Award-Winning Medical Marketplace Startup Raises P20.8 Million in Pre-Seed Funding
A health technology startup founded by Filipinos and now headquartered in Singapore has raised about $407,500 (about P20.8 million) in a pre-seed investment round. MedHyve is an online marketplace for medical tools and supplies founded in 2019. The fundraising was led by by Silicon Valley global venture capital firm Pegasus Tech Ventures as well as local venture capital fund Foxmont Capital. Also participating are former Lazada and Alibaba executives from 10K Ventures.
MedHyve currently carries over 100 suppliers and over 5,000 products online, serving over 600 hospitals and clinics across the Philippines. As a digital B2B company, it allows anyone to procure medical supplies and products in a straightforward, easy-to-use platform. The site’s canvassing tool allows users to compare products through details such as dimensions, price, and other important product information. There are also price calculators that allow users to compare product prices at different order sizes.
The company said it would use the fresh funds “to strengthen its operations and technology offering to make medical supplies procurement in growth markets, like its pilot market in the Philippines, more efficient and cost-effective.”
In 2020, MedHyve won the ARISE Startup Pitch Challenge at that year’s Philippine Startup Week. It bested 14 other finalists in the annual startup competition that aims to “find, nurture and support innovative and groundbreaking companies that develop the right ideas at the right time.” As part of its prize package, MedHyve was included in the Startup Village (SUV) and Ongpin Angel Investor Corporation (OAIC) Acceleration Program.
“The investment will allow us to reach more medical institutions and provide them with the help they need to serve their communities,” said Nigel Lirio, co-Founder and CEO of MedHyve. “We're proud to be one of the premier health tech startups in the Philippines and with the support of our new VCs we plan on taking MedHyve to new heights.”
“Innovation in the healthcare industry provides not only opportunities for business, but improvements that will ultimately benefit patients in these critical times,” said Foxmont’s director of portfolio management Nico Sibal. “We look forward to working with Gabriel, Nigel, and Elle as they and MedHyve make healthcare more accessible across the country.”
"We are excited about the future of MedHyve and cannot wait to see the impressive improvements to help serve their patients during the pandemic." said Anis Uzzaman, founder and CEO of Pegasus Tech Ventures. “We look forward to working with MedHyve to help the community.”