Hive Health, a Philippine-based digital health insurance company, has closed its pre-Series A funding round that raised at least $6.5 million, according to a DealStreetAsia report.
The report, which was based on the company’s filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), said the round was led by Gentree, the investment vehicle of the Sy family, and Singapore-based venture capital firm BEENEXT.
Other investors in the round include Y Combinator, The Graduate Syndicate, and Oak Drive Ventures, DealStreetAsia reported.
Founded in 2021 by Harvard and Stanford alumni Camille Ang and Jiawen Tang, Hive Health provides seamless and all-encompassing HMO health plans tailored for SMEs and startups.
These plans cover outpatient, inpatient, emergency, and dental care, offering access to a vast network of 1,700 hospitals and clinics nationwide, along with over 60,000 doctors across the country.
Many of Hive Health’s services focus on expediting the care-seeking process. For example, Hive Health’s digital platform empowers users to efficiently manage healthcare tasks from their phones or computers, such as approval requests, viewing plan benefits, finding providers, scheduling exams, and accessing records.
Hive Health also provides on-demand video teleconsultations through its in-house electronic medical records system.
Last year, Hive Health acquired Health Plans Philippines, Inc. (HPPI) – one of the oldest HMOs in the Philippines and a founding member of Association of Health Maintenance Organizations of the Philippines, Inc. (AHMOPI).
Incorporated in 1986, HPPI has built one of the most extensive networks of accredited hospitals, clinics, and doctors nationwide.
The acquisition allows Hive Health to share its technology and data-driven innovations with HPPI’s existing members while also integrating HPPI’s nationwide provider network and institutional knowledge with its core capabilities.
Camille Ang, co-founder and CEO of Hive Health, earlier said the startup’s goal is for ”all Filipinos to feel secure that their health is taken care of and to give employers a sustainable way to take part in making that happen.”
“Hive Health’s journey to date, especially with the acquisition of HPPI, marks a significant milestone, not just for our company but also for the Philippine startup landscape. It underscores the potential of startups like Hive Health to shrink the change and make an impact on intractable problems,” Ang said at a press conference announcing the acquisition.