Beijing-based InsurTech startup Waterdrop has closed a Series C totalling more than CNY1bn ($145m).
The latest funding round was led by China-focused investment firm Boyu Capital and attracted participation from investors including Tencent, CICC Capital, and Gaorong Capital.
The capital will be used to build a team focused on health insurance and to explore artificial intelligence applications in health insurance.
The startup, founded in 2016, operates an online mutual aid platform, Waterdrop Mutual, that has attracted more than 70m active users in China. Waterdrop also offers insurance services and runs a crowdfunding platform for people who need financial support for the treatment of serious illnesses.
The Series C fundraising exercise followed a Series B financing round of CNY500m less than three months ago.