Hive Health raised $6.5 M Pre-Series A funding from Sy family-backed Gentree Fund, others

In order to revolutionize healthcare access for more small and medium-sized enterprises (SMEs) in the Philippines, Hive Health, a Singapore-based digital health insurance company, has raised $6.5 million in Pre-Series A funding.

The business said in a statement on Monday that the Sy family-backed Gentree Fund and international venture capital firm BEENEXT were among the fundraise’s major backers.

Oak Drive Ventures, Amasia, The Graduate Syndicate, and Y Combinator are a few more institutional investors.

Angel investors include Dr. Edwin Mercado (founder of one of the largest healthcare systems in the Philippines that is now a part of the Healthway Qualimed network), Natasha Reyes (former owner of Health Maintenance Organization [HMO] Health Plan Philippines, Inc. [HPPI]), Lee Kheng Nam (former deputy chairman of Temasek subsidiary Vertex Holding), and David Wells (former chairman of Wise and former CFO of Netflix).

“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.” Hive Health’s Chief Executive Officer and Co-Founder Camille Ang said.

Furthermore, Hive Health intends to broaden its current nationwide network to encompass additional healthcare providers, including those situated in more isolated regions of the nation.

“Change in healthcare is notoriously slow, but we’ve seen promising results from our ‘test fast and fix things’ approach, and the new round of funding will help us accelerate this further,” noted Jiawen Tang, President and Co-Founder of Hive Health.

“We have not only iteratively innovated on the traditional aspects of health insurance administration but now are increasingly working towards our ultimate goal of transforming the total patient experience through changing care delivery models,” she added.

Hive Health is expected to lead the industry in embracing new technologies like generative artificial intelligence (AI) and machine learning predictive analytics. It is noteworthy that the company has established strong foundations from the ground up over the last three years.

Established in 2021 at Harvard and Stanford Universities, Hive Health is a full-stack digital health insurer that provides hassle-free, all-inclusive HMO health plans for small and medium-sized businesses (SMEs) and startups. These plans cover outpatient, inpatient, emergency, and dental care through a vast nationwide network of 1,700 hospitals and clinics, with over 60,000 physicians spread across these locations.