Investcorp leads Series D for China healthcare SaaS player
Linkedcare, a software-as-a-service (SaaS) and supply chain provider to China's healthcare sector, has closed a Series D funding round. Including an earlier Series C extension, the company claims to have raised $100 million in the past six months.
The Series D was led by Investcorp with participation from Jinding Capital and Sheng Ye Capital. Existing investors including Matrix Partners China, online cosmetics platform So-Young International, Lightspeed China Partners re-upped.
AVCJ Research's records indicate that the Series C extension, which closed last December, was worth RMB200 million ($30 million). It featured Lightspeed, So-Young, and Matrix. A first tranche of RMB100 million was provided by Everest Ventures and Taikang Asset Management in 2019.
Founded in 2015 in Shanghai, Linkedcare currently serves more than 30,000 dental and medical aesthetic clinics. Its software products are in customer relationship management and patient management, maintaining electronic medical records, inventory and sales management, financial reporting, insurance payment tracking, and business analytics, according to a statement.
On the supply chain side, Linkedcare has built its own mall that connects clinics to suppliers. It covers more than 10,000 stock-keeping units across 300 brands, feeding orders through the SaaS system to make procurement more efficient.
The company's business development plans include integration with healthcare e-commerce platforms, the provision of training and equipment maintenance services, and providing more integrated online-to-offline services.
“China is experiencing strong demand in the dental, beauty and other consumer medical areas underpinned by secular growth in its economy and demographics and we look forward to being part of their growth trajectory,” said Hazem Ben-Gacem, co-CEO of Investcorp, in a statement.
Investcorp, which has $35 billion in assets under management globally, launched a new platform last year dedicated to China healthcare. Linkedcare marks the firm's fourth investment in the sector, following medical testing business KindStar, hospital operator Lu Daopei Medical Group, and digital health platform WeDoctor.
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