Heaptalk, Jakarta — Insurtech Hive Health secured a fresh injection of US$6.5 million in pre-Series A funding from multiple investors, including the family-backed Gentree Fund and Beenext Capital Management Pte. Ltd. Other institutional investors, such as Y Combinator, the Graduate Syndicate, Amasia, and Oak Drive Ventures, also joined the round.
This latest capital will be utilized to expand Hive Health’s team, amplify its technology platform, and broaden its business network of healthcare providers, including those in remote areas in the Philippines.
“We have validated that SMEs are excited about what we have built, and now we want to reach more lives by accelerating our penetration of the underserved SME market in the Philippines. The investment will help us grow our superstar mission-driven team and invest in our technology platform and operations to elevate the patient and employer experience further,” Hive Health’s Chief Executive Officer and Co-Founder Camille Ang said.
Established in 2021, this insurance technology startup furnishes hassle-free, comprehensive HMO health plans for SMEs and startups, including outpatient, inpatient, emergency, and dental care. This insurance technology also provides benefits, including mental health medication. Hive Health allows users to manage their care through a vertically integrated telehealth and care coordination model that bridges virtual and in-person care. The company has broadened its network to around 1,700 hospitals, clinics, and over 60,000 doctors.
The startup provides companies an HR dashboard to manage plan enrollments, invoices, and employee wellness insights. The firm has developed its Electronic Medical Records system and an integrated provider portal to facilitate transparent claims management and faster payouts for its partner doctors and clinics. Since its inception, this platform has served hundreds of small and medium businesses and has grown eight times in the past year.
“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 Sng, representing the third generation of Gentree Fund.
