China-based patient-focused crowdfunding company Shuidi raised RMB500m ($74.5m) in a series B round led by internet company Tencent yesterday.
Venture capital firms BlueRun Ventures and Gaorong Capital, VC group IDG Capital and investment firm Sinovation Ventures also took part in the round, as did private investors Yuri Milner and Wu Xiaoguang, BlueRun revealed in a statement on its WeChat account.
Founded in 2016, Shuidi has developed a crowdfunding service that enables families to source donations to help pay for healthcare. It also provides an online medical insurance platform called Shuidibao which provides 60 insurance products to 10 million users, in addition to an online medical community.
The company will use the proceeds from the round to build a professional healthcare insurance team and apply artificial intelligence to its insurance offering, founder and chief executive Shen Peng said.
Tencent and BlueRun co-led a $24.3m series A round for Shuidi in August 2017, investing alongside local services platform Meituan Dianping, Sinovation Ventures, Banyan Capital, IDG Capital and Tongcheng Foundation.
The round came four months after Tencent, Meituan Dianping, IDG Capital, Banyan and ZhenFund had supplied $7.4m for the company in an angel round.