China-based online insurance broker Wukongbao has secured an eight-digit dollar amount from life insurance provider Guohua Life Insurance and diversified online marketplace 58 Group, Ebrun has reported.
Founded in 2015, Wukongbao cross-sells a wide range of insurance products through an online platform powered by big data analytics. Its platform lists conventional life and car insurance policies as well as bespoke products for beauty, logistics drivers and electric vehicles.
Wukongbao will use the funding, provided in the form of a series B round, to cultivate its market and expand its team it looks to shore up its expertise and competitiveness.
The company previously received $15.3m of pre-series A funding in 2016 from Phoenix Auspicious Internet Investment, according to AVCJ. It has reportedly also raised funding from Beijing Fenghuang Xiangrui, Cyanhill Capital and Plum Ventures, though further details could not be ascertained.
Fu Yongjin, president of Guohua Life Insurance, said: “Further increasing the cooperation between innovative insurance companies and internet insurance institutions and platforms will help open up market space and provide better service to customers.”