China’s main on-line InsurTech platform Waterdrop Inc. introduced that it had raised $230 million in its sequence D financing spherical throughout its 2020 Waterdrop World Associate Convention on Thursday. That is arguably the world’s largest financing spherical within the on-line InsurTech business to this point this 12 months.
The corporate confirmed that this spherical of financing was collectively led by Swiss Re Group and Tencent, whereas the corporate’s present buyers together with IDG Capital and Knowledge Alternative World Fund additionally participated. Waterdrop is the primary on-line InsurTech firm in China through which Swiss Re has invested. Tencent has been a long-term supporter for Waterdrop, because the firm’s angel spherical.
“We are excited about the huge growth potential that lies ahead of us,” Waterdrop founder and CEO Shen Peng stated. “Our long-term goal is to become a leading online healthcare platform in China with an ecosystem that includes insurers, pharmaceutical companies, hospitals and drug stores, as well as nursing institutions and rehabilitation institutions. We are committed to not only helping users with financing issues but also providing them with integrated healthcare services along the way.”
Waterdrop stated the brand new capital will likely be used to leverage synthetic intelligence and large information to empower the provision of high-quality insurance coverage services. It additionally stated through the convention name that it’s going to additional improve InsurTech business infrastructure as on-line information migration in China continues to rise.
Based in 2016, the Beijing-based start-up has three main companies together with Waterdrop Insurance coverage Mall, Waterdrop Crowdfunding, and Waterdrop Mutual. With 120 million enrollees as of at this time, Waterdrop Insurance coverage Mall expects to achieve a document written premium of $2 billion this 12 months, representing over 100% year-on-year development.