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Chinese insurance tech company Waterdrop raises $230 million, strategies U.S. IPO

Waterdrop's existing investors, such as IDG Capital and Wisdom Choice Global Fund, also participated, it said in a statement.

Two resources with knowledge of this fundraising told Reuters that Waterdrop was valued at almost $2 billion at the financing round. One of these stated that Swiss Re itself had spent $100 million.

Swiss Re dropped to comment on its investment size, but said the organization's involvement in the circular was a part of its long-term devotion to China.

The fundraising comes ahead of Waterdrop's initial public offering program in the USA, based on two separate men and women. They included that preparations were in the initial stages.

Waterdrop along with the two banks declined to comment. The sources could not be named due to confidentiality constraints.

Launched in 2016, Beijing-headquartered Waterdrop distributes insurance coverages on the internet via Waterdrop Insurance Restaurant, supplies sickness crowd-funding via its stage Waterdrop Crowdfunding, also functions mutual funds.



The insurance company, with 120 million exceptional policy holders, reported a complete written premium of $865 million from the first half this year, the business said in its statement. It expects to double its total written premium in 2020.

Together with the new funding, Waterdrop said it will tap into artificial intelligence and big data for its services and products, and accelerate its own initiatives in medical and health care services.

Waterdrop, based by Shen Peng, a former executive at Chinese food delivery and neighborhood providers giant Meituan Dianping (3690.

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