Digital health insurance company Hive Health recently raised USD6.5m in Pre-Series A funding to boost healthcare access for SMEs in the Philippines.
Key investors included Sy family-backed Gentree Fund and global VC firm BEENEXT. Other institutional investors include Y Combinator, The Graduate Syndicate, Amasia, and Oak Drive Ventures. Angel investors include 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 (founder of one of the largest healthcare systems in the Philippines now part of the Healthway QualiMed network).
Founded in 2021 at Harvard and Stanford Universities by Camille Ang and Jiawen Tang, Hive Health is a full-stack digital health insurer. It offers comprehensive HMO health plans for SMEs and startups, including outpatient, inpatient, emergency, and dental care through a nationwide network of 1,700 hospitals and clinics and over 60,000 doctors. Before this, it made history by being the first startup to acquire Health Plan Philippines, Inc. (HPPI), securing a full insurance license and a 37-year nationwide provider network.
Hive Health offers innovative, inclusive benefits including mental health, medicine, and LGBTQIA+ partner coverage. It provides a digital platform for patients to easily manage their care through a unique telehealth and care coordination model.
The platform has quickly grown to serve hundreds of small and medium businesses, experiencing 8x growth in the past year. Employers value its holistic healthcare and see it as critical for talent acquisition and retention.
“We’re seeing the trend now when people apply for companies. They don’t only look at how much money they’re getting, how big their salary is, but how holistic the package being offered to them is. We make sure that we partner with the right people, with the right benefit partners, and that’s why we chose to partner with Hive Health,” shared Sam Tangco, COO of Five Story Group of Companies, who recently renewed their contract with Hive Health.
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