China-based employee insurance broker InsGeek has closed a $25m series C round co-led by quantitative trading and technology firm Susquehanna International Group, China Money Network reported on Wednesday.
Huaxing New Economic Fund, an investment fund run by asset manager China Renaissance, co-led the round with SIG.
Founded in 2014, InsGeek operates an insurance and health management software platform that allows enterprise clients to build customised corporate insurance and welfare packages. Insurance providers can meanwhile use the product to process claims.
The company will spend the capital on recruitment and an expansion into additional large cities across China. It will also double down on development of its artificial intelligence and big data technology related to pre-diagnosis health and chronic disease management, online diagnostics and rehabilitation treatment.
InsGeek raised $14.4m in series B funding from conglomerate Legend Holdings and the state-owned National SME Development Fund in late 2018. THG Ventures, the venture capital unit of Tsinghua University-backed investment firm Tsinghua Holdings, had led its $7.2m series A-plus round two years earlier.
Fosun RZ Capital, a corporate venturing vehicle for conglomerate Fosun, had participated in a series A round for the company sized in the tens of millions of renminbi (RMB10m = $1.4m) at an undisclosed date, following $720,000 in earlier funding from unnamed investors.
InsGeek’s backers also include Legend Star, an early-stage investment vehicle for Legend Holdings, and TusStar, an incubator network formed by Tsinghua University, as well as Boss Mutual Fund and Hacheers Investment.
