Shuidi, a Chinese health tech provider, announced today it has completed its Series C financing, taking in more than RMB 1 billion (USD 144.5 million) in new investment.
Boyu Capital, which was set up in 2010 by former Chinese president Jiang Zemin’s grandson Alvin Jiang, led the funding round with big name co-investors including Tencent, CICC and Gaorong Capital (formerly known as Banyan Capital).
It’s the second funding round this year for the company which was set up less than three years ago. Tencent led the USD 74 million Series B round with co-investor including Gaorong Capital, IDG Capital, and DST Global’s founder Yuri Milner in March.
The Beijing-based company has raised nearly RMB 1.6 billion in less than three months’ time, setting a new funding record for the online insurance industry.
Shuidi operates three platforms: mutual assistance platform Shuidihuzhu, zero-commission patient-focused crowdfunding platform Shuidichou, and insurance distribution platform Shuidi Insurance Mall.
Shen Peng, Shuidi’s founder and CEO, said his company would use the newly-raised capital on Shuidi Insurance Mall, previously known as Shuidibao, building a professional medical insurance team and applying artificial intelligence to its business operation.
Shuidi Insurance Mall, the insurance distribution platform which the company sees as an “important business sector”, has so far partnered with more than 60 insurers, including industry leaders China Taiping, Ping An and PICC (People’s Insurance Company of China). More than 80 insurance products are on sale on the platform and 90% of users complete their first online insurance order through the platform.