Singapore's CXA Group Closes $25 Million Funding to Consolidate its Dominance in Asia-Pacific
Entrepreneur's New Year’s Guide
Healthtech sector is booming thanks to rapid urbanization, increasing digital adoption and fast-paced growth in the market. This has compelled several new startups to enter the market. Singapore-based CXA Group is a one-stop, predictive and data intelligence platform for better health, wealth and wellness choices. The healthtech startup has raised $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 Asia-Pacific region.
Shift Focus From Treatment to Prevention
The investment by these leading global financial services institutions, telecommunications providers and payroll companies reflect their belief in the company's long-term growth opportunity and 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 in a statement "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."
This latest funding round follows $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.
“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," added Koo.
One-Stop Shop for All Health Offerings
CXA Group 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, anonymisation and analysis of digitized health and life-stage data, the startup 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.