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Chinese insurtech platform Yuanbao bags $156m Series C led by Source Code
Fang Rui, founder and CEO of Chinese insurtech startup Yuanbao
May 10, 2021
Chinese insurtech platform Yuanbao has secured nearly 1 billion yuan ($155.9 million) in a Series C round of financing led by Source Code Capital, which invests in early- and growth-stage tech companies in China, the startup announced on Monday.
Cathay Capital alongside existing shareholders Beijing-based HIKE Capital, Northern Light Venture Capital, Qiming Venture Partners and US-based Susquehanna International Group participated in the round.
Thriving Capital, a Beijing-based investment bank, served as the exclusive financial advisor of the deal.
The Series C round is the fourth investment completed by Yuanbao although the startup initiated its operations only a year back. The new financing came shortly after Waterdrop, a Tencent-backed Chinese insurtech firm, raised $360 million in an initial public offering (IPO) in New Yor