CXA, a Singapore-based health focused insurtech startup, has raised $25m in latest round of funding to expand its health ecosystem platform to address the rising costs of healthcare in the Asia-Pacific region.
Image: Singapore insurtech secures $25m funding. Photo: Courtesy of everydayplus/FreeDigitalPhotos.net.
New investors HSBC, Singtel Innov8, Telkom Indonesia MDI Ventures, Sumitomo Corporation Equity Asia, Muang Thai Fuchsia Ventures, Humanica, Heritas Venture Fund and others joined latest financing round of CXA.
CXA claims that the investment from financial service institutions, telecom provides and payroll companies exemplifies the startup’s ability to help shift the money spent on treatment to prevention, without employers having to spend more.
The company noted that chronic diseases are hitting Asia earlier than in the West and healthcare are escalating and the company found that an ‘antiquated pen-and-paper, one-size-fits-all approach to managing these costs was systemically wrong.’
The company claims to have developed a one-stop, self-service platform that allows employers to give their employees access to a wide range of health, wealth and wellness offerings, personalised based on individual’s health and life-stage data.
Employers can purchase offerings by drawing on existing insurance policies offered by their employers and using the funds then released into the platform’s eWallet to make cashless transactions.
The company continues to say that the aggregation, anonymisation and analysis of digitised health and life-stage data, it helps employers get to the root cause of their workforces’ health issues and design specific interventions. They include corporate wellness and disease management initiatives, which can have significant impact on cost and health improvement in reducing the money spent on chronic diseases and healthcare.
CXA Group founder and CEO Rosaline Chow Koo 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.”
Koo continued saying: “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.”