China-based online insurance consultancy Duobaoyu Insurance has collected RMB200m ($28.3m) in a series B round co-led by online lending marketplace PPDai and private equity firm Yunfeng Capital, 36Kr has reported.
The round included Bertelsmann Asia Investments (BAI), a corporate venturing vehicle for media group Bertelsmann, as well as Lightspeed China Partners and ZhenFund. The company was advised by Taihe Capital.
Founded in 2017, Duobaoyu runs an online consultancy service providing advice on long-term health insurance products for customers aged 25 to 40 covering areas such as purchasing strategies and product analysis.
The cash will fund improvements to its platform’s user experience and moves to implement a closed-loop business model.
BAI and ZhenFund had provided a reported $3m for the company in a February 2019 series A round before both investors joined Lightspeed China to invest a further $10m two months later.