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.