China’s Waterdrop completes $74.2m Series B round led by Tencent

Waterdrop Company, a Chinese medical alternatives provider, has closed a 500-million yuan ($74.2 million) Series B financing round led by Tencent, according to its announcement on Wednesday.

Banyan Capital, IDG Capital, BlueRun Ventures, Sinovation Ventures, DST Global’s founder Yuri Milner, former CEO of Tencent’s e-commerce business We Xiaoguang and others joined the round.

Waterdrop’s Series B round is believed to be one of the largest deals in the insurance tech and healthcare market in China since the global economy spiralled down in 2018. The company offers more affordable medical alternatives including crowdfunding, mutual and insurance products.

“As for the Series B funds raised, we would deploy them on building a more seasoned and extensive health insurance team and to better utilize AI application in our insurance services,” said Waterdrop’s founder and CEO Shen Peng.

All its three businesses including Waterdrop Crowdfunding, Waterdrop Mutual and Waterdrop Insurance are mainly operated on WeChat ecosystem, including official accounts and mini-programs. Consequently, it rapidly grew the businesses in China’s third, fourth and fifth-tier cities over the past three years.

Waterdrop is the pioneer of free crowdfunding service fee business model to offer the support of medical services to the poor. It recorded the cumulative funds raised over 12 billion yuan and number of donations reached over 400 million yuan.

Waterdrop Mutual is claimed as the most advanced medical funds internet mutual support platform in China. It provides its members with value-for-money and affordable medical-care protection. Currently, it has over 75 members, paid out over 350 million yuan in mutual aid fund and assisted more than 2500 families.

Waterdrop Insurance has cooperated with over 50 insurance companies in China and launched value-for-money insurance products to serve more than 10 million users.

Also read:

Warburg Pincus completes buyout of DKSH’s China healthcare biz for $99.45m

China’s CreditEase backs $125m Series B for European insurtech startup wefox

 

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.