Vivo Capital leads Series B for China’s cosmetic surgery app
Healthcare specialist Vivo Capital has led a Series B round of funding for Gengmei, a Chinese cosmetic surgery social networking app, with participation from Sequoia Capital.
Financial details were not disclosed but local media reported the investment amounts to tens of millions of dollars. This is Vivo's first investment in China's mobile health technology space.
Operated by Beijing Wanmei Creative Technology, the app launched in late 2013. The platform allows users to share their cosmetic surgery experience, rate a surgeon and also seek suggestions and beauty tips from nearly 1,000 professionals. In addition, it provides group-buying medical surgery packages.
With the new investment, Gengmei plans to expand into other beauty consumption segments, such as dental care and skincare.
Set up in 1996, Vivo primarily seeks out investments in late development-stage pharmaceutical and medical device companies in the US, and growth-stage healthcare companies in China. Fund VIII closed at $750 million in March after nine months in the market, and is twice the size of its $375 million predecessor. For the latest fund, Vivo expects a 50-50 split between the US and China.
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