Chinese insurtech Waterdrop nabs $230m funding from Swiss Re, Tencent

Swiss Re reportedly invested $100m in the platform, a source said.

Chinese online insurance technology platform Waterdrop has raised $230m in a new funding round led by reinsurer Swiss Re and Tencent, reports Reuters, based on a statement released by the insurtech company.

A source with knowledge of the fundraising told Reuters that Swiss Re has invested $100m in Waterdrop.

Along with another separate source, the same source said that Waterdrop was valued at nearly $2b in the funding round.

Waterdrop’s existing investors—including IDG Capital and Wisdom Choice Global Fund—also participated in the funding round, according to Waterdrop’s statement.

The fundraising comes ahead of Waterdrop’s initial public offering plan in the United States, the sources said.

Here’s more from Reuters.