Suning, Tencent invest in China VC-backed cosmetic surgery app
Gengmei, a Chinese cosmetic surgery social networking app backed by several VC investors, has raised an undisclosed amount of Series C funding from Chinese companies Suning Commerce Group and Tencent Holdings.
Chinese jewelry retailer Guangdong CHJ Industry also participated. Suning said in a filing that it has invested $20 million in the company through a wholly-own private equity fund that targets the medical and beauty industry. Tencent is investing through its open resource platform, which aims to contribute RMB10 billion ($1.5 billion) for Chinese start-ups in three-year timeframe.
Operated by Beijing Wanmei Creative Technology, the app launched in late 2013. The platform allows users to share their cosmetic surgery experience, rate a surgeon and also seek suggestions and beauty tips from nearly 10,000 professionals from 6,000 medical institutions. The online platform also provides group-buying medical surgery packages in more than 100 Chinese cities, Japan, South Korea and Taiwan. It has more than 15 million app users.
Matrix Partners China provided seed funding to the company, while Sequoia Capital China participated in a Series A round of an undisclosed amount. In July last year, healthcare specialist Vivo Capital led a Series B round of funding for Gengmei, with participation from Sequoia.
The company plans to use the new funding to expand its offline business, as well as to develop financial products, Gengmei's CEO Di Liu told local media Iyiou.com.
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