CXA Group, a Singaporean healthtech company, announced today it has raised US$25 million from a host of new strategic investors.
The money will be used to fuel expansion across APAC.
The strategic investors were HSBC, Singtel Innov8, Telkom Indonesia MDI Ventures, Sumitomo Corporation Equity Asia, Muang Thai Fuchsia Ventures, Humanica and Heritas Venture Fund.
According to TechCrunch, there are other strategic investors that are not listed.
CXA is a healthcare company that uses big data to help companies provide personalised health and wellness services to their employees. It has also grown into one of Singapore’s startup success stories, having raised US$25 million from B Capital and EDBI back in February 2017.
It claims to have over 600 enterprise clients that allows them to serve over 400,000 employees in 20 countries.
The choice of targetting investors was not an accident. The hope is that this partnership can be leveraged to integrate CXA services into the B2B offerings for these companies.
“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,” said CEO Rosaline Chow Koo in a statement.
The company highlighted a statistic that chronic disease hits Asians 10 years earlier than people in the West. Because of that, a one-size-fits-all approach to corporate healthcare is inadequate.
Three separate quotes from Singtel Innov8, HSBC and Heritas all pointed to a platform that allows employers improve their internal healthcare policies as the reason for their investment.
The current round brings CXA’s total fundraising to US$58 million.