Chinese Crowdfunding, Insurance Site Waterdrop Raises $230 Million, Plans U.S. IPO

Waterdrop’s existing investors, including IDG Capital and Wisdom Choice Global Fund, also participated, it said in a statement. It has provided free fundraising services to hundreds of thousands of severely ill patients with financial difficulties. If members are unfortunately ill or encounter an accident, they can follow the rule of “one person is sick, everyone shares” and can get a health mutual aid fund of up to 300,000 yuan. The company has hired Bank of America and Goldman Sachs for the float, which could happen as early as this year, the people said. Waterdrop, founded by Shen Peng, a former executive at Chinese food delivery and local services giant Meituan Dianping, also counts his ex-employer as an investor.