Shanghai-based health insurtech startup The CareVoice announced on Thursday that it has raised an eight-figure Series A funding led by LUN Partners Group.
The round was also joined by global healthcare fund DNA Capital as well as existing investors SOSV and Artesian Capital.
The funding will be used by the startup to boost growth of its recently ‘spun off’ arm in mainland China and Hong Kong.
A report by South China Morning Post pegged the investment amount at about $10 million, adding that The CareVoice is looking to expand its operations in Malaysia soon.
“This funding will accelerate our vision to become the leading health insurtech platform in Asia, making health insurance digital and more human! Thanks to our new breakthrough CareVoiceOS platform, we will continue growing fast the number of insurers using our services while penetrating new geographic markets, with the aim to change how millions of insurance members experience healthcare insurance,” said The CareVoice co-founder and CEO Sebastien Gaudin.
Founded in 2014, The CareVoice is a digital platform that unleashes value for insurance companies, allowing them to become health partners of their insurance members and drive down costs.
The startup plans to scale the team by threefold and pursue three main goals – invest in research and development, expand its sales and customer teams, and accelerate the launch of 10 new health insurance products.
According to Hong Kong-based LUN Partners Group, insurance will be the next sector to experience growth in terms of digitalisation and innovation and witness the arrival of new fintech unicorn companies.
“The CareVoice is driving digitalisation and innovation for insurance companies, and we are very confident about its development in the Greater China market.
“To further aid the company’s growth, LUN Partners will help CareVoice extend its proven digitalisation solutions to overseas insurance marketplaces in Japan, Southeast Asia, and other regions,” said LUN Partners Group founder and chairman Peilung Li.