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 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

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SINGAPORE - Media OutReach - 13 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.

 

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.

 

Quotes from New Investors:

 

Edgar Hardless, Chief
Executive Officer, Singtel Innov8, said: “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.”

“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.”

 

Quotes from Previous Investors:

 

“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.