Full steam ahead for online insurance technology platform Waterdrop Inc. which is preparing for its initial public offering (IPO) in the United States in the next quarter.
This news comes after the InsurTech firm wrapped up five rounds of financing and raised a total amount of circa $495bn. The most recent one being the Series D round of $230m in August 2020 led by Swiss Re Group and Tencent.
Furthermore, local news in Beijing reported that the firm’s recent valuation was worth tens of billions of dollars.
The Beijing-headquartered firm essentially supplies insurance policies online through Waterdrop Insurance Mall and provides illness crowdfunding via its platform Waterdrop Crowdfunding.
Waterdrop’s initial valuation during its angel financing in 2016 was at about $46m. If the market estimate of the valuation is to be believed, the company’s worth might have multiplied by almost 200 times in the past five years.
In July last year, Bloomberg reported that the startup had been preparing for an IPO as early as 2020 and that it planned to complete the listing before the end of last year, seeking an IPO valuation between $4bn and $6bn. Following its IPO plans earlier, Waterdrop even hired Bank of America and Goldman Sachs for the float.
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