Two sources with knowledge of the fundraising told Reuters that Waterdrop was valued at nearly US$2 billion in the funding round. One of them said that Swiss Re itself had invested US$100 million.
Founded in 2016, Beijing-headquartered Waterdrop distributes insurance policies online via Waterdrop Insurance Mall, provides illness crowd-funding via its platform Waterdrop Crowdfunding, and operates mutual funds.
The insurance business, with 120 million unique policy holders, reported a total written premium of US$865 million in the first half of this year, the company said in its statement. It expects to double its total written premium in 2020.
With the new capital, Waterdrop said it will tap into artificial intelligence and big data for its products and services, and accelerate its initiatives in medical and healthcare services. Waterdrop, founded by Shen Peng, a former executive at Chinese food delivery and local services giant Meituan Dianping , also counts his ex-employer as an investor.
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