Chinese crowdfunding platform Shuidichou snags $74m Series B

Pedestrians walk along an elevated walkway as an electronic ticker displays stock figures in Pudong's Lujiazui Financial District in Shanghai, China, on Friday, Dec. 28, 2018. China announced plans to rein in the expansion of lending by the nation's regional banks to areas beyond their home bases, the latest step policy makers have taken to defend against financial risk in the world's second-biggest economy. Photographer: Qilai Shen/Bloomberg

China-based healthcare crowdfunding platform Shuidichou has raised nearly 500 million yuan ($74 million) in a Series B funding round led by internet giant Tencent Holdings, according to a statement from existing investor Gaorong Capital.

Gaorong, along with IDG Capital, DST Global founder Yuri Milner and others, also participated in the latest round. Citing data from Crunchbase, Shuidichou claimed that its Series B is the largest round ever raised by an internet health insurance platform.

“In 2019, Shuidichou will continue to help more poor families get treatments for diseases and further develop its healthcare insurance business. The funding from this round will be used to help build a team of healthcare insurance professionals and the application of artificial intelligence in the healthcare insurance business,” said Shuidichou founder and CEO Shen Peng.

Founded in 2016, Shuidichou’s business has grown rapidly across China’s third, fourth and fifth-tier cities. The startup also claims that its valuation has “greatly improved” compared to its Series A, which was closed in August 2017 at 160 million yuan ($23 million).

It claims to be the largest crowdfunding platform for the treatment of personal illnesses. As of the end of 2018, Shuidichou claims to have provided free crowdfunding services to over a million patients and helped raise more than 12 billion yuan ($1.8 billion) across 400 million crowdfunding campaigns.

For its insurance business, Shuidichou has forged partnerships with more than 50 Chinese insurers and has launched more than 60 insurance products, with about 10 million users on board.

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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.