Redpoint, Sinovation lead round for China online TCM player
Redpoint Ventures and Sinovation Ventures have led a Series B round worth RMB100 million ($14 million) for Xiaolu Clinic, a traditional Chinese medicine (TCM) online services provider.
Launched last year, the Xiaolu platform allows thousands of TCM doctors in China to provide medical consultancy services to patients online. After diagnosis, patients can purchase herbal medicines online, which are supplied by Tongrentang, the largest producer of TCM in China. Medicines are delivered through third-party logistics services providers.
Meanwhile, Xiaolu has also formed partnerships with Chinese corporates including Baidu, Ctrip, Tencent Holdings and China Life Insurance to provide TCM healthcare services to their staff.
Xiaolu previously raised a Series A round from IDG Capital and Morningside Venture Capital last year. The latest round will be used to improve service quality, expand the professional doctor network and ensure drug safety, the company told 36kr.
Xiaolu competes with Gu Sheng Tang, a TCM clinic chain that raised $70 million last year in a round led by US-based insurance firm Starr Companies. In addition to physical clinics, Gu Sheng Tang launched a mobile app that connects patients and doctors.
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