Insurtech startup CXA Group raises US$25mil
By Digital News Asia March 14, 2019
- New investors include HSBC, Singtel Innov8, Telkom Indonesia MDI Ventures
- This round follows US$33 million in total funding from Series A and B in 2015 and 2017
SINGAPORE-based CXA Group, a predictive and data intelligence platform for better health, wealth and wellness choices, announced on March 13 that it has raised US$25 million (RM102.05 million) in its latest round of funding.
CXA's new group of strategic investors include HSBC, Singtel Innov8, Telkom Indonesia MDI Ventures, Sumitomo Corporation Equity Asia, Muang Thai Fuchsia Ventures, Humanica and Heritas Venture Fund, underscoring the company's aim to be the leading health ecosystem platform addressing escalating healthcare costs across the region.
CXA Group founder and chief executive officer Rosaline Chow Koo (pic, above), said: "We are honoured to welcome these top-tier corporations into our roster of strategic investors and partners. CXA is today the leading health ecosystem platform that enables individuals across Asia to make better choices for healthier living, starting from the workplace, thereby empowering a shift in spend from treatment to prevention.
‘We have seen overwhelming interest from global strategic investors who are excited to work with us to advance our business and vision.
"These latest investors will become strategic partners, and we will look to closely collaborate in designing customised platform-led solutions for their B2B enterprise customers, and as importantly, the employees of these enterprises."
"Strategic investment in CXA from HSBC, Singtel Innov8 and others reinforces our belief in technology enablement and value creation from high-growth companies partnering with larger organisations and transforming in collaborative fashion.
“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. Savarin also sits on CXA’s board.
The company has pioneered a one-stop, self-service platform that allows employers to give their employees access to an ever-widening range of health, wealth and wellness offerings, 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 to make transactions cashless, fast and easy.
Through the aggregation, anonymisation and analysis of digitised health and life-stage data, CXA helps employers get to the root cause of their workforces' health issues and design specific interventions -- such as corporate wellness and disease management initiatives -- that will have the greatest impact on cost and health improvement, for reductions in tomorrow's chronic disease and healthcare spend, today.
Headquartered in Singapore, CXA achieved revenue growth of 65% in 2018 and is expected to double that in 2019. This latest funding round follows US$33 million in total funding from Series A and B in 2015 and 2017 respectively.
Other investors in CXA include B Capital Group, Openspace Ventures, Government-linked strategic investor EDBI, BioVeda Capital, FengHe Asia, Philips and RGAx.
"CXA is rapidly emerging as a leader in the health and InsurTech space. It has an innovative, platform-led approach to helping companies optimise their health spend through personalised engagement with employees about their physical and financial wellness. We are excited about this investment partnership and the disruptive opportunities it presents," said Bryce Johns, group head of Insurance, HSBC.