Waterdrop

Waterdrop is a Chinese insurtech company founded in 2016 by Peng Shen, a former founding team member at Meituan . It built an ecosystem around what it called "donations + mutual aid + insurance," combining medical crowdfunding platform Shuidi-Chou, mutual aid membership Shuidi Mutual Aid, and insurance marketplace Shuidi Insurance Mall to target lower-middle-income users . The company raised multiple rounds from investors including Gaorong Ventures, which co-led its angel round and followed on through Series D, and BlueRun Ventures, which participated in its A, A+, and B rounds before its NYSE listing . By mid-2020, Shuidi Insurance Mall had reached over 100 million covered users with annualized premiums nearing RMB 6 billion in the first half of that year, while its crowdfunding platform had gathered 320 million users and over RMB 32 billion in donations . As of early 2022, the company had turned profitable for two consecutive quarters on a Non-GAAP basis, with net revenue of RMB 648.7 million in Q1 2022 .