New investors HSBC, Singtel Innov8, Telkom Indonesia MDI Ventures, Sumitomo Corporation Equity Asia, Muang Thai Fuchsia Ventures, Humanica, Heritas Venture Fund and others join...

  • 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 the
    Asia-Pacific region and reinforce the company’s mission of improving the health
    and wellness of individuals through its employer-driven population health
    platform

BEIJING, CHINAMedia OutReach13 March 2019 CXA
Group
, Asia’s one-stop, predictive and data intelligence
platform for better health, wealth and wellness choices, announced today that it
has raised US$25 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.

The investment by these leading global financial services institutions,
telecommunications providers and payroll companies reflect their belief in
CXA’s long-term growth opportunity, and the company’s unique ability to shift
healthcare 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 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,” said Koo.

“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.

“Heritas invests in
high-growth companies that are tackling major healthcare challenges faced by
Asian populations,” said Chik Wai Chiew, Executive Director and CEO, Heritas
Capital Management. “We are pleased to support CXA in this financing
round to scale its employer-driven population health platform, as the
company continues to pioneer solutions that connect the whole healthcare
continuum and shift employers’ healthcare spend from treatment to prevention.”

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

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 eWallet 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 percent 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.

“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 previous Series B funding round.


[1] British Medical
Bulletin. Non-communicable Diseases in South Asia: Contemporary Perspectives.
Link:
https://academic.oup.com/bmb/article-pdf/111/1/31/792581/ldu018.pdf

About CXA Group:

CXA Group is Asia’s one-stop, predictive and data intelligence platform
for better health, wealth and wellness choices. Through the CXA platform,
employers can empower employees with access to personalised health and lifestyle
offerings, with clear and quantifiable ROI for the business. Founded in 2013 with
the mission of transforming the delivery of employee benefits from
pen-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
improve workplace population health.

Driven by a team of industry veterans with extensive leadership
experience across Asia’s human resource, insurance, finance, healthcare and
technology industries, CXA serves more than 600 enterprises, including Fortune
500 companies, and more than 400,000 employees in 20 countries.

For more information, please visit: https://www.cxagroup.com.

Source:: Media Outreach

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