Chinese venture capital firm Marathon Venture Partners has led a CNY100 million (US$15 million) Series B round in Baozhunniu, an insurance platform.
Matrix Partners China, Xinyi Capital, Zhongguancun Dahe Capital, and Denise Peng, a venture partner at GGV Capital, also participated in the round, according to a company announcement.
Founded in 2015 by Beijing Youquan Zhihui Information Technology, and headquartered in Beijing, Baozhunniu provides clients with custom-made insurance products. It claims to have served more than 3,500 corporate customers in dozens of industries. Customers include ofo, Baidu Waimai, 58 Express and peer-to-peer lending platform Renrendai.com.
The company's insurance products include Liuxueanxinbao, which targets Chinese students studying in US, Guzhibao, a medical insurance product for employees, and Jianshenbao, which is designed for athletes. The company says that tens of millions of people buy insurance via the platform every day, and in total one billion people have used the service to date.
The start-up raised a CNY30 million Series A round from Matrix and Xinyi Capital last August.
Baozhunniu works with local and global insurance companies such as People’s Insurance Company of China, Allianz, China Pacific Insurance and China Life Insurance.