Shanghai insurtech start-up The CareVoice eyes Asia expansion after securing US$10 million funding
- Company’s clients include Ping An Insurance, Zhong An Online P&C Insurance, as well as Axa and Generali
- Aim to be in a total of five markets in the next 18 months, CEO says
Shanghai-based insurance technology start-up The CareVoice has raised about US$10 million in a funding round led by Chinese investment management company Lun Partners Group, it said on Thursday.
The company, which launched in Hong Kong last September and is present in mainland China, provides software to 15 insurance companies, including Ping An Insurance, China’s second-largest insurer, Zhong An Online P&C Insurance, the country’s first internet-only insurer, The People’s Insurance Company of China, as well as French and Italian insurers Axa and Generali.
“This launch of Series A fundraising is a very good step for us to become a leading health insurtech in Asia. Of course now we need to fulfil that, to keep expanding the number of [partnered] insurance companies in mainland China, Hong Kong and other markets,” Sebastien Gaudin, The CareVoice’s chief executive and co-founder, said in an interview.
Brazilian private-equity firm DNA Capital and a growth-stage financial technology fund launched less than a year ago will join Lun Partners in this funding round, while a fourth investor is likely to come on board at the end of September. This will increase the amount raised in this funding round.
The CareVoice’s existing shareholders include US-based SOSV, one of the world’s largest seed investors with US$300 million in assets under management, as well as Artesian Capital, a seed and early-stage venture capital firm operating in Australia and China.
The company currently has more than US$3 million in contracts, with clients paying US$200,000 to US$800,000 per year. The CareVoice will use the new funding to triple its staff numbers from the current 25, which in part will help with expansion in Southeast Asia, Gaudin said.
