China-based online insurance broker Yuanbao raised almost RMB1bn ($156m) on Monday in a series C round featuring quantitative trading firm Susquehanna International Group, DealStreetAsia has reported, citing a WeChat post.
Venture capital firm Source Code Capital led the round, which was also backed by Cathay Capital, Hike Capital, Northern Light Venture Capital and Qiming Venture Partners.
Yuanbao, which officially launched in 2020, has built an online platform which utilises big data and artificial intelligence technology to match users with the most suitable insurance products.
The platform provides access to policies from insurers including Huaxia Life Insurance, China Life Insurance and Taikang Life Insurance, and also offers insurance consulting and healthcare mamagement services.
The company will use the series C funding to invest in research and development activities for its core technology. The capital injection will also speed up the introduction of new ‘smart’ insurance services.
The series C funding reportedly represents the fourth round to be raised by Yuanbao but the details of its earlier funding could not be confirmed.
Photo courtesy of Yuanbao.