12-Jun-19, South China Morning Post
Waterdrop, a Chinese online insurance platform backed by Tencent, has raised more than a billion yuan (USD145 million) in a funding round led by private equity firm Boyu Capital.
%20AP%20Photo_Mark%20Schiefelbein.jpg "China healthcare platform Waterdrop raises 1 billion yuan in funds from investors (c) AP Photo Mark Schiefelbein")
Image: AP Photo / Mark Schiefelbein
Other backers of the series C round include CICC Capital, while earlier investors including Tencent and Gaorong Capital also took part. Founded by former Meituan Dianping executive Shen Peng in 2016, Waterdrop started as a health care crowdfunding platform for patients and their families before branching into online insurance sales.
The company completed a RMB500 million series B round led by Tencent in March. Both the Internet giant and Boyu Capital are important institutional investors, according to Waterdrop.