CXA Group Raises $25M
CXA Group , the startup on a mission to improve employee health, announced a $25m funding round from a group of strategic investors including HSBC, Singtel Innov8, Telkom Indonesia MDI Ventures, Sumitomo Corporation Equity Asia, Muang Thai Fuchsia Ventures, Humanica and Heritas Venture Fund.
Founded in 2013, CXA Group offers a self-service platform that allows employers to give their employees access to a range of health, wealth and wellness offerings, personalized 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 eWallet to make transactions cashless, fast and easy.
Headquartered in Singapore, CXA achieved revenue growth of 65% in 2018 and is expected to double that in 2019. The startup, which looks to expand to other parts of the world, has previously raised $33m from Openspace Ventures, Government-linked strategic investor EDBI, BioVeda Capital, FengHe Asia, Philips and RGAx.
“We are honored 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 customized platform-led solutions for their B2B enterprise customers, and as importantly, the employees of these enterprises” – Founder and CEO of CXA Group, Rosaline Chow Koo.