Yesterday, Singapore-based health technology startup CXA Group, which offers an employee benefits and wellness marketplace platform, announced that it has raised $25 million in its latest round of funding. The company’s new group of strategic investors includes HSBC, Singtel Innov8, Telkom Indonesia MDI Ventures, Sumitomo Corporation Equity Asia, Muang Thai Fuchsia Ventures, Humanica and Heritas Venture Fund.
What they do
CXA Group has developed 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 eWallet to make transactions cashless, fast and easy. According to the company’s website, CXA Group serves more than 600 enterprises, including Fortune 500 companies, and more than 400,000 employees in 20 countries.
What’s the trend
In February 2017, the company raised $25 million in Series B funding in a round led by B Capital Group and EDBI. Additional funding came from Philips and RGAx, a subsidiary of Reinsurance Group of America.
The investment was used to expand its reach beyond existing Singapore and Hong Kong markets further into Asia, including mainland China, India, Indonesia, Japan, Malaysia, South Korea, the Philippines, Taiwan and Thailand.
On the record
"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," said Rosaline Chow Koo, founder and CEO of CXA Group, in a statement.