On 8th May, Sport Covers announced that they had secured around 10 million yuan in their Angel series financing round. Several famous investors including Bright Venture Capital and Great Wall Fund jointly invested in this round. According to Pang Gang, founder and CEO of Sport Covers, the money raised in this round will cover their expenditure of marketing, staff recruitment and building an IT system.
According to Pang Gang, Sport Covers is the first Internet-based company offering sports insurance for people participating in sports. When it was established in late 2015, it obtained around 1 million yuan in the seed round. Pang Gang also reveals that about 6 million people have bought sports insurance from Sport Covers so far.
As well as Sport Covers, there are several companies offering sports insurance in China, such as Suning Insurance, Dubon Insurance and Xiaoyusan. However, as reported by Iyiou, the Chinese sports insurance market is still in its infancy.
Proofread by Sean O Diobhilin