CreditEase Insurance Agency, an internet insurance arm of China-based financial services firm CreditEase, has raised RMB800m ($11m) from investors including IDG Capital, according to China Money Network.
IDG Capital, the local VC affiliate of media and technology research firm International Data Group, invested alongside CreditEase’s investment vehicle New Finance Industrial Investment Fund. The transaction valued the internet insurance firm at $200m post-money.
Founded in 2011, CreditEase Insurance Agency sells insurance products through partnerships with a more than 50 domestic and international insurance providers. It was set up with an initial $7m in capital.
The money will support the development of wholly-owned subsidiary Xiaozhi Technology, which operates a search engine for consumer insurance products.
Li Xiaojun, a partner at IDG Capital, said: “Insurance, especially internet insurance, is one of our focuses at IDG. The industry has massive potential, and CreditEase Insurance is the leading company in the internet insurance sector as it stands out in market share, management team, business model and product structure.”