Waterdrop doing business as Shuidihuzhu, is an insurtech startup that plans to solve the problem of high medical fees faced by most patients, especially those with a critical illness.
Waterdrop produces internet applications and other products, also operates activity organization, data processing, and other businesses.
Waterdrop was founded in 2009 by Shen Peng. The company is headquartered in Chaoyang District, Beijing, China.
Waterdrop focuses on health care crowdfunding, operates in three different business areas including, Waterdrop Crowdfunding, Waterdrop Mutual and Waterdrop Insurance. All their services are conducted through the platform’s official WeChat account, where users could post crowdfunding campaign, buy insurances, or claim indemnities according to their policies.
Waterdrop's internet insurance platform has collaborated with more than 50 other insurance companies from around the world and has launched over 60 products. The company counts more than 250 million users on its pay platform.
Waterdrop is backed by Tencent, Boyu Capital, Meituan Dianping, IDG Capital Partners, Gaorong Capital, CICC Capital and others. The company added another $30M to its's Series D on Aug 20, 2020. This follows it's earlier 1B yuan (approx. $200M) raised on Aug 11, 2020 at a $2B pre-money valuation, brining the total Series D funding to $230M. This additional financing brings Waterdrop's total funding to $449.4M to date. The company is currently eying for IPO with a valuation as high as $4B.