Hangzhou-based Chongcheng Technology, operator of mobile pet health insurance platform Pet City, announced today that it has won RMB 7-digit strategic funding from Hangzhou-based pet product technology developer Shunchong. The funding will be used to accelerate Pet City's nationwide rollout of veterinary insurance.
Pet City, founded in May 2017, allows pet owners to buy health insurance for their pets through its official account on Tencent's (0700.HK) WeChat mobile messaging app. Pet City's insurance products cover 20-60% of vet visit expenses and manage medical records for the animal.
Pet City will partner with ZhongAn Online Property and Casualty Insurance (6060.HK) to develop several types of pet insurance to reduce the expense and risks associated with the medical costs, burial, and transportation of pets.
Pet City currently covers 38 cities in 8 provinces, has signed over 600 partnering pet hospitals, and will soon train and launch 300 more. To date, over 100,000 users have purchased insurance through Pet City.
Pet City previously won RMB 8-digit angel funding from GR Asset Management in February 2018.