China-based medical crowdfunding platform Shuidi landed RMB1bn ($145m) yesterday in a series C round featuring internet company Tencent and CICC Capital, a subsidiary of financial services firm China International Capital Corporation (CICC).
Private equity firm Boyu Capital led the round, which included venture capital firm Gaorong Capital, and which boosted the company’s overall funding to more than $250m.
Founded in 2016, Shuidi has developed a crowdfunding platform called Shuidichou which allows users to source donations to pay for their healthcare. It also runs an an online medical community and a digital health insurance service that offers some 80 insurance products to its 12 million users.
The capital will be used to research the application of artificial intelligence technology to the company’s insurance platform and increase the size of its insurance team.
Tencent led Shuidi’s $74.5m series B round in March 2019, investing alongside Gaorong Capital, VC firm BlueRun Ventures, VC group IDG Capital, investment firm Sinovation Ventures, Yuri Milner and Wu Xiaoguang.
Shuidi had already secured $24.3m in an August 2017 series A round co-led by Tencent and BlueRun Ventures that also featured local services platform Meituan Dianping, Sinovation Ventures, Gaorong Capital, IDG Capital and Tongcheng Foundation.
Tencent and Meituan Dianping had initially backed a $7.4m angel round for the company three months earlier, together with IDG Capital, Gaorong and ZhenFund.