HighLight Capital leads $7.6m round for TCM play
Chinese healthcare-focused GP HighLight Capital has led a RMB50 million ($7.6 million) Series B round for Jun He Tang, a traditional Chinese medicine (TCM) business, followed by existing investor Qiming Venture Partners.
Established in 2011, the Nanjing-based company operates an online diagnostics platform as well as offline outlets. It currently has seven chain stores in Shanghai, Shenzhen and other cities. Several of these are already covered by the national health insurance system, which means that patients can claim back certain medical expenses from the government.
Qiming provided an undisclosed sum in a Series A funding in 2013.
"Together with Qiming, we can push Jun He Tang to grow further," Steven Wang, managing and founding partner of HighLight Capital, told local media. "The management team is very familiar with the Chinese medicine industry. They are focusing on standardizing the company's operations and providing high quality services to customers. Meanwhile, Jun He Tang's online platform provides a channel for TCM doctors to build up their reputations."
Last month, industry player Gu Sheng Tang raised a $70 million Series C round from US-based insurance firm Starr Companies and China Ping An Insurance.
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