Lilly Asia, SBCVC invest $15m in China online drug seller
Healthcare-focused GP Lilly Asia Ventures and SBCVC have participated in a RMB100 million ($15 million) Series A round for 360 Haoyao, an online drug seller established by Chinese software company Qihoo360 Technology.
The round was completed at the end of last year, the company told local media 36kr.
Operated by Guangzhou-based Youyi Information Technology, 360 Haoyao was launched last August by Qihoo 360 and Hua Chen, former CEO of online drug store yhd.com. It sells general medicine, medical equipment, nutritional supplements, personal care products and cosmetics through its online platform and mobile app. As of the end of March, there were 320, 000 different products available, supplied by 150 merchants. The company claimed to have approximately 350,000 daily active users.
In addition to serving as an e-commerce platform for offline drug stores, 360 Haoyao provides technical support to online pharmacies, including an online ordering system, customer relationship management and supply chain management.
The proceeds from this round will be used to further develop the company's e-commerce business, improve operational efficiency and enhance user experience.
Chinese online drug distribution platforms are of interest to strategic and VC investors. Last year, Alibaba Group injected its online pharmacy business into Hong Kong-listed Alibaba Health after acquiring pharmaceutical data provider CITIC 21CN. Meanwhile, JD.com backed Shanghai Pharmaceuticals' online drug platform alongside IDG Capital Partners, and GGV Capital also led an extended Series A round for Ypzdw.com.
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