tryb Group announced that it has invested an undisclosed amount of seed funding into Phiippine-based insurtech MariaHealth. tryb Group is said to be joining investors like Gobi Partners, Wavemaker, Hustle Fund, and Grand Metro Holdings.
In its statement, Maria Health said it will use the additional funding to scale in the Philippines and to increase their advantage, claiming to be the first-mover in the market.
Maria Health is the digital platform for distribution of health insurance products that aggregate SME, individual, and family health plans. It also provides education and comparison shopping from twenty of the top health insurance providers, primary care clinics, and ambulatory service providers in the Philippines.
The company claims that their digital approach enables sales and account management to scale, which in return helps SMEs and individuals make the right choice in coverage.
On the decision to invest in Maria Health, tryb shared that health expenditures in the Philippines has grown at almost 12 per cent compound-annual-growth-rate over the last ten years. It expects the trend to accelerate as wellness becomes a more important part of daily life in the Philippines.
“Maria is a great addition to the tryb portfolio. The investment aligns with our thesis that financial services in Southeast Asia need to catch up with technology adoption, digital commerce, and mobile penetration,” said Jason Strimpel, Principal at tryb.
Philippines’ government also reportedly has created a universal insurance plan with the goal of covering all Filipinos. Maria Health is coming in with the hopes to fill this gap in education and access that are still lacking.
“Filipino SMEs are excited to offer group health insurance coverage to their employees. The process to do so is cumbersome, to say the least,” said Vincent Lau, Maria Health Co-founder, and CEO. “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.”