Internet company Tencent and VC firm BlueRun Ventures have co-led a RMB160m ($24.3m) series A round in China-based patient-focused crowdfunding company Shuidi, China Money Network reported today.
Local services platform Meituan-Dianping as well as Sinovation Ventures, Banyan Capital, IDG Capital and Tongcheng Foundation also participated in the round.
Founded in 2016, Shuidi operates three distinct platforms – Shuidichou, a crowdfunding service that uses Tencent’s mobile messaging app WeChat, Shuidibao, a medical insurance platform, and Shuidichou, an online medical community.
The company focuses on helping patients crowdfund money for medical bills caused by unexpected illnesses and accidents. The company claims to have processed a total of RMB1bn in donations from more than 40 million users.
The series A funding will be used to further develop the company’s artificial intelligence technology and to recruit staff with a track record in the insurance sector.
Tencent, Meituan-Dianping, IDG Capital, Banyan Capital and Zhen Fund previously invested RMB50m in an angel round in April 2017.