China-based insurtech startup Waterdrop, commonly known as Shuidihuzhu has raised US$230 million in a Series D round of funding according to a statement released by the company. The funding was co led by Swiss insurance giant Swiss Re and existing investor and Chinese Internet giant Tencent.
Again, existing investors IDG Capital and Wisdom Choice Global Fund also patronized the round. Some other investment firms that backs include Boyu Capital, Gaorong Capital, China Capital Investment Group, BluRun Ventures, Sinovation Ventures, and ZhenFund.
This fresh funds pushes the startup’s total funding to $$449.4 million. The firm last raised $74.2 million in a Series B funding round in April this year
The statement stipulates that the fresh funds will be used to further grow the platform, and develop partnerships with others in the healthcare industry, from pharmaceutical companies and insurance businesses in order to increase the market share.
Plans are also in session for Waterdrop’s Initial Public Offering in the U.S. hired as the company has hired Goldman Sachs and Bank of America as underwriters.
Peng Shen, founder and CEO of Waterdrop, in a statement said, “We are excited about the huge growth potential that lies ahead of us. Our long-term goal is to become a leading online healthcare platform in China with an ecosystem that includes insurers, pharmaceutical companies, hospitals and drug stores, as well as nursing institutions and rehabilitation institutions.”
“As a leading online insurtech company, Waterdrop is well-positioned to tackle the pain points of traditional insurance and pave the way for future breakthroughs in the industry, such as the accelerated technological innovation and digitalization of the industry worldwide that we have witnessed during the COVID-19 situation,” said Ning Zhou, Head of Principal Investment and Acquisition for Swiss Re, Asia.
“Amid the rapid expansion of the Chinese commercial health insurance market, Waterdrop has seized the market opportunity very well and used the power of technological innovation to help tens of millions of families,” said Yu Haiyang, MD of Tencent Investment.