Rosaline Koo made a huge bet with CXA. Not long after she started up the healthcare products marketplace, it acquired Singapore's third-largest homegrown insurance brokerage, Pan Group. Rosaline injected all her life savings and took out a loan to finance the purchase and build the venture.
It's now paying off.
CXA today announced it has become a US$100 million (S$141 million) company following a US$25 million series B investment, co-led by Facebook co-founder Eduardo Saverin's B Capital Group and Singapore-based EDBI.
Global life and health reinsurance company RGA, Philips Healthcare, maker of data-driven medical devices and disease management programs, and existing investors NSI Ventures and Bioveda Capital also put in some cash.
Rosaline will use the funds to take CXA beyond Singapore and Hong Kong to markets like China, India, Japan, South Korea, Taiwan, Indonesia, Malaysia, the Philippines, and Thailand.
CXA lets employees choose a mix of insurance and wellness benefits that best suits them. So rather than having, say, a US$1,000 one-size-fits-all insurance coverage, which you rarely or never use, you can free up that money and decide where you want to spend it. CXA aggregates all providers in its platform - from insurers to gyms and yoga studios.
Read the full article here
Other Tech In Asia stories: