The world of crowdfunding, crowdsourcing, and crowdsharing expanded with the funding of Waterdrop Company, a China-based medical alternative provider. They closed a 500-million yuan ($74.2 million) Series B financing round to expand their crowdfunding, mutual and insurance products.
The round was led by Tencent, joined Banyan Capital, IDG Capital, BlueRun Ventures, Sinovation Ventures, DST Global’s founder Yuri Milner, and former CEO of Tencent’s e-commerce business We Xiaoguang. All are supportive of Waterdrop’s essential crowdfunding business model of offering support of medical services to the poor.
Waterdrop providers members with value-for-money and affordable medical-care protection. Currently, it has over 75 members, paid out over 350 million yuan in mutual aid fund and assisted more than 2500 families. Their insurance arm works with over 50 insurance companies in China that serves to over 10 million users in the country.
Insurance alternatives on the rise
Waterdrop looks to be the catalyst of an insuretech revolution in China. Traditional offerings are now competing with promising startups like Waterdrop. The amount of business the company has been producing is staggering. But with funding coming from Tencent and others in the field, Waterdrop looks to make crowdfunded health care as the new norm.