Beijing-based insurance tech platform Waterdrop (or Shuidi in Chinese) has raised USD 230 million in its Series D round jointly led by Swiss Re Group and Tencent (HKG: 0700), with participation from earlier investors including IDG Capital and Wisdom Choice Global Fund, according to a press release from Waterdrop on Thursday.

Founded in 2016, the company boasts Waterdrop Insurance Mall, which is an online trading platform hosting various insurance products, Waterdrop Crowdfunding, a patient-focused crowdfunding platform, and Waterdrop Mutual, a mutual aid platform

The Waterdrop Insurance Mall has reached 120 million users. Via the online platform, USD 865 million were paid to different insurers in the form of written premiums in the first half of this year, close to the total written premium in 2019.

“Amid the rapid expansion of the Chinese commercial health insurance market, Waterdrop has seized the market opportunity very well and used the power of technological innovation to help tens of millions of families,” said Yu Haiyang, managing director of Tencent Investment. “Tencent continues to be a long-term supporter of Waterdrop and will help it build an even better user experience.”

Tencent led or co-led Waterdrop’s Series A and B rounds, and took part in the Series C round.

The Waterdrop Crowdfunding platform has raised USD 4.6 billion by the end of July 2020 from 320 million invididual donors for those with critical illness but without commercial insurance to cover them.

Read this: Tencent-backed patient-centric crowdfunding platform Shuidichou is under fire for loose sign-up practices

Waterdrop Mutual has helped over 12,000 families obtain funds for medical treatment. Mutual aid plans are a common alternative to traditional insurance products in China. Alibaba’s fintech arm Ant Group, ride-hailing platform Didi Chuxing, and retailer Suning all have their mutual aid platforms.

Read this: Mutual aid plans, not health insurance, emerge as go-to coverage solution in China

Waterdrop will use the new funds to supply insurance products and services, as well as to accelerate its initiatives in medical and healthcare services.

Peng Shen, founder and CEO of Waterdrop, said, “Our long-term goal is to become a leading online healthcare platform in China with an ecosystem that includes insurers, pharmaceutical companies, hospitals and drug stores, as well as nursing institutions and rehabilitation institutions.”