Chinese insurtech Waterdrop has raised $230m in Series D funding round that was led by reinsurer Swiss Reandonline major Tencent.

The round had seen participation from the Company’s current investors, including IDG Capital and Wisdom Choice Global Fund, according to media reports.

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Waterdrop will reportedly use the fund from the latest round to form new partnerships in the healthcare sector as part of its new service, dubbed Haoyaofu. These potential partnerships are said to include major pharmaceutical firms, hospitals and insurers.

The fund will also support its efforts to make use of artificial intelligence and big data for its products and services.

Waterdropfounder and CEO PengShen has been quoted by TechCrunch as saying: “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.

“We are committed to not only helping users with financing issues but also providing them with integrated healthcare services along the way.”

Reuters reported citing two sources with knowledge of the latest funding that Waterdrop was valued at almost $2bn in thisSeries D funding round.

The report also stated that $100m was invested in the firm by Swiss Re itself. However, the reinsurer did not comment on the matter.

Swiss Re is said to be making its first investment in a Chinese insurance startup with this funding. Its participation in the financing round was part of its ‘long-term commitment to China’.

Waterdrop is also believed to be planning an initial public offering (IPO) in the US.

The company has appointed Bank of America and Goldman Sachs for the offering, which is anticipated to take place later this year, Reuters reported.

Earlier this month, Waterdrop raised around $200m to fund its expansion in healthcare crowdfunding.