The Chinese internet-based sports insurance service platform, Sport Covers, has announced that they will join forces with the Chinese Triathlon League (CTL). Under this sponsorship deal, Sport Covers will provide insurance services for the athletes, staff and volunteers at the 2018 CTL.
The CTL is a new national-level sports league inaugurated by the China Triathlon Sports Association (CTSA) in 2016. As of now, over 230 local triathlon associations and clubs have registered as members of the CTL.
Sport Covers is the first Internet-based company offering sports insurance to people participating in sports. When it was established in late 2015, it obtained around CNY1m in the seed round. Pang Gang also reveals that about 6 million people have bought sports insurance from Sport Covers so far.
Prior to this sponsorship deal with the CTL, Sport Covers partnered with the China Volleyball League (2017-2019), as well as sponsoring the Wushu-themed program, Wulinfeng, in China.
On May 8, 2017 Sport Covers announced that they had secured around CNY10m 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 for marketing, staff recruitment and the building of an IT system.
Proofread by Raymond Fitzpatrick