CXA, an employee ecosystem platform for better health, wealth and wellness choices, announced today that it has raised fresh funding from Humanica, a Thai-based HR solutions provider, and HSBC Life, an indirect wholly-owned subsidiary of HSBC.
With this latest capital injection, Humanica, in particular, has doubled its investment in CXA as a continuation of last year’s convertible note bridge financing. CXA achieved revenue growth of 50 percent in 2019 and the start-up had previously raised US$58 million in total funding from Series A, Series B, and a convertible note round in 2015, 2017 and 2019, respectively.
In addition to the funding, CXA has signed a Memorandum of Understanding (MOU) with Humanica to integrate its Human Capital Management platform with CXA’s platform in Thailand.
This story follows news of layoffs happening just last month which saw a dozen employees losing their jobs.
Rosaline Chow Koo, Founder and Chief Executive Officer, CXA Group, said:
“The follow-on investment reflects Humanica and HSBC Life’s confidence in CXA’s long-term growth opportunity. It also further backs our unique ability to shift healthcare spend from treatment to prevention, while keeping costs under control.
We continue to see overwhelming interest from strategic investors who are excited to work with us to advance our vision of enabling healthier living across Asia and will have more developments to announce in the coming months.”
