Waterdrop raises $230 million

Chinese online insurance platform Waterdrop has raised $230 million in a new round of funding jointly led by Swiss Re and returning investor Tencent. Waterdrop’s existing investors, including IDG Capital and Wisdom Choice Global Fund, also participated in the round.

Founded in 2016, Waterdrop, which goes by Shuidihuzhu in China, distributes insurance policies online via Waterdrop Insurance Mall, provides illness crowdfunding via its platform Waterdrop Crowdfunding, and operates mutual funds. The insurance business, with 120 million unique policyholders, reported a total written premium of $865 million in the first half of this year, the company said in its statement.

“As a leading online InsurTech company, Waterdrop is well positioned to tackle the pain points of traditional insurance and pave the way for future breakthroughs in the industry, such as the accelerated technological innovation and digitalization of the industry worldwide that we have witnessed during the COVID-19 situation.” – Ning Zhou, head of principal investment and acquisition for Asia for Swiss Re.