
Boyu, Janchor back China medical finance start-up
MediTrust Health, China-based healthcare payments and insurance platform, has raised RMB2 billion ($309 million) in Series C funding led by Boyu Capital and Janchor Partners.
Other investors include Lilly Asia Ventures, Lake Bleu Capital, Bank of China, AIHC Capital, China Everbright, New Alliance Capital, B Capital Group, and CICC Capital.
Additional commitments came from existing investors such as a biomedical fund under state-backed Shanghai Industrial Investment, Sinovation Ventures, China Renaissance, and Marathon Venture Partners, according to a statement.
This follows a RMB1 billion ($154.2 million) Series B in March led by Ant Group, the Biomedical Fund, and Sinovation, AVCJ Research's records show.
Founded in 2017, MediTrust is an online platform offering prescription medicine delivery and bill settlement. It has worked with more than 50 drug developers and 2,000 direct-to-patient pharmacies across 400 cities, serving millions of patients with tumors, chronic diseases, and rare diseases. The goal is to reduce costs for patients and improve the purchase experience.
Within insurance, the company is advocating inclusive urban insurance. Xiaodong Zhang, the founder of MediTrust, noted in a recent speech that, although China has nationwide basic medical insurance, only 100 million people - out of 1.4 billion - have purchased commercial health insurance.
Inclusive urban insurance is a transactional product intended to occupy this gap in the middle of the market. It focuses on major diseases not covered by basic insurance. There is no discrimination based on age - old and young people pay the same premiums - or whether a condition is new or existing.
MediTrust helps link insurers with upstream drug suppliers, as well as patients. Leveraging technology such as artificial intelligence and big data, it is possible to curtail false claims and over-medication. At the same time, insurers convert cash compensation into compensation through medical services and products.
In the same space, Beijing Yuanxin Technology, operator of China-based online healthcare services platform Miaoshou Doctor, recently raised RMB1.5 billion ($231 million) in Series F funding. The company has three core business lines: medical consultation, pharmacy services, and insurance.
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