China Deal Monitor: Insurance platform Insgeek nets $25m and more updates

Insgeek.com, a business insurance platform for enterprises, has raised $25 million in a Series C round of financing led by global proprietary trading & broker-dealer firm Susquehanna International Group (SIG) and China’s leading financial institution China Renaissance’s new economy fund, according to a company statement on Wednesday.

Established in 2014, Insgeek is backed by  Ministry of Finance’s National SME Development Fund (NSDF) and managed by Beijing Jingguan Technology Company Limited. Insgeek offers employee-oriented commercial insurance solutions to employers.

The company has so far served over 60,000 companies, covering hundreds of thousands of employees. 

Headquartered in Beijing, Insgeek has set up divisions in Shanghai, Guangzhou, Shenzhen, Hangzhou, Suzhou, Wuhan, Chongqing, Chengdu and Xi’an. 

The company will continue to upgrade the insurance platform and accelerate market expansion in the country.

Insgeek raised a $14-million Series B round from NSDF and existing investor Legend Holdings in 2018. In 2017, New Founder, a fund-of-funds investment firm, had injected an undisclosed sum in Insgeek. Prior to this round, the firm raised capital from Legend Holdings, THG Ventures, TusStar, Lotus Lake Ventures, Fosun RZ Capital, Bosi Investment and Hecai Fund. 

CHINA DEAL MONITOR

DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region from March 18, 2020. 

Topping the list is Junlebao, a dairy products maker, which has raised 1.2 billion yuan ($171 million) from Sequoia Capital China. 

Expand Table

StartupHeadquarterInvestment Size (USD)Investment StageLead Investor(s)Other Investor(s)Sector
JunlebaoShijiazhuang171 millionStrategic InvestmentSequoia Capital China-Consumer & Brands
SnowplusBeijing125 million--Hong Kong Rothsfortune Investment ManagementConsumer & Brands (Vape)
Insgeek.comBeijing25 millionCSIG, China Renaissane-Health Tech
Nvxclouds TechHangzhou* 1.4 millionAQiming Venture Partners -Cloud
Istar Space TechnologyBeijing / Tianjin-Pre-A+ZJU Joint Innovation InvestmentJiuyo Capital, Equal Capital, Shenzhen Capital Group, Haihe Hongtu InvestmentSpace Tech

* indicates that the company did not provide the specific size of the deal but only a range, such as “tens of millions of yuan.” In this case, we adopt the smallest number in the range, which is “10 million yuan ($1,4 million)” in the given example.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.