China-based online insurance provider Liangzibao secured almost RMB100m ($14.4m) in a series A-plus round that included peer-to-peer lending marketplace PPDai, China Money Network has reported.
PPdai was joined in the round by Xidian University and venture capital firms Titan Ventures, Juzhuo Capital and Linear Venture.
Founded in 2016, Liangzibao provides insurance for individuals and small and medium-sized enterprises, using blockchain technology to implement smart contracts, automating the claims process and using big data tools to analyse risk.
The company raised an undisclosed sum in a 2017 series A round led by Xincheng Investment that included Fosun Kinzon Capital, a corporate venturing subsidiary of diversified conglomerate Fosun, as well as Linear Venture and Institutional Venture Partners, according to China Money Network.