Hive Health raises $6.5-M relending fund

Digital health insurer Hive Health raised $6.5 million in pre-Series A funding to transform healthcare access for more small and medium enterprises SMEs in the Philippines.

Key investors of the fundraiser 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).

“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,” Mark Sng, representing the third generation SM conglomerate Sy family’s Gentree Fund, said.

Full-stack policy

“From the first time we met, I’ve seen how Hive Health has consistently executed its vision of transforming the way healthcare is experienced by building a full-stack health insurance company.”

‘We’ve validated that SMEs love what we’ve built and now we want to reach more lives by accelerating our penetration of the underserved SME market in the Philippines.’

“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,” Dirk van Quaquebeke, managing partner at BEENEXT, said.

Hive Health’s CEO and co-founder Camille Ang notes: “We’ve validated that SMEs love what we’ve built and now we want to reach more lives by accelerating our penetration of the underserved SME market 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.”