Manila’s Hive Health Raises $6.5M to Expand and Innovate Digital Health Insurance

Hive Health, a digital health insurance company based in Manila, Philippines, has successfully raised $6.5 million in a pre-Series A funding round. The Gentree Fund and BEENEXT led the investment, with additional support from Y Combinator, The Graduate Syndicate, Amasia, and Oak Drive Ventures.

The funding round also saw contributions from prominent angel investors, including David Wells, the former CFO of Netflix and Chairman of Wise; Lee Kheng Nam, former Deputy Chairman of Vertex Holdings; Natasha Reyes, former owner of HMO HPPI; and Dr. Edwin Mercado.

The newly raised funds will enable Hive Health to expand its team, invest in its technology platform, and extend its network of healthcare providers, including those in remote areas of the Philippines. 

Founded in 2021 by Camille Ang and Jiawen Tang at Harvard and Stanford Universities, Hive Health offers comprehensive HMO health plans for small and medium-sized enterprises (SMEs) and startups. These plans cover outpatient, inpatient, emergency, and dental care.

Hive Health’s extensive network includes 1,700 hospitals, clinics, and over 60,000 doctors nationwide. The company goes beyond traditional health plans by offering benefits such as mental health, medication, and LGBTQIA+ partner coverage. Its digital platform allows patients to manage their care through a vertically integrated telehealth and care coordination model that bridges virtual and in-person care.

Additionally, Hive Health provides companies with an HR dashboard to manage plan enrollments, invoices, and employee wellness insights. The firm has developed its own Electronic Medical Records system and an integrated provider portal to facilitate transparent claims management and faster payouts for its partner doctors and clinics. 

“Change in healthcare is notoriously slow, but we’ve seen promising results from our fast-testing, fast-fixing approach, and this new round of funding will help us accelerate that process even further,” said Jiawen Tang, co-founder and CEO of Hive Health.

Before funding round, Hive Health acquired Health Plan Philippines, Inc. (HPPI), a Health Maintenance Organization (HMO) insurance company in the Philippines. This acquisition secured Hive Health a full insurance license and access to HPPI’s 37-year nationwide provider network, significantly bolstering its capabilities.

Hive Health stated it has built a foundation over the past three years and plans to lead the industry in adopting emerging technologies such as generative AI and machine learning-based predictive analytics. These advancements aim to enhance patient care and operational efficiency.

“Hive Health has consistently executed its vision of transforming healthcare,” said Dirk van Quaquebeke, managing partner at Beenext. The company is poised to leverage its new funding and technological innovations to further revolutionize the health insurance landscape in the Philippines.

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