Hive Health, a digital health insurance company, raised $6.5 million from pre-series A funding to transform healthcare access for more small and medium enterprises (SMEs) 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,” said Hive Health chief executive and co-founder Camille Ang.
Ang said Hive Health would also expand its nationwide network to more healthcare providers, including those in more remote areas.
Founded at Harvard and Stanford Universities in 2021, Hive Health is a full-stack digital health insurer, offering hassle-free, comprehensive HMO health plans for SMEs and startups, encompassing outpatient, inpatient, emergency and dental care through an extensive nationwide network of 1,700 hospitals and clinics, and over 60,000 doctors across locations.
Key investors in the latest funding included Sy family-backed Gentree Fund and global venture capital firm BEENEXT. Other institutional investors were Y Combinator, The Graduate Syndicate, Amasia and Oak Drive Ventures.
Angel investors included David Wells, former chief finance officer of Netflix and chairman of Wise; Lee Kheng Nam, former deputy chairman of Temasek subsidiary Vertex Holding; Natasha Reyes, former owner of HMO HPPI; and Dr. Edwin Mercado, founder of one of the largest healthcare systems in the Philippines which is now part of the Healthway Qualimed network.
“We see immense potential in Hive Health’s innovative approach to transforming healthcare for SMEs. Leveraging our extensive local consumer knowledge and operational expertise, we are confident in Hive Health’s ability to cement its market leadership in the SME space and drive significant positive change in the Philippine market. We are excited to support their journey,” said Mark Ang, representing the third generation SM conglomerate Sy family’s Gentree Fund.
“From the first time we met, I’ve seen how Hive Health has consistently executed on their vision of transforming the way healthcare is experienced by building a full-stack health insurtech company. The BEENEXT team, with our global experience spanning health insurtech and other industries, is excited to support their next phase of growth. We believe that they can create a legendary long-lasting company,” said Dirk van Quaquebeke, managing partner at BEENEXT.
