Chinese insurance company Ins For Renascence (IFR) has raised a series round worth of around 100 million yuan ($14.5 million) led by California-based venture capital firm Matrix Partners.

Proceeds of this round will be used to expand the product offering, especially customized products, as well as improvement of its platform.

The company said it will start the next round of financing in the second half of this year.

Last year, IFR raised a pre-A round from Mount Morning Capital and an angel round from Cloud Angel Fund and ChinaRock Capital.