Waterdrop

Waterdrop is a Chinese insurtech company founded in 2016 by Shen Peng, a former founding team member at Meituan, built around an ecosystem of "crowdfunding + mutual aid + insurance" targeting lower-income users . Its three core products are Waterdrop Medical Crowdfunding (水滴筹), a zero-fee platform for personal medical fundraising; Waterdrop Mutual Aid (水滴互助), a community-based medical risk-sharing pool; and Waterdrop Insurance Mall (水滴保), an online health insurance distribution platform that had partnered with 62 insurers as of 2020 and generated commission income of RMB 2.695 billion that year, accounting for 89.1% of total net revenue . The company completed a $230 million Series D in August 2020 co-led by Swiss Re Group and Tencent , and went public on the NYSE in May 2021 as the exchange's first "InsurTech stock" . Gaorong Ventures was its angel-round co-lead investor and backed every subsequent round through IPO . As of 2020, the company had served 79.4 million cumulative insurance users and facilitated over RMB 14.4 billion in first-year premiums .