Internet group Tencent has led a RMB500m ($74.3m) series B round for China-based healthcare and insurance crowdfunding platform Waterdrop Company, DealStreetAsia has reported, citing a company announcement.
Venture capital group IDG Capital also participated in the round, along with VC firms Gaorong Capital and BlueRun Ventures, technology investment firm Sinovation Ventures and individual investors Wu Xiaoguang and Yuri Milner.
Waterdrop provides three services that operate through the WeChat messaging platform, and which are focused on healthcare funding, including Waterdrop Crowdfunding, which helps users source funds to help pay for expensive medical procedures.
The company’s other two products are Waterdrop Insurance, which provides affordable medical insurance from some 50 partners, and Waterdrop Mutual, a mutual financial savings system focused on healthcare.
Shen Peng, founder and CEO of Waterdrop, was quoted by e27 as saying: “In the year 2019, we are aiming to provide more affordable medical alternatives including crowdfunding, mutual, and insurance products. We will also try to better our user experience by establishing a complete medical support system.”
The series B proceeds will support the expansion of Waterdrop’s health insurance team and the strengthening of its AI technology capabilities. The company did not disclose details of its earlier funding, stating only that Wu Xiaoguang is an existing investor.
