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.