Maria Health secures $650,000 to expand in PHL

A prominent company backing Maria Health, Wavemaker Partners, has raised a $65-million fund targeting Southeast Asian companies.

Its advisory board includes Dado Banatao and Silicon Valley venture capitalist Tim Draper.

Maria Health has secured $650,000 for its Philippine operations.

"Maria Health, the Philippines' first online health exchange platform, has secured additional investments to help expand its operations in the country in a bid to provide all Filipino small to medium-sized enterprises (SMEs), as well as individuals, with easier access to healthcare coverage," the company said on Monday.

Maria Health said it secured the $650,000 additional financial backing from Singapore-based venture company Wavemaker Partners, as well as Sterling Group of Companies chairman and CEO Henry Lim Bon Liong, and Potato Corner co-founder Jose Magsaysay. At the current exchange rate of P50.665:$1, the amount is equal to P32.932 million.

"We see one of the constraints of growth and economic development for the average Filipino is access to healthcare, and Maria Health provides a solution to that," Magsaysay said.

"At the same time, we're very interested in investing into healthcare given its potential to impact the lives of the common Filipino. It is because of these that we decided to invest in the company," he added.

Maria Health said $650,000 will be used to beef up its Philippines operations.

"Along with funding raised from Silicon Valley angel investors, and with previous initial investments, Maria Health has raised its total capital to $650K," it said.

Maria Health provides instant quotes, guidance, and 24/7 support to some 2,000 Filipino workers employed by more than 60 SMEs.

"By pooling its buyers, Maria Health is able to aggregate small businesses into one large, risk-adjusted pool so they have access to the same quality healthcare, same benefits, and same competitive rates that larger companies enjoy," it said.

The company has teamed up with Ayala Health to widen access to community-based clinic FamilyDOC.

"Partnering with Ayala Health does not only allow for further credibility for Maria Health. More importantly, it helps us with our mission to provide access to affordable healthcare to Filipinos nationwide," Vincente Lau, founder and CEO of Maria Health, said.

The partnership links Maria Health clients to FamilyDOC clinics via its online platform.

"FamilyDOC's goal is to make quality healthcare more accessible and affordable by Filipino families by bringing its services closer to middle-income communities," FamilyDOC sales and marketing manager KC De Leon said.

"As we expand by opening more clinics, we want to make sure that we are accessible both physically and digitally," De Leon added.

Maria Health also counts as partners Asianlife, Lifeline, Maxicare, MediCard, and PhilCare. — Jon Viktor Cabuenas/VDS, GMA News