Singapore-headquartered start-up MedHyve – a B2B digital platform that empowers small and medium private hospitals and clinics in developing markets with intelligent procurement tools – has raised $407,500 in pre-seed investment round co-led by Silicon Valley global venture capital firm Pegasus Tech Ventures and Foxmont Capital Partners. Also participating in this fundraising round are former Lazada and Alibaba executives from 10K Ventures. These new funds will be used to strengthen MedHyve’s operations and technology offering to make medical supplies procurement in growth markets, like its pilot market in the Philippines, more efficient and cost-effective.
Revolutionizing Medical Procurement
Founded in 2019, MedHyve works to harness the power of technology and make high-quality medical supplies and equipment accessible to more medical institutions, consequently improving healthcare in developing economies. Artificial intelligence (AI) embedded into the platform provides smart procurement tools that provide medical institutions with much-needed procurement expertise.
“The investment will allow us to reach more medical institutions and provide them with the help they need to serve their communities,” Nigel Lirio, Co-Founder and CEO of MedHyve said. “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!”
MedHyve currently carries over 100 suppliers and 5000+ products online, serving 600+ hospitals and clinics across the Philippines.
Foxmont’s Director of Portfolio Management Nico Sibal said “Innovation in the healthcare industry provides not only opportunities for business, but improvements that will ultimately benefit patients in these critical times. 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 & CEO of Pegasus Tech Ventures. “We look forward to working with MedHyve to help the community.”
Digital technology has disrupted many industries, and healthcare is no exception. The COVID-19 pandemic further emphasized this, accelerating the pace of technology adaptation across the industry. With the help of this funding, MedHyve will continue to work hard to realize its goal of revolutionizing healthcare through technology-powered innovations.
About MedHyve
MedHyve empowers small to medium hospitals with an online medical marketspace fitted with intelligent procurement tools and dashboards, giving them the same procurement expertise as some of the largest hospitals.
MedHyve is a digital platform for healthcare institutions to find the right companies for their medical product needs, leveraging on synergies within the network of merchant and medical institutions to introduce innovative healthcare products to developing countries in the region at the right price.
About Pegasus Tech Ventures
Pegasus Tech Ventures is a global venture capital firm based in Silicon Valley with over $1.7 Billion in assets under management. Pegasus offers intellectual and financial capital to emerging technology companies around the world. In addition to offering institutional investors a top-tier venture capital investment approach, Pegasus also offers a unique Venture Capital-as-a-Service (VCaaS) model for large, global corporations that wish to partner with cutting-edge technology startups. Some of the 35+ corporate partners that have partnered with Pegasus include ASUS, Aisin, SEGA, Sojitz, and NGK Spark Plugs. These corporations are able to have access to over 200 Pegasus portfolio companies such as SpaceX, Airbnb, SoFi, Doordash, 23andMe, Bird, Color, Carbon, and many more. For more information about Pegasus, please check out www.pegasustechventures.com.
About Foxmont
Foxmont Capital Partners is a multi-focus venture capital fund dedicated to Filipino entrepreneurs to support them with capital, network, and through different stages of development.
Foxmont believes that the Philippines offers attractive opportunities to invest in good people and businesses. Therefore, they are not restricted by any particular investment mandate, policy, or amounts, but just look for solid value propositions.
