IDG Capital and CreditEase New Finance Industrial Investment Fund have invested RMB80 million (US$11 million) in CreditEase Insurance Agency, an Internet insurance unit of Chinese financial services company CreditEase Group, according to a company announcement.
The round valued the five-year-old start-up at RMB1.4 billion (US$200 million) post-money.
"Insurance, especially Internet insurance, is one of our focuses at IDG. The industry has massive potential, and CreditEase Insurance is the leading company in the Internet insurance sector as it stands out in market share, management team, business model and product structure," said Li Xiaojun, a partner at IDG Capital.
Established in 2011 with RMB50 million (US$7 million) in registered capital as a subsidiary under Beijing-based CreditEase, the unit is the selling agency for thousands o...
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