Shunwei, DCM lead $65m round for China's Yaoshibang
Chinese B2B pharmaceutical trading and education platform Yaoshibang has received RMB420 million ($65 million) in Series C funding across two tranches.
The first tranche was led by Shunwei Capital Partners with participation from Green Pine Capital Partners and Elevation China Capital, while DCM Ventures led the second tranche with SIG Asia in a supporting role. It takes Yaoshibang’s total funding to more than RMB600 million. The proceeds have been earmarked for business expansion, supply chain optimization, and technology upgrades.
Founded in 2015 by a former executive at Chinese real estate portal Soufang.com, the company distributes medicines, medical devices, and other personal care products at wholesale prices to nearly 50,000 pharmacies across 40 cities. It has more than 150,000 active business users and annual gross merchandise value (GMV) of RMB500 million. This is on track to reach RMB10 billion, Shunwei said in a statement, without giving an expected timeframe.
Yaoshibang has also expanded its portfolio to include a drug database that covers more than 100,000 drugs for 10,000 diseases as well as training and career development services for pharmacists. More than 2,000 pharmacists have completed its courses.
The company raised RMB71 million in Series A funding from Fosun Group, Co-Power Capital, and Ivy Capital. A Series B round of RMB110 million followed in 2017 co-led by Green Pine and Fosun, with Co-Power and Ivy both re-upping.
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