New Horizon leads $70m Series C for Arrail Dental
New Horizon Capital has led a $70 million Series C round of funding for Arrail Dental Clinic, a Beijing-based dental service provider.
Other participants included Dalian Wanda Group's Prometheus Capital, US-based CommonFund, Elite Capital, GL Capital, KPCB China and Qiming Venture Partners.
KPCB and Qiming Venture invested $20 million in Arrail in 2010, according to a statement. The dental care chain received a further $20 million from GL Capital in 2011, which also counts KPCB and Qiming as investors.
The new funding will be used to expand Arrail's market share in the high-end dental care sector in China, Qifang Zhou, the company's president, said. It wants to open up to 100 hospitals and clinics in next five years.
Set up in 1999, Arrail offers general therapy, cosmetic dentistry, dental implants, orthodontics, children dental care and other professional services. The firm has operated 31 clinics in Beijing, Tianjin, Shanghai, Hangzhou, Shenzhen, Guangzhou and Xiamen.
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