Singapore based insurtech firm CXA Group has bagged a $25 million fresh round funding from various investors with an aim to expand their presence in the Asian region as well as Europe and North America.
The latest financing which takes the total capital raised by the company to $58 million saw participation from big names like HSBC, Singtel Innov8 (of Singaporean telco Singtel), Telkom Indonesia MDI Ventures (of Indonesia telco Telkom), Sumitomo Corporation Equity Asia (Japanese trading firm) Muang Thai Fuchsia Ventures (Thailand-based insurance firm), Humanica (Thailand-based HR firm) and PE firm Heritas Venture Fund.
The existing backers of the firm include names like B Capital, the BCG-backed fund from Facebook co-founder Eduardo Saverin, EDBI — the investment arm of the Singapore Economic Development Board and early Go-Jek backer Openspace Ventures. Prior to this round, the firm had raised $25 million as part of Series B financing.
Launched in 2013 by Rosaline Koo, the company instead of directly approaching the customers connects with the corporate offices and offers their products to their employees or customers through them. The firm claims to be working with more than 600 enterprises including a few Fortune 500 companies. China, Hong Kong, and Southeast Asia have been the major focus of CXA Group.
Koo, the CEO of CXA Group commenting on the capital infusion from the backers said, "We are honored 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 spending 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."
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