Health marketplace CXA raises US$25m, led by Facebook co-founder Eduardo Saverin

CXA founder and CEO Rosaline Khoo (left) and Facebook co-founder Eduardo Saverin (right).
PHOTO: The Straits Times

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.

Eduardo Saverin: Billionaire investor in Singapore start-ups

  • Facebook co-founder Eduardo Saverin has invested in about five Singapore tech start-ups since his arrival here in 2009.
  • They are software development firm called Anideo, Nitrous.IO , e-grocer Redmart and property portal 99.co. His latest investment in a media firm will be announced next week.
  • The sums he invested in each company are not disclosed but industry insiders put it at over $3 million.
  • Mr Saverin who has been here since 2009 will be getting married to Ms Elaine Andriejanssen, 31, an Indonesian Chinese based in Singapore.
  • Start-up founders who have received funding from him say he is a good investor to have, as his business insights on customer acquisition and marketing help his portfolio companies grow faster.
  • Co-founder of property portal 99.co Darius Cheung told The Straits Times: "He shares his insights with us which is really useful because it reduces our mistakes and speeds up our business expansion."

Read the full article here

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