Singapore-based insurance technology producer CXA Group has raised $25m in a series B round featuring diversified conglomerate Philips and RGAx, the accelerator subsidiary of reinsurer Reinsurance Group of America, E27 reported on Wednesday.
The round was co-led by EDBI, the investment arm of the Singaporean government’s economic development board, and venture capital firm B Capital Group. NSI Ventures, a VC firm backed by Singapore government-owned firm Temasek, and VC fund Bioveda Capital also took part.
Founded in 2013, CXA operates a cloud-based platform that allows employees to manage their insurance benefits, offering features such as health insurance brokerage and a marketplace consolidating vendors.
The software includes big data analytics to help employers optimise benefits administration.
The funding will support a regional expansion beyond CXA’s current markets of Singapore and Hong Kong, and the company aims to enter China, India, Indonesia, Japan, Malaysia, the Philippines, South Korea, Taiwan and Thailand.
CXA will also target small to medium-sized enterprises and individuals, through banks and insurance providers, with a white-label platform that is currently being piloted by an undisclosed insurance company. Eduardo Saverin, co-founder of B Capital, will join CXA’s board.
The company has now raised $40m in equity and debt financing altogether. NSI Ventures led an $8m series A round in 2015, with participation from F&H and Bioveda Capital.
Rosaline Koo, CXA’s founder, initially bootstrapped the company with a $3.5m investment and a further $3.5m in loans in 2013.