(Reuters) – Chinese online insurance technology platform Waterdrop Inc. has raised $ 230 million in a new round of financing led by reinsurance company Swiss Reinsurance Co. Ltd. and Chinese internet giant Tencent Holdings Ltd., it said on Thursday.
Waterdrop's existing investors, including IDG Capital and the Wisdom Choice Global Fund, also participated, it said in a statement.
Two sources with knowledge of the fundraiser told Reuters that Waterdrop was valued at almost $ 2 billion in the funding round. One of them said that Swiss Re itself had invested $ 100 million.
Swiss Re declined to comment on its investment size, but said the company's participation in the round was part of its long-term commitment to China.
The fundraiser comes before Waterdrop's first public offering in the United States, according to two people.
The company has hired Bank of America and Goldman Sachs for the float, which could happen as early as this year, people said. They added that preparations were still in its infancy.
Waterdrop and the two banks declined to comment. The sources could not be named due to confidential restrictions.
Founded in 201
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 a statement. It expects to double its total written premium by 2020.
With the new capital, Waterdrop said it will leverage 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 Chinese food delivery manager and local service giant Meituan Dianping, also counts his ex-employer as an investor. Catalog