CXA Group, a Singapore-based health service backed by Facebook co-founder Eduardo Saverin, raised $25 million by selling convertible debt to new investors including HSBC Holdings Plc as it expands in Asia.
Other investors include Singtel Innov8, Telkom Indonesia MDI Ventures, Sumitomo Corp. Equity Asia, Muang Thai Fuchsia Ventures, Humanica Pcl and Heritas Venture Fund, CXA said in a statement on Wednesday.
The startup had raised $33 million from two previous financing rounds.
CXA is the brainchild of an unusual founder. Not only is Rosaline Chow Koo a rare female entrepreneur, she grew up poor in Los Angeles and started the business in her 50s. A former executive at Mercer Marsh Benefits, Koo founded CXA in 2013 as a personalised employee health and wellness benefits platform. The company now serves more than 600 companies and more than 400,000 employees in 20 countries.
“These strategic investors are also coming in as clients so I get to grow with them,” Koo, now 57 and chief executive of CXA, said in an interview. “This provides us huge expansion and growth. In a year’s time, we should be profitable.”