On March 27th, the company, which has water droplet mutual assistance, water droplets, and water droplets protection, officially announced the completion of the B round of financing, with a total financing amount of nearly 500 million yuan.
This round of financing was led by Tencent, Gaochun Capital, IDG Capital, Lanchi Ventures, Innovation Workshop, DST Global founder Yuri Milner, former CEO of Tencent E-Commerce Holdings, Wu Shuguang, and other well-known investors.
Through the data of the multi-party platform, the B-round financing of the company is the largest amount of financing for the Internet health insurance and health protection field since the capital winter in 2018.
With the rapid growth of mutual help of water droplets, the enthusiasm of Internet mutual help “health protection” has rapidly formed in China, and hundreds of mutual help platforms have emerged at one time.
In a short period of time, due to the help of capital and the involvement of the regulatory authorities, numerous small platforms that started late cannot keep up with the rhythm that has been suspended. The head players have been basically clear. In addition to the mutual help of water droplets, the current head players include easy mutual help (easy to raise), public support and so on.
How can local Southeast Asian entrepreneurs who are closely watching China’s Internet trends be able to miss the domestic Internet mutual help health field?
How is the development of Internet health care crowdfunding in Southeast Asia?
In 2017, the total amount of alternative financial transactions in Southeast Asia was US$325 million, a year-on-year increase of 50%, much lower than the growth rate of 363% in 2015–2016. The market share of nearly $625 million has grown at an average annual rate of 158% over the past four years. The total amount of network alternative finance in Southeast Asia is mainly contributed by Singapore and Indonesia, accounting for 58.7% and 24.7% of the total, respectively. The markets with less contribution are the Philippines (5.9%), Malaysia (4.7%), Cambodia (2.6%), Vietnam. (1.6%) and Thailand (1%).
The network alternative financial industry can be segmented according to specific financing models, including P2P consumer loans, P2P commercial loans, equity crowdfunding and donation crowdfunding. In donation-based crowdfunding, donors provide funding to charitable individuals, projects, or companies without expecting a monetary or material return. The world’s largest donation crowdfunding platform is the US gofundme.com.
Singapore is still the leader in the Southeast Asian market, accounting for more than half of the network’s alternative financial markets. In 2017, network alternative financial activities totaled more than $190 million, a year-on-year increase of 16%. This growth rate has slowed significantly compared to 312% from 2015 to 2016. This slowdown in growth is related to donor crowdfunding and the decline in P2P/market consumer lending activities.
Donation crowdfunding is the second largest model of alternative finance in Indonesia with a market share of 17.41%, equivalent to a share of $13.95 million.
There are many emerging online crowdfunding platforms in Southeast Asia, each with its own special field. such as
Malaysia’s Mystartr is best at funding creative projects such as film production, music, and art design; Indonesia’s Kopernik is designed to help solve humanitarian problems, and donations are distributed by local NGOs (non-governmental organizations). NGOs must register on the platform and submit an application to Kopernik outlining their goals and distribution. Once the proposal is approved, it will be posted on the platform, potential donors can choose to donate; there is also a health care mutual help platform, GIVE.asia in Singapore and Weeboon in Thailand.
GIVE.asia and Weeboon are among the good crowdfunding platforms for raising funds in the health care mutual aid sector in Southeast Asia. These two platforms have successfully helped hundreds of patients raise funds to get timely and appropriate treatment.
GIVE.asia is a Singapore online fundraising and fundraising platform that focuses on convenience and simplicity. Donors can use this platform to donate to charities registered in Asian countries and regions such as Singapore, Malaysia, Thailand, the Philippines, and India.
In addition to providing online donation facilities for charities, GIVE.asia also allows for crowdfunding activities for medical expenses, education, volunteering, adoption, emergencies, natural disasters, animal rescue, and benefiting individuals and communities in need.
Weeboon is Thailand’s first public donation crowdfunding platform that connects people who need help with philanthropists. The platform offers 17 types of donations, including education, health, animals and sports.
Weeboon offers several payment methods, including PayPal and bank transfer, with donations ranging from $1.50 to $15,000. In addition, Weeboon also offers a counter service option that allows donors to easily complete their donations in cash at any counter service outlet in Thailand, including 7–11, the whole family, BigC and Tesco Lotus. Weeboon charges a fixed commission of 5% from any funds raised through it.
Weeboon first received attention in March of 17 when it helped two children in Pattaya who were hit by a bus to raise more than 200,000 baht ($5,800).
Domestic big players also come to share a piece of the Southeast Asia market, Thailand is a breakthrough?
In 2017, the international version of qfund.me, which has laid a solid foundation in the field of domestic health protection, has emerged as an overseas publicity fundraising event in the form of Asia’s most popular platform, consciously exporting its technological advantages overseas. In May 2018, it was easy to choose Thailand as a breakthrough to open the Southeast Asian market, and launched its advertisement “Reincarnation”. Easily planning this move is a “China program” that hopes to export health protection through emotional expression and value interpretation, and directly hits the pain points of medical insurance in Southeast Asia.
Easy to raise Thai advertising “Reincarnation”
Although Thailand has gradually improved its health insurance system in recent years, due to limited funds and weak resistance to risks, more than 20% of the population is still not covered by any insurance. It is easy to raise the “Internet + crowdfunding” public welfare rescue model, which solves the problem that most people in low- and middle-income groups do not look down on the disease, which is in line with the actual needs of Southeast Asian users represented by Thailand.
Looking back at the health care market in Southeast Asia, insurance penetration accounts for only 3.4% of GDP in Southeast Asia, while the global average is 6.3%. This gap means that millions of families still do not receive any form of security or financial support to cope with life and health risks.
There are still a large number of Southeast Asians who are financially unprepared, whether it is savings or insurance. Therefore, there is still a lot of room to fill the “guarantee gap and financial gap”.