Swiss Re and Tencent Lead Latest Investment Round in InsuranceTech Waterdrop
Posted on 08/21/2020
Swiss Reinsurance Company Ltd (Swiss Re) and Tencent Holdings Limited led a US$ 230 million fundraising round into Beijing-based Waterdrop Inc. (known in China as Shuidihuzhu), a Chinese online insurance tech company. Some media reports that Swiss Re invested US$ 100 million in the round. Waterdrop was formed in 2016 by Shen Peng and distributes insurance products on the internet through Waterdrop Insurance Mall. Waterdrop’s existing investors, including IDG Capital and Wisdom Choice Global Fund, also participated in the investment round.
Shen Peng is a former executive at Chinese food delivery and local services giant Meituan Dianping.