommunications providers, and payroll companies reflect their belief in CXA’s long-term growth opportunity, and the company’s unique ability to shift healthcare spend from treatment to prevention, without employers spending more,” the company said in a statement.
CXA, founded in 2013 by Rosaline Koo, who is now company CEO, said it has pioneered a self-service platform that allows employers to give their employees access to a range of health, wealth, and wellness offerings that can be personalised based on the individual’s health and life-stage data.
Employees can purchase offerings by drawing down on existing insurance policies provided by their employers and using funds that are then released into the platform’s e-wallet.
Koo said the latest investors will become strategic partners who will closely collaborate with CXA in designing customised platform-led solutions for their B2B enterprise customers and employees.
“CXA’s innovative use of analytics helps its enterprise clients effectively manage their healthcare costs and promote their employees’ wellbeing. We are excited to be an investor in CXA and help with their expansion across Asia,” said Singtel Innov8 chief executive officer Edgar Hardless.
Prior to establishing CXA, her third startup in Asia, Koo led and grew Mercer Marsh Benefits across 14 countries into the largest employee benefits brokerage and HR benefits consultancy in the Asia Pacific region.
In 2015, CXA raised $8 million in its Series A funding round backed by BioVeda Capital, FengHe Group, and Openspace Ventures.
The company achieved revenue growth of 65 per cent in 2018 and is expected to double that this year.
“With the collective support of banks, insurers, telcos and payroll companies as co-investors, CXA can now accelerate its expansion into new markets and bancassurance channels, while creating new revenue opportunities for these partners’ businesses,” said Eduardo Saverin, Co-Founder and Partner, B Capital Group, the lead investor in CXA’s Series B funding round.