Long Hill invests $30m in Chinese O2O pharmacy player

The company was co-founded in 2011 by medical device manufacturer Genext, Hisun Pharmaceuticals, and Taiwan-based Enhance Biomedical. Northern Light Venture Capital led a Series A round in 2015 with Long Hill providing Series B funding in 2017.

InCarey's major business is an online-to-offline (O2O) pharmacy chain. The offline operation is concentrated in tier-one cities - outlets are located close to major hospitals - while customers from lower-tier cities tend to buy items online.

The company focuses on specialty medicines for chronic diseases not covered by China's basic state insurance plans. It claims the self-funded drug market - which covers more than 4,000 chronic diseases - is worth RMB1 trillion a year.

InCarey has a team of trained in-house pharmacists to provide advice to patients via the online platform, with specialists at partner hospitals available where appropriate. The company claims to have established a complete vertical service system in orthopedics, neurology, and oncology.

“InCarey is the only domestic company that can fully integrate key medical resources and patient service capabilities within its digital platforms for a chronic-disease target market exceeding RMB500 billion. It has achieved explosive growth in the past two years, and achieved sustained profitability in the first half of 2020," said Xiaodong Jiang, the managing partner of Long Hill Capital.

China Renaissance was exclusive financial advisor for the transaction.

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• Topics
• Greater China
• Early-stage
• Healthcare
• Technology
• China
• Pharmaceuticals
• Long Hill Capital