CXA Group raises US$25 Mn to accelerate APAC expansion
CXA Group, Asia’s one-stop, predictive and data intelligence platform for better health, wealth and wellness choices, has raised US$25 Mn in its latest round of funding. The 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.
Rosaline Chow Koo, Founder and Chief Executive Officer, CXA Group stated, “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.”
She added that the 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.
The data intelligence platform 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, 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.
Through the aggregation, anonymization and analysis of digitized 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.
The Singapore headquartered group clocked a revenue growth of 65 percent in 2018 and is expected to double that in 2019. This latest funding round follows US$33 Mn in total funding from Series A and B in 2015 and 2017 respectively. CXA serves more than 600 enterprises, including Fortune 500 companies, and more than 400,000 employees in 20 countries.
Edgar Hardless, Chief Executive Officer, Singtel Innov8, stated, “CXA’s innovative use of analytics helps its enterprise clients effectively manage their healthcare costs and promote their employees’ well-being. We are excited to be an investor in CXA and help with their expansion across Asia.”
The investment points out to the fact that companies are paying serious attention to the health and wellness of employees. Given the fact that chronic diseases are hitting people in Asia earlier than in the West and healthcare costs escalating, it becomes imperative for organizations to tackle this challenge and shift the healthcare spend from treatment to prevention.