Tencent Holdings Ltd has led a nearly RMB500 million (US$74.47 million) series B round of financing in Chinese crowdfunding platform Shuidi, according to a statement released on Wednesday.
Beijing-based venture capital firm Gaorong Capital, Boston-born investment company IDG Capital, Chinese tech-focused Sinovation Ventures, early-stage venture capital firm Bluerun Ventures, and individual investors like DST Global founder Yuri Milner and former Tencent executive Wu Xiaoguang, also participated in the new round, said Bluerun Ventures in the statement posted on its WeChat official account.
Shuidi, formally known as Beijing Shuidi Hubao Technology Co Ltd, was founded in April 2016 by Shen Peng, one of the earliest employees of Chinese group buying platform Meituan.com. The Beijing-based company owns and operates healthcare crowdfunding platforms, including Shuidichou, a crowdfunding platform, Shuidibao, a medical insurance platform, and Shuidi Huzhu, an online medical community.
The company said it has collected over RMB12 billion (US$1.78 billion) from more than 400 million donors by the end of 2018. Through cooperations with over 50 Chinese insurance companies, Shuidi currently provides 60 insurance products to 10 million users. The company said it has paid over RMB350 million (US$52.12 million) to cover the medical expenses for over 2,500 families in China as of March 2019.
"In 2019, our crowdfunding platform Shuidichou will continue helping families who fell into poverty because of illnesses. We will also improve our healthcare service model in Shuidi Huzhu and Shuidibao to provide better user experience," said Shuidi founder and CEO Shen Peng. "Proceeds of the new round will be used in the construction of a professional healthcare insurance team and the application of artificial intelligence in healthcare insurance service."
Shuidi raised RMB160 million (US$23.82 million) in a series A round led by Tencent and BlueRun Ventures in August 2017. The company also received RMB50 million (US$7.44 million) in an angel round in April 2017. It counts Beijing-based seed fund ZhenFund, Meituan-Dianping, Gaorong Capital, Sinovation Ventures and IDG Capital among investors in the previous rounds.