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Singapore-based ConneXions Asia (CXA) is targeting US$100 million in revenue by 2019, up from its current US$6 million, after successfully raising US$8 million in Series A funding.
Billed as “Asia’s first insurance and wellness marketplace”, the company is looking to use the funding towards regional expansion and scaling its platform for private label distribution to SMEs via banks and insurers
The investment was led by NSI Ventures, the venture capital wing of private equity firm Northstar, together with consumer and technology fund F&H, and healthcare fund BioVeda.
“Proceeds from the Series A round will support CXA’s local and international growth, including opening its Hong Kong brokerage, technology investment to scale the platform for bank and insurance distributors across Asia, as well as building a leading pool of talent in insurance and healthcare big data technology,” announced the company.
CXA plans to expand to 12 countries across Asia including China, key ASEAN countries, as well as Japan, Korea and India.
Ashish Shastry, managing partner of Northstar Group and CEO of Northstar Advisors, will join the board of CXA as part of this transaction. Said he, “The CXA model is a game changer for employee benefits in Asia. This paper-based industry is ripe for disruption, and we believe that CXA has a significant edge over the competition.”
Added Rosaline Koo, founder and CEO of the company, “CXA aims to be a disruptive force across Asia by repurposing insurance and treatment spend into workplace wellness and prevention.”
“Employees will now be able to customise their benefits and wellness package to their personal needs. Employers will get the tools and data they need to improve their workforce health, cap premium increases and reduce their workload burden through automation of administrative processes and vendor consolidation – all without spending more.”