CXA Group, a Singapore-headquartered insurance technology startup, has raised US$25 million in Series B investment round, co-led by B Capital Group (co-founded by Facebook Co-founder Eduardo Saverin) and Singapore-based EDBI.
The round also saw participation from Royal Philips, a diversified health and well-being company, and RGAx, a subsidiary of Reinsurance Group of America. Existing investors, including NSI Ventures and BioVeda Capital, have also joined the round.
With this, CXA’s total funding raised to date has crossed US$30 million.
The latest capital infusion will help CXA to scale its existing platform and operations beyond Singapore and Hong Kong, to include China, India, Indonesia, Japan, Malaysia, the Philippines, South Korea, Taiwan and Thailand.
Its regional expansion strategy includes scaling CXA’s SaaS platform for distribution to SMEs and individuals via banks and insurers. The company said in a press release that a large insurer has piloted CXA’s white label portal to cross-sell individual insurance and wellness products to its captive base.
Founded in late 2013 by Rosaline Chow Koo, CXA provides a ‘next generation’ cloud-based employee benefits platform which integrates a health insurance brokerage solution, flexible benefit wallets, wellness marketplace, and healthcare Big Data — allowing employers to leverage their existing insurance spend to get integrated workplace wellness, flexible benefits and benefits administration.
CXA helps employers unlock wellness in the workplace without spending more, by converting existing benefits dollars into prevention and disease management. Employers use the platform to consolidate all their vendors into a one-stop marketplace — digitising claims, health data and payment flows between employees, companies, insurers and providers. Companies buying their insurance through CXA brokerages get the platform for free, including flexible benefits and workplace wellness administration and data analytics.
Employees are given a fixed benefits wallet to choose the most relevant mix of insurance and wellness services from a range of providers to suit their personal needs.
Saverin, who joins the CXA board, said: “CXA’s unique business model cuts across three out of four of our focus industries, including health and wellness, financial services and consumer services. The CXA platform offers employers and employees an innovative solution that facilitates deeper and more personalised benefits experiences in the workplace, and enables employees to make better financial choices and more informed wellness decisions.”
“We’re bringing evidence-based wellness into the workplace to improve employee health in order to control rising employer healthcare costs,” said Koo “Instead of just offering advice, we actually deliver solutions to companies by aggregating the data analytics and the wellness and disease management providers. Our goal is to shift the focus of insurance from treatment to prevention and to empower employees to take personal responsibility for their health.”
EDBI invests in knowledge and innovation-intensive sectors covering biomedical sciences, ICT, smart & sustainable technology, and select industry clusters under its Strategic Growth Programme. Under BMS, EDBI seeks investment opportunities in digital health, medtech and biopharma. Its previous investments include Shape Security, Druva, nuTonomy, LogRhythm, RetailNext, Sprinklr, Knewton.