Shanghai-based health insurance startup Nuanwa Technology has closed its Series A round, collecting RMB 100 million (USD 14 million) from investors led by EverBay, which is Chinese real estate developer Longfor’s investment vehicle, according to this round’s financial advisor LightHouse Capital’s official WeChat account.
LightHouse and Sequoia China Capital, which led the company’s RMB 100 million angel investment round, also contributed capital in this new round for the startup, which was in October 2018 incubated by Hong Kong-listed online insurance platform Zhongan Insurance. Zhongan is China’s first online insurance company; it was launched by Ant Financial, Tencent, and Chinese insurance giant Ping An.
Nuanwa helps established health insurance companies take their businesses online, providing closed-loop services in the processes of insurance product design, sales, risk control, and health management. In addition, the startup also helps property insurance companies which do not have health insurance in the first place, to build online health insurance businesses from scratch.
In the fourth quarter of 2019 alone, Nuanwa had served more than ten insurance companies.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.