CXA Group Raises US$25 Million to Accelerate Expansion Across Asia-Pacific

March 13, 2019 - 08:49
CXA Group Raises US$25 Million to Accelerate Expansion Across Asia-Pacific

  • New investors HSBC, Singtel Innov8, Telkom Indonesia MDI Ventures,Sumitomo Corporation Equity Asia, Muang Thai Fuchsia Ventures, Humanica,Heritas Venture Fund and others join CXA's latest financing round
  • This strategic capital will accelerate CXA's growth momentum in theAsia-Pacific region and reinforce the company's mission of improving the healthand wellness of individuals through its employer-driven population healthplatform


SINGAPORE - Media OutReach - 13 March 2019 - CXA Group, Asia's one-stop, predictive and data intelligence platform for betterhealth, wealth and wellness choices, announced today that it has raised US$25million in its latest round of funding. CXA's new group of strategic investorsinclude HSBC, Singtel Innov8, TelkomIndonesia MDI Ventures, Sumitomo Corporation Equity Asia, Muang Thai FuchsiaVentures, Humanica and Heritas Venture Fund, underscoring the company's aim to be the leading health ecosystemplatform addressing escalating healthcare costs across the region.


The investment by these leading global financial services institutions,telecommunications providers and payroll companies reflect their belief inCXA's long-term growth opportunity, and the company's unique ability to shifthealthcare spend from treatment to prevention, without employers spending more.


Rosaline Chow Koo, Founder and Chief Executive Officer, CXA Group said:"We are honoured to welcome these top-tier corporations into our roster ofstrategic investors and partners. CXA is today the leading health ecosystem platformthat enables individuals across Asia to make better choices for healthierliving, starting from the workplace, thereby empowering a shift in spend fromtreatment to prevention. We have seen overwhelming interest from globalstrategic investors who are excited to work with us to advance our business andvision."


"These latest investors will become strategic partners, and we will lookto closely collaborate in designing customised platform-led solutions for theirB2B enterprise customers, and as importantly, the employees of theseenterprises," said Koo.


With chronic diseases hitting people in Asia earlier than in the Westand healthcare costs escalating[1], thecompany found that the antiquated pen-and-paper, one-size-fits-all approach tomanaging these costs was systemically wrong. This situation, if leftunaddressed, would only get worse and become economically unsustainable over time.


The company has pioneered a one-stop, self-service platform that allowsemployers to give their employees access to an ever-widening range of health,wealth and wellness offerings, personalised based on the individual's healthand life-stage data. Employees can purchase offerings by drawing down onexisting insurance policies provided by their employers and using funds thatare then released into the platform's eWallet to make transactions cashless,fast and easy.


Through theaggregation, anonymisation and analysis of digitised health and life-stagedata, CXA helps employers get to the root cause of their workforces' healthissues and design specific interventions -- such as corporate wellness anddisease management initiatives -- that will have the greatest impact on cost andhealth improvement, for reductions in tomorrow's chronic disease and healthcarespend, today.


Headquartered inSingapore, CXA achieved revenue growth of 65 percent in 2018 and is expected todouble that in 2019. This latest funding round follows US$33 million in totalfunding from Series A and B in 2015 and 2017 respectively. Other investors inCXA include B Capital Group, Openspace Ventures, Government-linked strategicinvestor EDBI, BioVeda Capital, FengHe Asia, Philips and RGAx.


Quotes from New Investors:


Edgar Hardless, ChiefExecutive Officer, Singtel Innov8, said: "CXA's innovative use of analyticshelps its enterprise clients effectively manage their healthcare costs andpromote their employees' well-being. We are excited to be an investor in CXAand help with their expansion across Asia."

"CXA is rapidly emerging as a leader in the health and InsurTech space. It hasan innovative, platform-led approach to helping companies optimise their healthspend through personalised engagement with employees about their physical andfinancial wellness. We are excited about this investment partnership and thedisruptive opportunities it presents," said Bryce Johns, Group Head ofInsurance, HSBC.


"Heritas invests inhigh-growth companies that are tackling major healthcare challenges faced byAsian populations," said Chik Wai Chiew, Executive Director and CEO, HeritasCapital Management. "We are pleased to support CXA in this financinground to scale its employer-driven population health platform, as thecompany continues to pioneer solutions that connect the whole healthcarecontinuum and shift employers' healthcare spend from treatment to prevention."


Quotes from Previous Investors:


"Strategic investmentin CXA from HSBC, Singtel Innov8 and others reinforces our belief in technologyenablement and value creation from high-growth companies partnering with largerorganisations and transforming in collaborative fashion. With the collectivesupport of banks, insurers, telcos and payroll companies as co-investors, CXAcan now accelerate its expansion into new markets and bancassurance channels,while creating new revenue opportunities for these partners' businesses," saidEduardo Saverin, Co-Founder and Partner, B Capital Group, the lead investor inCXA's previous Series B funding round.


[1] British MedicalBulletin. Non-communicable Diseases in South Asia: Contemporary Perspectives.Link:

About CXA Group:

CXA Group is Asia's one-stop, predictive and data intelligence platformfor better health, wealth and wellness choices. Through the CXA platform,employers can empower employees with access to personalised health and lifestyleofferings, with clear and quantifiable ROI for the business. Founded in 2013 withthe mission of transforming the delivery of employee benefits frompen-and-paper and one-size-fits-all to a digitised and personalised platform,the company aims to shift healthcare spend from treatment to prevention, to improveworkplace population health.


Driven by a team of industry veterans with extensive leadershipexperience across Asia's human resource, insurance, finance, healthcare andtechnology industries, CXA serves more than 600 enterprises, including Fortune500 companies, and more than 400,000 employees in 20 countries. CXA hasreceived recognition as InsurTech of the Year from the Asia Insurance IndustryAwards and was among the top three most impactful innovations at the SingaporeDigital Techblazer Awards.


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