Hive Health, a pioneering digital health insurance provider, has raised $6.5 million in Pre-Series A funding to transform healthcare access for small and medium-sized enterprises (SMEs) across the Philippines.
The fresh capital infusion will accelerate the startup’s efforts to provide comprehensive and inclusive health maintenance organization (HMO) plans tailored to the needs of underserved SMEs.
The fundraising round saw participation from prominent investors, including the Sy family’s Gentree Fund and global venture capital firm BEENEXT.
Other notable backers include Y Combinator, The Graduate Syndicate, Amasia, and Oak Drive Ventures.
Key angel investors include David Wells, former CFO of Netflix, and Natasha Reyes, former owner of Health Plan Philippines, Inc. (HPPI).
“We see immense potential in Hive Health’s innovative approach to transforming healthcare for SMEs,” said Mark Sng, representing the third-generation Sy family’s Gentree Fund.
“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.”
Founded in 2021 by Harvard and Stanford alumni, Hive Health has quickly become a trailblazer in the health insurance sector.
The company offers a fully digital platform providing hassle-free HMO plans that include outpatient, inpatient, emergency, and dental care, supported by a network of 1,700 hospitals and clinics nationwide.
Hive Health made history as the first startup to acquire an HMO insurance company in the Philippines, securing a full insurance license and access to a 37-year-old nationwide provider network.
“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,” said Camille Ang, CEO and Co-Founder of Hive Health.
“The fresh funds will help us grow our mission-driven team and invest in our technology platform and operations to further elevate the patient and employer experience.”
Hive Health’s unique value proposition lies in its inclusive approach to healthcare. The company offers innovative benefits, such as mental health services, LGBTQIA+ partner coverage, and easy access to healthcare services through a vertically integrated telehealth and care coordination model.
Moreover, their digital platform empowers both patients and employers with tools like an HR dashboard for managing plan enrollments and an Electronic Medical Records system that streamlines claims management.
“From the first time we met, I’ve seen how Hive Health has consistently executed on their vision of transforming the way healthcare is experienced by building a full-stack health insurtech company,” said Dirk van Quaquebeke, Managing Partner at BEENEXT. “We believe that they can create a legendary long-lasting company.”
With the new funding, Hive Health plans to expand its services to more remote areas, ensuring broader access to quality healthcare for SMEs across the country. The company also aims to integrate advanced technologies, including generative AI and machine learning, to enhance predictive analytics and patient care.
Sam Tangco, COO of Five Story Group of Companies, a client of Hive Health, highlighted the importance of comprehensive health packages in talent acquisition and retention. “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,” Tangco said.
