Hive Health, a Manila, Philippines – based digital health insurance company, raised US$6.5m in Pre-Series A funding.
Backers included Sy family-backed Gentree Fund and BEENEXT, Y Combinator, The Graduate Syndicate, Amasia, and Oak Drive Ventures, as well as angel investors David Wells (former CFO of Netflix and the 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.
The company intends to use the funds to grow its team, invest in technology platform and operations to further elevate the patient and employer experience, and expand its nationwide network to more healthcare providers, including those in more remote areas of the country.
Founded at Harvard and Stanford Universities in 2021 by Camille Ang and Jiawen Tang, Hive Health is a full-stack digital health insurer, offering 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. Beyond offering benefits such as mental health, medicine, and LGBTQIA+ partner coverage, Hive Health has built a digital platform that empowers patients to manage their care through its vertically integrated telehealth and care coordination model that bridges virtual and in-person care. Additionally, companies can use Hive Health’s HR dashboard to centrally manage plan enrollments, invoices, and understand employee wellness. Furthermore, the company has developed its own Electronic Medical Records system and integrated provider portal that facilitates transparent claims management and faster payouts for its partner doctors and clinics.
Prior to this raise, Hive Health acquired a Health Maintenance Organization (HMO) insurance company in the Philippines, Health Plan Philippines, Inc. (HPPI), securing a full insurance license and 37-year nationwide provider network.
FinSMEs
29/07/2024