HONG KONG (Reuters) – Chinese language on-line insurance technology platform Waterdrop Inc has raised $230 million in a brand fresh funding spherical led by reinsurer Swiss Re (SRENH.S) and Chinese language web wide Tencent Holdings (0700.HK), it talked about on Thursday.
Waterdrop’s novel investors, alongside with IDG Capital and Knowledge Replacement World Fund, additionally participated, it talked about in a statement.
Two sources with recordsdata of the fundraising instructed Reuters that Waterdrop became valued at in terms of $2 billion in the funding spherical. One among them talked about that Swiss Re itself had invested $100 million.
Swiss Re declined to comment on its investment size, nonetheless talked about the corporate’s participation in the spherical became segment of its prolonged-term dedication to China.
The fundraising comes earlier to Waterdrop’s initial public providing thought in the US, in accordance to two separate americans.
The corporate has employed Bank of The US (BAC.N) and Goldman Sachs (GS.N) for the waft, which might happen as early as this year, the americans talked about. They added that preparations were still in the initial phases.
Waterdrop and the 2 banks declined to comment. The sources could well per chance no longer be named on account of confidentiality constraints.
Founded in 2016, Beijing-headquartered Waterdrop distributes insurance insurance policies on-line by technique of Waterdrop Insurance protection Mall, provides sickness crowd-funding by technique of its platform Waterdrop Crowdfunding, and operates mutual funds.
The insurance business, with 120 million unfamiliar protection holders, reported a total written premium of $865 million in the first half of of this year, the corporate talked about in its statement. It expects to double its total written premium in 2020.
With the fresh capital, Waterdrop talked about this can faucet into man made intelligence and mountainous recordsdata for its merchandise and products and services, and urge its initiatives in medical and healthcare products and services.
Waterdrop, essentially based by Shen Peng, a veteran executive at Chinese language food supply and native products and services wide Meituan Dianping (3690.HK), additionally counts his ex-employer as an investor.
Reporting by Kane Wu and Scott Murdoch; Extra reporting by Sumeet Chatterjee; Editing by Jan Harvey