Existing investor Tencent returned to back an eight-digit dollar round for the insurance advisory platform that will fund innovation and brand management.
China-based insurance advisory platform Xiaobang Guihua has received tens of millions of dollars in series B-plus funding from investors including internet group Tencent, DealStreetAsia has reported.
Private equity firm Lingfeng Capital and private investor Yuri Milner co-led the round, which also featured Sequoia Capital China and Bluerun Ventures.
Founded in 2017, Xiaobang Guihua uses online platforms such as WeChat to sell online courses instructing Chinese consumers on how to buy insurance and other financial products.
The company claims more than 6 million users in the country and also recommends insurance products via WeChat and a dedicated mobile app. The proceeds of the series B-plus round will be used to further develop its technology and support its brand management.
Bluerun Ventures invested an undisclosed amount in the company in 2017, before it raised a seven-digit dollar amount in a series A round featuring reinsurance provider Reinsurance Group of America (RGA) and Sequoia Capital China the following year.
Tencent, RGA, Sequoia Capital China and Bluerun Ventures subsequently provided $28.4m for Xiaobang Guihua’s series B round in August 2019.
