Singapore-based digital health insurance business Hive Health raised $6.5 million in Pre-Series A funding to improve healthcare access for Philippine SMEs.
The company announced that Sy family-backed Gentree Fund and global VC firm BEENEXT were important investors in the financing.
Other institutional investors include Y Combinator, Graduate Syndicate, Amasia, and Oak Drive Ventures.
David Wells (former Netflix CFO and Wise Chairman), Lee Kheng Nam (former Deputy Chairman of Temasek subsidiary Vertex Holding), Natasha Reyes (former owner of HPPI), and Dr. Edwin Mercado (founder of one of the Philippines’ largest healthcare systems now part of Healthway Qualimed) are angel investors.
“We’ve validated that SMEs love what we’ve built and now we want to reach more lives by accelerating our penetration of the underserved SME market in the Philippines ,The fresh funds will help us grow our superstar mission-driven team, and invest in our technology platform and operations to further elevate the patient and employer experience.” Hive Health’s Chief Executive Officer and Co-Founder Camille Ang said.
Hive Health will also add more healthcare providers, especially rural ones, to its nationwide network.
“Change in healthcare is notoriously slow, but we’ve seen promising results from our ‘test fast and fix things’ approach, and the new round of funding will help us accelerate this further,” noted Jiawen Tang, President and Co-Founder of Hive Health. We have not only iteratively innovated on the traditional aspects of health insurance administration but now are increasingly working towards our ultimate goal of transforming the total patient experience through changing care delivery models,” she added.
After three years of building strong foundations, Hive Health hopes to lead the market in adopting new technologies like generative AI and machine learning predictive analytics.
Hive Health, founded at Harvard and Stanford Universities in 2021, is a full-stack digital health insurer that provides hassle-free, comprehensive HMO health plans for SMEs and startups with outpatient, inpatient, emergency, and dental care through a nationwide network of 1,700 hospitals and clinics and over 60,000 doctors.
Hive Health was the first startup to purchase Health Plan Philippines, Inc. (HPPI), a pioneering HMO insurance company in the Philippines, with a complete insurance license and 37-year statewide provider network, before this round.
Camille Ang and Jiawen Tang founded Hive Health after realising that health insurance is inaccessible in developing countries like the Philippines and that they could use their fintech, data, and public-private partnership backgrounds to solve this problem.
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Hive Health’s unique vertically integrated telehealth and care coordination model empowers patients to manage their care and offers innovative, inclusive benefits like mental health, medicine, and LGBTQIA+ partner coverage.
The HR dashboard from Hive Health lets firms manage plan enrolments, bills, and employee wellbeing.
Hive Health also includes an electronic medical records system and integrated provider portal for transparent claims handling and faster payouts for partner doctors and clinics.
Hive Health, founded in 2021, serves hundreds of small and medium businesses and has grown 8 times in a year.
About Hive Health
Hive Health strives to offer the best health plans to Philippine SMBs. Through this all-in-one platform, offer comprehensive, easy digital health insurance coverage. Award-winning firm founded at Harvard and Stanford and funded by top global investors including Y Combinator is revolutionising access to quality, affordable healthcare for millions.
