Nuanwa Technology, a China-based provider of online health insurance services, has received RMB100m ($14.1m) in series A funding from investors including EverBay, an investment vehicle for property developer Longfor Properties, KrAsia has reported.
The round also featured venture capital firm Sequoia Capital China and boutique investment bank and VC fund Lighthouse Capital.
Spun off from online insurance portal Zhonghan Insurance in late 2018, Nuanwa provides services such as product design and risk assessment that help health insurers set up online offerings.
The company also helps property insurers expand into health coverage through online channels, and added 10 new insurance sector clients in the last quarter of 2019.
Sequoia China led Nuanwa’s $14m angel round in August 2019, participating together with healthcare-focused investment firm Kuanping Capital.
Zhonghan was formed in 2013 as a partnership between insurance group Ping An, e-commerce group Tencent and the latter’s financial services affiliate Ant Financial, according to media reports.