Insurtech company Leapstack has secured an additional investment of 200m yuan ($27.8m) in its recent Series C+ funding round.
The investment round was led by Chinese venture capital company Qiming Venture Partners and included contributions from Soochow Yihe Capital and existing shareholder Legend Capital.
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It also involved participation from MountainView Capital, which provided exclusive financial advisory services to Leapstack.
This funding will be used by Leapstack to provide advanced digital solutions for medical insurance, benefiting various stakeholders including government health insurance departments, commercial insurers, and healthcare providers.
The company aims to drive technological integration across the region by implementing advanced business models.
Since its inception in 2016, Leapstack has grown as a technology-driven healthcare risk control enterprise.
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By GlobalDataSome of the shareholding companies include Danhua Capital, Gaorong Capital, FinVolution Group, DCM, Fomou Assets, 360 DigiTech, Huazhi Capital Lingfeng Capital, Puhua Capital, Uphonest Capital, Legend Capital, GF Qianhe Investment, among others.
The company, with dual headquarters in Beijing and Shanghai, has expanded its footprint to include multiple branches across China, such as Nanjing, Shenzhen, Hangzhou, Suzhou, Chengdu, Qingdao, Xi’an and others.
In 2019, Leapstack established its international headquarters in Hong Kong to focus on the Asian market and has since extended its services to Vietnam and Indonesia.
Leapstack’s strategic plan further includes expansion into other international markets, including the Southeast Asian region over the next three to five years, with Thailand and Singapore identified as key markets to mark its entry.
According to Leapstack, another core component of its strategy is the intelligent audit system, which it has developed to combine smart online audits and random offline inspections to monitor medical insurance funds and protect the public’s medical expenses.
Leapstack also provides a digital platform for commercial insurance companies, integrating automated operations with big data risk analysis to streamline the insurance claims process.
Soon, the company intends to extend its reach into the medical care and health industry.
