Shanzhen Just Completed Few Million Dollars of Series B Financing, Focusing on Taking Care of The Elderly People

According to VCBeat, On May 21, 2019, Shanzhen just completed a few million dollars of Series B financing. Shanzhen is focusing on the health services and risk management platform for middle-aged and elderly people. This round of funding was led by SIG and followed by GGV Capital and Bluerun Ventures.

This round of financing will be mainly used for risk management technology for middle-aged and old-age health insurance, and further strengthen the coverage and services of health services. This is the first time that Shanzhen has disclosed the company's financing situation.

Statistics from the National Bureau of Statistics show that in 2018, the country's population over 60 years old reached 249 million, accounting for 17.8% of the total population. On average, nearly 25,000 people entered the ranks of the elderly (older than 60) every day. By 2020, the number of middle-aged and elderly people over the age of 50 will reach 400 million.

At the beginning of 2030, China will enter the peak stage of aging, the pension industry will usher in a long period of growth for half a century. The founder and CEO of Shanzhen Hongxing Wu said: "based on this information, the goal of Shanzhen is to health and pension problems of millennials' parents, and establish a health platform to serve the elderly."

According to Taikang online report about "post 90s generations' attitude towards insurance report", we understand that this generation is more likely to purchase health insurance and life insurance for themselves and their parents, at March, 2019, Shanzhen insurance launched the first health insurance that is available for people who are older than 80 years old. It's a breakthrough for the health insurance industry since Shanzhen breached the age limit to purchase health insurance in China. Hongxing Wu expressed that he hopes to give more elderly people health insurance to lower the burden of the younger generations. 

Susquehanna International Group, LLP is a privately held, global trading and technology firm. SIG comprises a number of affiliated entities specializing in trading and proprietary investments in equities, fixed income, energy, commodity, index, and derivative products, private equity and venture capital, research, customer trading, and institutional sales. Susquehanna is probably best known for its expertise in derivatives pricing and trading, especially equity options.

GGV Capital is a global venture capital firm that invests in local founders. As a multi-stage, sector-focused firm, GGV focuses on seed-to-growth stage investments across Consumer/New Retail, Social/Digital & Internet, Enterprise/Cloud, and Frontier Tech sectors. The firm was founded in 2000 and manages $6.2 billion in capital across 13 funds.

BlueRun Ventures is an early stage venture capital firm with offices in the United States, Shanghai, Beijing, and Korea. BlueRun invests in information technology, mobile, and consumer technologies, with an emphasis on early-stage mobile opportunities.