(Yicai Global) Sept. 17 -- China's Duobaoyu Insurance, which offers insurance advice to consumers, has raised CNY200 million (USD28.3 million) in its B-round financing led by Yunfeng Capital and micro-lender PPDai.
Existing investors Bertelsmann Asia Investments, Lightspeed China Partners and ZhenFund supported the series with Taihe Capital advising the round, tech news portal 36Kr reported today. Duobaoyu will use the cash to update its technology, improve its user experience and build a closed-loop business model, the report added.
China's insurance penetration rate is much lower than that of developed countries so there is a plenty of room in the market, said Ping Yi, managing director of Yunfeng. Duobaoyu has enhanced its user experience, lowered the cognitive threshold for insurance buying, and improved its conversion efficiency, meaning more people can buy insurance with ease and confidence, Ping added, saying he hopes the brand will become a trustworthy face in the insurance sector.
Founded in 2017, Duobaoyu's core business is helping consumers pick out insurers by publishing information and offering one-to-one consulting and a way to buy policies via WeChat official accounts and China's Twitter-like Weibo.
It has obtained an insurance brokerage license and raised cash three times to date, and as of January its users had paid more than CNY500 million in premiums to insure property worth CNY2 billion.
Editor: James Boynton