Philippines-based InsurTech startup Maria Health has closed its seed finding round on an undisclosed amount.
Contributions to the round came from investors including tyrb, Gobi Ventures, Wavemaker, Hustle Fund and Grand Metro Holdings.
Following the close of the seed round, Maria Health is looking to accelerate the scaling of its operations within the Philippines and improve their hold on the market, it said.
The company raised the funds to capitalise on the ‘large and growing’ demand of health insurance in the country. The InsurTech itself has seen strong growth, having evolved at a 12 per cent CAGR over the past 10 years, it said.
Maria Health aggregates SME, individual and family health plans into a single solution to help consumers streamline the comparison and purchase of insurance. Its platform, which also aims to help educate consumers on insurance, offers policies from 20 health insurance providers, primary care clinics and ambulatory service providers in the Philippines.
Its digital application is available 24/7 and has experts on standby to give guidance to customers, whenever needed. A recommendation engine is also used to help find the consumer the best protection for them.
tryb principal Jason Strimpel 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. Maria not only builds trust through education; they offer a superior experience.”
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