Beijing-based online insurance platform Mintbao announced Thursday it has bagged USD 10 million in its Series A round led by Sequoia China Capital, with participation from Bertelsmann Asia Investments (BAI), 36Kr reported Friday.
Jennifer Hu, founder and CEO of two-year-old Mintbao told 36Kr that the new fund will be used to upgrade its products, expand its market and to increase the team size.
In its initial days in 2017, Mintbao started as a platform to aid insurance brokers with various tools such as an insurance knowledge database and an in-house AI-powered consultation system. It later started attracting followers on its WeChat public account and other platforms by distributing insurance-related knowledge and paid one-on-one consultation on various issues including how to buy the right policy and claim compensation.
The company now claims to match potential buyers with 300,000 insurance brokers registered on its platform.
Mintbao targets China’s younger population and is not the only insurtech company to do so, as the country’s youngsters are keen on buying insurance products online. Riding on the back of this trend, many other startups looking for expansion are gaining venture capital.
Hangzhou-based Duobaoyu Insurance closed its Series B round, bagging RMB 200 million (USD 28.2 million) from investors led by Alibaba founder Jack Ma’s fund Yunfeng Capital earlier this month. Beijing-based insurtech company Xiaobangguihua also closed its Series B equity financing round, collecting RMB 200 million in August, led by Tencent.
36Kr is KrASIA’s parent company.