Chinese online insurance service platform Duobaoyu Insurance has raised about US$10 million in a series A+ round of financing led by venture capital firm Lightspeed China Ventures, according to a statement released on Friday.
Returning investors Bertelsmann Asia Investments (BAI) and Chinese venture capital firm Zhen Fund also participated in this round.
Founded in 2017 and operated by Hangzhou Fansheng Technology Co Ltd, Duobaoyu primarily helps customers select and purchase long-term insurance products through services like insurance knowledge promotion, insurance purchase consultation and insurance plan customization. The company said it has recorded over RMB500 million (US$74.23 million) in gross premium, covering more than RMB2 billion (US$297.19 million) in total insurance amount as of January 2019.
"We think highly of Duobaoyu’s excellent online user service capabilities, strong technical background, as well as its objective and neutral insurance service perspective," said Zhang Yichen, assistant partner of Lightspeed China Ventures.
Proceeds of this round will be used to enhance the insurance system and customer service to further lift user experience.
Two month earlier, the company raised tens of millions of yuan in series A round led by BAI with participation from Zhen Fund.