China-based cybersecurity insurance provider Yuanbao Tech has raised more than RMB100m ($15.5m) in a series B round featuring engineering group China Communications Construction, China Banking and Insurance News has reported.
Private equity firm Citic Capital led the round, which included electric vehicle manufacturer Nio’s Future Capital affiliate as well as TusStar, Landstone Capital and Turing Ventures.
Founded in 2018, Yuanbao provides insurance products focusing on enterprise network security management, covering various industries including finance, healthcare, automotive, education and internet.
The company has partnerships in place with insurers such as China Life, China Pacific, Sunshine Insurance and Swiss Re. It closed a series A round sized at tens of millions of yuan (RMB10m = $1.5m) in August 2020 led by Hillhouse Capital Group’s GL Ventures unit and backed by Raymond AMC and TusStar.
The August deal came seven months after a round of similar size backed by Zhongguancun Development Edge Enterprise Investment Fund, 100Partner Ventures, TusStar, Landstone Capital and KunYuan Asset Management.
