Singapore-based tryb Group has announced its investment in Philippines-based insurtech startup Maria Health, which has closed a $1 million seed round led by Gobi Partners’ Gobi Core PH fund.
The other participating investors in the round include Wavemaker, Hustle Fund and Grand Metro Holdings.
Maria Health’s seed round, led by Gobi Core Philippine Fund, a $10 million joint venture between Gobi Partners and Core Capital, was reported by DEALSTREETASIA in January. Together, with Edukasyon.ph, it marked Gobi’s first investments in the Philippines market.
Founded in 2016, Maria Health claims to be the first online health marketplace in the country.
The startup lists products and services of twenty of the top insurance providers, primary care clinics and ambulatory service providers on its platform. It aggregates individual, family and SME health plans, providing market education and comparison shopping for Filipinos.
Health insurance has become increasingly expensive for Filipinos. According to tryb, health expenditure in the Philippines has grown at almost 12 per cent CAGR over the last ten years.
Maria Health co-founder and CEO Vincent Lau said, in a statement: “Our mission is to provide simple, easy to access health insurance online for the Philippines. Our platform offers the right mix of education and convenience, backed by technology.”
Maria Health added that the funds will be used to scale its product and increase its competitive advantage as a market first mover.
Jason Strimpel, Principal at tryb said: “The market for health insurance in the Philippines is an incredible opportunity for a technology company. Maria’s digital acquisition and distribution strategy creates measurable unit economics. Filipinos spend more time online than any other country and are comfortable making important purchases online.”