Waterdrop, a Beijing based startup in the field of healthcare crowdfunding that’s backed by the likes of  Tencent, DST Global’s Yuri Milner, IDG Capital, and Sinovation Ventures is seeking new financing at a valuation of more than $1 billion, according to a Bloomberg report. Waterdrop has already raised some $74 million in funding according to Crunchbase data.

Waterdrop claims it has more than 70 million users and has paid out a total of 440 million yuan ($65.3 million) to over 3,000 of its members. In simple terms, Waterdrop works similar to an insurance platform where users pay in small amounts of money to aid those diagnosed with critical illnesses. These users can then get funding for healthcare in case of a serious medical issue.

A press release by Waterdrop in March said more than 12 billion Yuan ($1.78 billion) in total has been put into its app by users. The company has also expanded into offering traditional insurance products supported by more than 50 insurance companies it partnered with. Watedrop claims its insurance products has over 10 million users.

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