Apax backs Chinese cosmetic surgery marketplace

Several new and existing investors also participated in the round. They reportedly include CDH Investments, Matrix Partners China, and Trustbridge Partners. According to AVCJ Research, Matrix backed SoYoung in January 2014 and re-upped at the end of the same year, committing $20 million in conjunction with Trustbridge. Then Tencent Holdings invested $50 million in March 2016.

Founded in 2013 and headquartered in Beijing, SoYoung operates a native app and websites through which customers can research aesthetic medical treatments, doctors, and clinics, and also directly book procedures. The new capital will be used to continue to drive marketplace improvements, geographic expansion, and customer acquisition.  

“We have been very impressed with the strong value that SoYoung brings to both consumers and clinics, and with the company’s world-class traffic growth, engagement, and monetization model,” said Marcelo Gigliani, managing partner of the Apax Digital team, in a statement.

Apax Digital closed its debut fund at $1 billion in December 2017. It focuses on minority and buyout investments in high-growth enterprise technology and internet companies globally. Apax invested approximately $400 million in China last year across all its strategies. This included a $388 million cornerstone commitment to Guotai Junan Securities’ Hong Kong IPO.

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• Topics
• Greater China
• Consumer
• Healthcare
• Expansion
• China
• Growth capital
• Apax Partners