Hive Health raises USD 6.5 million in pre-Series A round
Hive Health, a health insurance company based in Manila, has raised USD 6.5 million in a pre-Series A funding round. Key investors include Gentree Fund and Beenext, with participation from Y Combinator, The Graduate Syndicate, Amasia, and Oak Drive Ventures. Notable angel investors such as David Wells, Lee Kheng Nam, Natasha Reyes, and Edwin Mercado also contributed.
The fresh funds will enable Hive Health to expand its team, invest in its technology platform, and broaden its network of healthcare providers, including those in remote areas of the Philippines. Founded in 2021, Hive Health offers health maintenance plans for small and medium enterprises (SMEs) and startups, providing outpatient, inpatient, emergency, and dental care through a nationwide network of hospitals and clinics.
“Change in healthcare is notoriously slow, but we’ve seen promising results from our ‘test fast and fix things’ approach, and the new round of funding will help us accelerate this further,” said Jiawen Tang, co-founder and president of Hive Health.
In its statement, Hive Health said it has built robust foundations from the ground up over the past three years and plans to lead the industry in adopting new technologies such as generative artificial intelligence and machine learning-based predictive analytics.
“Hive Health has consistently executed its vision of transforming healthcare,” said Dirk van Quaquebeke, managing partner at Beenext.
AgFunder VC closes fourth early-stage fund at USD 102 million
AgFunder VC, a deep tech venture capital firm, has closed its fourth early-stage fund at USD 102 million, surpassing its target. The fund received investments from family offices like GeoBlue AG and Nest, as well as institutions such as Norichukin Bank and Alexandria Real Estate.
The new fund is already over a third deployed, with investments in startups focused on deep tech, including no-code AI platform Atinary and nanotechnology company Nium. The portfolio also features innovative food and beverage brands and marketplace platforms, such as jitter-free coffee brand Rarebird and natural energy drink brand Key.
Recent deals completed in China:
- LiblibAI, a Beijing-based image generation platform, has raised several hundred million RMB across three funding rounds within the past year. The angel round saw investment from Source Code Capital, Gaorong Ventures, and GSR Ventures. An unnamed strategic investor led the second round, and Future Capital took the lead in the third, with existing shareholders providing ongoing support. Foresight Capital acted as the exclusive financial advisor. LiblibAI plans to utilize the funds to build a large-scale computing platform, develop plugins and fine-tune models, enhance control capabilities, and support developer ecosystems and original model creators. —36Kr
- JQ Industries, a flexible fiber sensor technology company, has secured nearly RMB 10 million (USD 1.38 million) in seed funding from Shandong SeeSea Private Equity Fund. Chao Capital served as the long-term financial advisor. The funds will go toward constructing digital factories and setting up production lines. —36Kr
- Newgreen Cooling Earth, a Shenzhen-headquartered company specializing in carbon management solutions, has completed an angel round of financing, securing an eight-figure RMB sum. The round was led by Hong Kong X Technology Fund (HKX), with participation from Ronghan Fund and Gaoshi Capital. Gaoshi Capital also acted as the exclusive financial advisor. The company will use the funds for product development and market expansion. —36Kr
- Lutan Hecheng, a green fuel technology developer, has completed an angel funding round, securing an eight-figure RMB sum exclusively invested by Linear Capital. Six Sigma Capital served as the exclusive financial advisor. The funds will support the establishment of a pilot production verification project and team expansion. —36Kr
- Tsing Standard, an electric vehicle testing and measurement platform, has received a strategic investment of tens of millions of RMB from Great Wall Capital. Previous investors include Baidu Ventures, Shell Ventures, MiraclePlus, and Langcheng Capital. The funds will be used for product development and market expansion. —36Kr
- Linchr, a company focused on developing EV battery charging and swapping solutions, has completed a strategic financing round, raising nearly RMB 100 million (USD 13.8 million). China National Petroleum Corporation (CNPC)’s Kunlun Capital exclusively invested in this round. The funds will be used for R&D, market expansion, and capacity building. —36Kr
Latest deals in India:
- Ola Electric, a Bengaluru-based electric two-wheeler manufacturer, will launch the anchor book for its IPO on August 1, with the public issue opening on August 2 and closing on August 6. Last month, Ola Electric received regulatory approval for its IPO to raise around USD 660 million via fresh issue of shares and an offer for sale of up to nearly 55 million shares. The company was valued at USD 5.5 billion during its last equity round in October 2023, but could seek a valuation of USD 4.2–4.4 billion in the upcoming IPO. —Entrackr
- Ather Energy, another electric two-wheeler manufacturer, has received INR 600 million (USD 7.1 million) in debt funding from Stride Ventures through its trustee Vistra ITCL. This is the company’s second debt infusion in two months. —Entrackr
- Neo Wealth, a non-banking financial company (NBFC), has raised INR 320 million (USD 3.8 million) in private placements. Morde Foods invested INR 200 million (USD 2.3 million), while SN Damani Developers and Bridgemonte Advisors contributed INR 100 million (USD 1.1 million) and INR 20 million (USD 238,895) respectively. The funds will be used for growth and business operations. —Entrackr
- Unimech Aerospace, a Bengaluru-based aerospace manufacturing company, has raised INR 2.5 billion (USD 29.8 million) from Steadview Capital Mauritius, VQ Scale Fund (ValueQuest), and Evolvence India Fund IV. —Entrackr
Earth VC, Grab, Revir Therapeutics, and more led last Friday’s headlines:
- Earth Venture Capital (Earth VC), a climate tech venture capital firm based in Vietnam, participated in a USD 3.2 million funding round for Sparxell, a UK-based developer of high-performance, sustainable, plant-based pigments. This round, which includes seed investments, grants, and awards, was led by the Circular Innovation Fund, jointly managed by Demeter and Cycle Capital with L’Oreal as an anchor investor. Other notable investors included Future Communities Capital, PDS Ventures, Katapult, Joyance Partners, and Snocap VC.
- Grab, Singapore’s ride-hailing and food delivery giant, withdrew its plan to acquire Singapore-based taxi operator Trans-cab.
- Revir Therapeutics, a company tapping artificial intelligence technology to develop targeted RNA small molecule drugs, secured USD 30 million in a Series A funding round led by Lapam Capital. Existing investors CDH Investments, 5Y Capital, and Yael Capital, along with new investors XtalPi and CMT Research Foundation, also participated.
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