On September 17, the long-term insurance purchase decision-making platform Duobaoyu announced that it closed its Series B round and raised over 200 million yuan. This round was led by YF Fund and followed by ppdai.com (NYSE: PPDF). The company's existing shareholders Bertelsmann Asia Investment Fund (BAI), Lightspeed China Partners, and ZhenFund continued to invest. China Taihecap was the exclusive financial advisor.

According to Duobaoyu, most of the newly raised funding will be used for technology upgrade, experience improvement and creating closed-loop insurance services. Established in 2017, Duobaoyu started its business by addressing the pain that customers had when it comes to choosing long-term health insurance plans and by educating customers about insurance in a more professional way. In the past year, Duobaoyu has obtained an insurance brokerage license and closed three rounds of financing.