Eduardo Saverin-backed healthtech firm CXA looks to raise $50m

CXA Group, a Singapore-based healthtech startup backed by Facebook co-founder Eduardo Saverin, is looking to raise at least US$50 million at a valuation of US$250 million, company founder and CEO Rosaline Chow Koo said at a Bloomberg conference in Singapore.

Rosaline Koo / Photo credit: CXA

The move follows CXA securing long-term contracts with insurers and other customers.

The company is aiming to achieve profitability by 2020 and enter unicorn status within the next three years, Koo said.

“We have to go for another funding round. We’re going back out only because we’ve signed very long-term contracts to actually be white-labeled by these firms globally,” she said.

Founded in 2013, CXA operates a data intelligence platform that aggregates a mix of insurance and wellness benefits providers. Employers can use the service to consolidate their vendors, digitize claims, and manage payments, while employees are given the ability to choose what kind of benefit suits them.

“Our goal is to shift the focus of insurance from treatment to prevention and to empower employees to take personal responsibility for their health,” Koo previously said.

Last year, CXA reported a 65% revenue growth, which it expects to double this year.

It previously raised US$25 million in a funding round, which included participation from new strategic partners HSBC, Singtel Innov8, MDI Ventures, Sumitomo Corporation Equity Asia, Muang Thai Fuchsia Ventures, Humanica, and Heritas Venture Fund.

The startup also banked US$25 million in series B funding back in 2017 and US$8 million in its 2015 series A round. Notable investors include B Capital Group, Openspace Ventures, EDBI, and Philips, among others.