China-based InsurTech Waterdrop Company has raised almost RMB500m ($74.2m) through its Series B funding round.
Tech giant Tencent and Banyan Capital co-led the round with participation from IDG Capital, BlueRun Ventures, Sinovation Ventures, DST Global founder Yuri Milner and former Tencent E-Commerce CEO Wu Xiaoguang, among others. Tencent was a previous investor in both Waterdrop’s angel and Series A financing.
The company has said it will use the new funding to build-out its health insurance team and incorporate artificial intelligence applications in its product offering.
Waterdrop operates in three different business areas including, Waterdrop Crowdfunding, Waterdrop Mutual and Waterdrop Insurance. Over the last three years, the company has been rapidly expanding its presence into China’s third, fourth and fifth-tier cities.
The company’s internet insurance platform has collaborated with more than 50 other insurance companies from around the world and has launched over 60 products. Waterdrop Insurance’s platform has over 10 million users according to an official release.
Waterdrop’s other business arm provides a crowdfunding platform for people needing financial support for the treatment of major illness. The business also offers an internet-based mutual support platform with over 75 million users.
Waterdrop’s founder and CEO Shen Peng said, “In the year of 2019, we are aiming to provide more affordable medical alternatives including crowdfunding, mutual and insurance products.
“We will also try to perfect our user experience by establishing a complete medical support system.
“As for the Series B funds raised, we would deploy them on building a more seasoned and extensive health insurance team and to better utilize AI application in our insurance services.”
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