CareVoice - 2022 Q1

  • Revenue was ¥5.29 million RMB in 2022 Q1, increased 16% QoQ and 36% YoY.
  • Gross Profit was ¥4.78 million RMB in 2022 Q1, increased 29% QoQ and 43% YoY.
  • Operating expenses for 2022 Q1 was ¥4.15 million RMB, 12% higher QoQ and 9% lower YoY.
  • EBITDA was ¥0.63 million RMB in 2022 Q1.
  • Cash and cash equivalents was ¥1.31 million RMB as of March 31, 2022.

Company Overview

Founder 2013
Sector Private health insurance
Address Shanghai, China

Management Team

Sebastien Gaudin Founder and CEO
Jan Velich Chief Business Officer
Neil Liang* Chief Strategy & Corporate Development Officer
Shane Di** Chief Product Officer
Joshua Chi CTO
Luke Jones CFO

*Neil Liang is becoming Chief Strategy & Corporate Development Officer.

**Shane Di joined the leadership team as Chief Product Officer. Until July 1st Shane is still part-time as product owner.

Board of Directors

Sebastien Gaudin Founder and CEO
Jan Velich Co-founder and CBO
Claire-Anne Coriat Independent
Steven Doyle Ordinary Investors
Geoffrey Handley Haitao Capital
Elizabeth Zhang LUN Partners Capital Limited
Jin Jeong Apis

Current Operations

Corporate Structure (Subsidiaries)

Financing History

Time Round Amount($ m) Lead Investors
2013-09 $0.3 friends & family
2014-09 $0.2 friends & family
Mid 2015 Angel $0.5 /
End 2017 Pre-series A $2.0 Haitao Capital, SOSV III
2019-08 Series A $5.0 LUN Pacifico Opportunity Fund, Apis, DNA Capital and other investors
2021-6 Series B $1.9 Apis, DNA Capital and other investors
2021-12 Convertible Notes $0.255 Founders and several early angel investors

Financial Analysis

Revenue of CareVoice was ¥5.29 million RMB in 2022 Q1, increased 16% QoQ and 36% YoY. There were 3 contributors to this revenue result. CareVoice secured MetLife Middle East and Tune Protect as new clients, and secured additional budget with Prudential LATAM.

Gross Profit of CareVoice was ¥4.78 million RMB in 2022 Q1, increased 29% QoQ and 43%  YoY.

2021-2022 Revenue (‘000, RMB)

Operating expenses for 2022 Q1 was ¥4.15 million RMB, 12% higher QoQ and 9% lower YoY.

Staff salary costs was¥3.44 million RMB in 2022 Q1, accounted for 83% of total operating expenses. At the end of 2022 Q1, the number of staff is 23, a net -2 change vs end of 2021 Q4.

Rental expense was ¥0.24 million RMB in 2022 Q1, accounted for 6% of total operating expense.

2022 Q1 Top 5 Operating expenses  (‘000, RMB)

EBITDA of CareVoice was ¥0.63 million RMB in 2022 Q1.

Cash and cash equivalents was ¥1.31 million RMB as of March 31, 2022.

Recent Developments

Key metrics

The Company expanded the 2021 Prudential Latam, Brazil and Mexico deals into a 3rd LatAm country with Prudential Argentina.

The Company entered the Middle East Region with the first deal with MetLife Gulf.

The Company also strengthened its presence in Thailand and Malaysia by winning another new client, with Tune Protect.


At the end of Q1, the Company totaled 23 full time headcounts across HK and Mainland (including leadership team), a net -2 change vs end of Q4 (the net -2 being the Mainland China team members dismissed in early Q1 as a result of no new revenues for past 6 months).

Fund Raising

The Company secured $700K from Apis, which is expected to get funded by early May. The convertible notes raised previously will convert into preferred shares upon Apis’s funding.

Market Overview

Global Health Insurance Market Size

According to BUSINESS WIRE, the global health & medical insurance market is expected to grow from $385.24 billion in 2020 to $390.54 billion in 2021 at a compound annual growth rate (CAGR) of 1.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $653.4 billion in 2025 at a CAGR of 13.7%.

Source: BlueWeave Consulting

The increase in the prevalence of chronic diseases and the expected rise in the geriatric population contributed to the growth of the health & medical insurance market. The elderly population is growing rapidly and is expected to continue, thereby generating a high demand for health & medical insurance to reduce the burden of healthcare expenditure. According to the World Health Organization (WHO), the world’s population aged 60 years and above is projected to increase from 900 million in 2015 to 2 billion by 2050. Moreover, according to the United States Census Bureau, the population aged 65 and over is expected to reach 83.7 million by the end of 2050 in the USA. The probable surge in the aging population suffering from chronic and other diseases requires critical monitoring and surgical procedures, which contributes to the health & medical insurance market.

Major players operating in the health & medical insurance industry are undergoing strategic partnerships and collaborations to expand their consumer base and geographical presence which is likely to be a leading trend in the health & medical insurance market. For instance, in January 2020, Cigna, a health service company, and Oscar, a US-based technology-driven health insurance company announced a partnership to provide commercial health solutions to small businesses. Moreover, in August 2019, Aditya Birla Health Insurance Company Limited, a subsidiary of Aditya Birla Capital collaborated with Axis Bank to provide comprehensive health insurance solutions to its customers.

The global Insurtech market

Insurance technology (Insurtech) is the application of new technologies to improve the efficiency of the insurance industry, and boost customer engagement through IoT and AI. Insurtech helps companies boost their revenue by mitigating the risks involved and offering affordable insurance policies to policy seekers. Additionally, Insurtech can be used to streamline business operations to improve efficiency.

The global Insurtech market was worth USD 5.3 billion in 2020 and is further projected to reach USD 10.7 billion by the year 2027, growing at a CAGR of 10.6% during the forecast period (2021-2027). The rapid growth in the banking and finance industry, along with significant innovation and technological development in the insurance sector is driving the growth of the global Insurtech market.

According to the National Association of Insurance Commissioners, United States, artificial intelligence (AI) is prominently being used in the insurance sector for claiming, processing, underwriting, fraud detection, and customer services.

Based on types, the Insurtech market is segmented into auto, business, health, home, specialty, travel, and others. Among these, the health segment holds the largest market share because of the increasing demand for health insurance. Growing demand for digital platforms that integrate offerings from insurers and brokers for better access to insurance plans for policy seekers is driving the adoption of Insurtech in the health sector. Moreover, health insurance companies are deploying advanced analytical tools to target customers according to their needs and behavior. On the other hand, the home segment is also anticipated to register a high growth rate during the forecast period.

Source: Crunchbase


Nanyan Insurtech

2014 – China

SaaS+MGA company in China. Nanyan offers product innovation, customer service & operations and sales efficiency. Builds partnerships with leading insurers and health providers to build an ecosystem.

Nanyan’s service members are around 2.5m members, health insurance members’ volume is less than 0.2m.

Financing History

  • Series A, ¥1.76M, Dec 2015
  • Series B, ¥40M, Dec 2017, Nov 2018 and Jan 2020
  • Series C, ¥250M, October 2020

Recent News

  • In Jan, Nanyan Insurtech was ranked in the Top 20 Insurance Digital Applications 2021 which was released by 01FINDS.


2010 – UK

A connected health platform that engages people in their health through their data. Tictrac works with leading Health Plans, General Insurers, Government Health Systems and Mobile Operators to help solve the key and costliest problems in healthcare by focusing on engaging users.

Financing History

  • Seed, Feb 2015
  • Series A, £4M, Jul 2016
  • Venture Round, £7.5M, Jun 2020
  • Funding Round, £6M, Jun 2021

Recent News

  • NA


2010 – Switzerland

Dacadoo is a global technology company that is driving the digital transformation in healthcare. Dacadoo develops and operates a mobile-first digital health engagement platform that helps people live healthier, through a combination of motivational techniques from behavioral science, artificial intelligence and automated coaching, etc. Dacadoo has over 300 million person-years of clinical data.

Financing History

  • Series A, Jun 2015
  • Series B, Jul 2017
  • Series C, $71M, Dec 2019

Recent News

  • In Mar, Swiss Re and dacadoo announced a global partnership, with Swiss Re offering the dacadoo platform to insurers large and small.