Chinese Insurtech Startup Insgeek Raises US$25M in Series C Funding

The investment was led by SIG and Huaxing New Economic Fund

Chinese insurtech startup Insgeek raised US$25 million in a Series C round of funding, according to a company statement released on March 18. The investment was led by global proprietary trading & broker-dealer firm Susquehanna International Group (SIG) and Huaxing New Economic Fund. According to China Renaissance, this is the highest investment in any insurtech company in recent years.

The latest funds will be used for market expansion, talent introduction and cooperative ecological construction of insurance and healthcare, according to Insgeek.

In 2018, Insgeek raised $14 million in a Series B funding round from Ministry of Finance’s National Small and Medium Enterprises Development Fund (NSDF) and existing investor Legend Holdings, following from a $7 million Series A+ round in 2016. Insgeek’s other investors include Fosun Kunzhong Capital and Guozhong Venture Capital Management. It is backed by NSDF and managed by Beijing Jingguan Technology Company Limited.

Insgeek is a B2B group insurance provider that built a Software-as-a-Service (SaaS) platform to provide comprehensive health insurance packages for employees in the corporate sector. The platform also offers fast settlement and reimbursement services to employees of enterprises that buy policies from Insgeek; the average time for claim settlement is five working days. Insgeek incorporates cloud computing, artificial intelligence, and big data into its innovative insurance solutions.

In 2020, Insgeek aims to expand its business to first-tier cities. It also aims to include pre-diagnosis health management, online diagnosis, chronic disease management, rehabilitation treatment, and more to its range of services.

Small and medium enterprises (SMEs) are usually forced to pay more for group insurance by large insurance providers. This has created an market opportunity for insurtech startups like Insgeek to penetrate the Chinese group insurance market. Established in 2014, Insgeek has provided employee insurance policies to more than 6,000 companies, mostly startups, and covered hundreds of thousands of employees. The company currently has offices in more than nine Chinese cities, and is headquartered in Beijing.

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email
Monika Ghosh
Monika Ghosh is a Staff Writer at Jumpstart

RELATED POSTS

The Butterfly Effect 3 Fascinating Businesses Stories

The Butterfly Effect: 3 Fascinating Businesses Stories

The butterfly effect, a part of chaos theory (a branch of mathematics and mechanics that studies random or unpredictable events in complex systems), is a phenomenon wherein a small or seemingly unrelated event sets in motion the trajectory of something significant. It is fascinating to observe this phenomenon, especially in the dynamic realm of businesses.

How Supercomputers Are Affecting the Environment

How Supercomputers Are Affecting the Environment

Supercomputers may be our glimpse into the future. Renowned computer scientist John von Neumann proposed the term “technological singularity” to describe the point of development at which it is impossible to predict the changes that technology will bring to human civilization.

How to Invest in the Cannabis Industry

How to Invest in the Cannabis Industry

Despite cannabis (also known as weed or marijuana) being illegal in a large part of the world, the global cannabis market was worth US$28.26 billion in 2021 and is expected to grow to US$197.74 billion by 2028. Gone are the days when venture capital firms would dismiss cannabis companies as problematic investments.