China’s leading online InsurTech platform Waterdrop Inc. announced that it had raised $230 million in its series D financing round during its 2020 Waterdrop Global Partner Conference on Thursday. This is arguably the world’s largest financing round in the online InsurTech industry so far this year.
The company confirmed that this round of financing was jointly led by Swiss Re Group and Tencent, while the company’s existing investors including IDG Capital and Wisdom Choice Global Fund also participated. Waterdrop is the first online InsurTech company in China in which Swiss Re has invested. Tencent has been a long-term supporter for Waterdrop, since the company’s angel round.
“We are excited about the huge growth potential that lies ahead of us,” Waterdrop founder and CEO Shen Peng said. “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. We are committed to not only helping users with financing issues but also providing them with integrated healthcare services along the way.”
Waterdrop said the new capital will be used to leverage artificial intelligence and big data to empower the supply of high-quality insurance products and services. It also said during the conference call that it will further upgrade InsurTech industry infrastructure as online data migration in China continues to rise.
Founded in 2016, the Beijing-based start-up has three major businesses including Waterdrop Insurance Mall, Waterdrop Crowdfunding, and Waterdrop Mutual. With 120 million enrollees as of today, Waterdrop Insurance Mall expects to reach a record written premium of $2 billion this year, representing over 100% year-on-year growth.