MANILA, Philippines — Digital insurer Hive Health has secured $6.5 million (P379.46 million) in fresh funds to boost healthcare access of small and medium enterprises (SMEs) in the country.
In a statement, Hive Health said it raised the amount from several investors including Sy family-backed Gentree Fund and Singapore-based Beenext Capital Management Pte. Ltd.
Other institutional investors also include American venture capital firm Y Combinator, The Graduate Syndicate, Amasia and Oak Drive Ventures Inc.
Hive Health is a full-stack digital health insurer offering HMO health plans for SMEs and startups, covering outpatient, inpatient, emergency and dental care through its network of 1,700 hospitals and clinics and over 60,000 doctors.
Hive Health CEO and co-founder Camille Ang said the insurance firm aims to reach more lives by expediting its penetration of the underserved SME market in the Philippines.
“The fresh funds will help us grow our team and invest in our technology platform and operations to further elevate the patient and employer experience,” Ang said.
Hive Health is also expected to expand its nationwide network to more healthcare providers, including those in remote areas of the country.
Mark Sng of the Sy family-backed Gentree Fund, for his part, noted that the conglomerate sees potential in Hive Health’s innovative approach to transforming healthcare for SMEs.
“Leveraging our 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 change in the Philippine market,” he said.