Waterdrop Company, China-grown insurtech with subsidiaries in Southeast Asia, announced the closing of its Series B funding. The company’s business that focusses on crowdfunding platform and insurance reportedly completes nearing US$74 million fund.

The funding was led by Tencent and co-invested by Banyan Capital, IDG Capital, BlueRun Ventures, Sinovation Ventures, DST Global’s Founder Yuri Milner, former CEO of Tencent’s E-Commerce Company Wu Xiaoguang, and other reputable investors.

Waterdrop noted that the fund raised will be used to build a more seasoned and extensive health insurance team and to better utilise AI application in the company’s insurance services. ’

“In the year 2019, we are aiming to provide more affordable medical alternatives including crowdfunding, mutual, and insurance products. We will also try to better our user experience by establishing a complete medical support system,” said Waterdrop’s founder and CEO Shen Peng.

“We believe that providing healthy individuals with sufficient insurance protection, as well as aiding those who are in need of help during disease-stricken times is a very philanthropic cause. We have a strong belief that Waterdrop would become the next business leader in the Insurtech space,” said Banyan Capital’s co-founder Zhang Zhen, representing the VC that has co-led Waterdrop’s angel series and co-invested in waterdrop’s Series B financing.

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As the unicorn of insurtech in China, Waterdrop managed to expand its business in China’s third, fourth and fifth-tier cities over the past three years.

Waterdrop Crowdfunding is the illness support internet platform in China, as well as the zero service fee business model in the industry highly aligned with the government’s plan of poverty alleviation, in specifics issues such as poverty resulting from high medical-care expenses and providing medical-care services.

Waterdrop Mutual is the medical funds internet mutual support platform that works through each members’ mutual aid effort to help each other during plague times and prevent the aforementioned poverty resulting from medical-care expense issue. Waterdrop provides its members with value-for-money, low threshold, and affordable medical-care protection.

As for Waterdrop insurance, it is an Internet insurance platform in cooperation with more than 50 renowned insurance companies domestically and launched more than 60 value-for-money insurance products. Waterdrop Insurance has “traffic-directive scenarios” and claims to have over 10 million users.

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Data collected from platforms including Itjuzi, Sinovation Ventures, and Crunchbase shows that the Series B financing of Waterdrop is one of the largest deals in the Insurtech and healthcare market in China, since the global economic slow-down in 2018.