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Chinese insurtech platform Yuanbao bags $156m Series C led by Source Code
Fang Rui, founder and CEO of Chinese insurtech startup Yuanbao
May 10, 2021
Chinese insurtech platform Yuanbao has secured nearly 1 billion yuan ($155.9 million) in a Series C round of financing led by Source Code Capital, which invests in early- and growth-stage tech companies in China, the startup announced on Monday.
Cathay Capital alongside existing shareholders Beijing-based HIKE Capital, Northern Light Venture Capital, Qiming Venture Partners and US-based Susquehanna International Group participated in the round.
Thriving Capital, a Beijing-based investment bank, served as the exclusive financial advisor of the deal.
The Series C round is the fourth investment completed by Yuanbao although the startup initiated its operations only a year back. The new financing came shortly after Waterdrop, a Tencent-backed Chinese insurtech firm, raised $360 million in an initial public offering (IPO) in New Yor
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CHANGZHOU, China, May 4, 2021 /PRNewswire/
EZGO Technologies Ltd. (Nasdaq: EZGO) ( EZGO or the Company ), a leading short-distance transportation solutions provider in China, today announced the launch of its newest range-extended electric scooter ( e-scooter ), under the brand name Cenbird. The Company intends to target the growing food delivery market in China, and has initially begun selling the new product in Jiangsu Province and Zhejiang Province.
Management Commentary
EZGO’s proprietary power control model ECU
Internally designed electric motor
Mr. Jianhui Ye, Chief Executive Officer of EZGO, stated, We have seen incredible growth in the food and grocery delivery market in China in recent years. China s rapid expansion in food delivery has been driven by a new generation of youthful consumers, with approximately 419 million users taking advantage of online food delivery services in 2020, according to the China Internet Network Information