Sequoia, Tencent lead Series E for China’s Miaoshou Doctor
Beijing Yuanxin Technology, operator of China-based online healthcare services platform Miaoshou Doctor, has raised RMB3 billion ($466 million) in Series E funding led by Sequoia Capital China and Tencent Holdings.
CITIC Securities, China Capital Investment Group, OrbiMed, Qiming Venture Partners, Kunling Capital, Gopher Asset, E Fund Management, Index Capital also participated in the round. Several of these investors featured in the RMB600 million ($85 million) Series D in June 2020.
Yuanxin has three core business lines: medical consultation, pharmacy services, and insurance. Mishoushou Doctor represents the consultation side. It has more than 1.3 million registered doctors who complete a daily average of seven million consultations. The company has also built "internet hospitals" for more than 200 offline hospitals.
Meanwhile, Yuanxin Pharmacy operates 200 pharmacies either close to hospitals or under the “direct-to-patient” delivery model, covering more than 370 top-tier hospitals in 70 cities. Yuanxin entered the insurance business in 2019 and now claims to provide policies covering more than 30 million people.
The expansion beyond consultation is intended to create a closed-loop circle encompassing a patient's entire needs - from pre-diagnosis appointments and online consultation to electronic prescription, drug delivery, and insurance. The data generated can be sold to pharmaceutical and insurance companies for R&D, product design and pricing, and marketing purposes.
Ping An Healthcare & Technology, which runs mobile app Ping An Good Doctor, and Tencent-backed WeDoctor are the dominant forces among platforms that facilitate communication between doctors and patients. The former went public in May 2018, while the latter is preparing for Hong Kong IPO. Other operators in this space include Trusted Doctors - another Tencent investee - and Weimai.
Yuanxin achieved unicorn status in 2019 after completing an extended Series C round at a post-money valuation of more than RMB7 billion. That followed an RMB500 million investment led by Starquest Capital. Miaoshou received initial funding from Tencent and Sequoia in 2015, the year it was founded. They re-upped in 2018, contributing RMB500 million alongside Kunling and Qiming.
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