Healthcare services

Tencent, CICC back medical crowdfunding portal amid scepticism

Unfazed by critics over the legitimacy of its business model, Chinese healthcare crowdfunding site Shuidi raises $145 million from a star-studded list of investors.

Chinese healthcare insurance portal Shuidi has raised over Rmb1 billion $145 million in series C funding, underscoring institutional investor support for the innovative business model despite widespread public scepticism over its crowdfunding service. 

The three-year-old, Beijing-based startup said on Wednesday that the funding was led by Boyu Capital. Tencent, CICC and Gaorong Capital are among the co-investors.

The new capital raise comes just three months after Shuidi completed its $72 million series B funding with commitments from Tencent, IDG Capital and DST Global, among others.

Shuidi was founded by Shen Peng, a co-founder of on-demand services platform Meituan-Dianping. But unlike his previous...

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