GGV leads round for China B2B drug retail platform

Financial details weren't disclosed. Matrix provided RMB27 million ($4 million) in a Series A round in May, according to a statement posted on the company's official Weibo microblog.

Ypzdw.com was founded in 2010 and then won approval from the China Food & Drug Administration to sell drugs online in 2014. It connects pharmaceuticals manufacturers and drug stores, providing marketing, pricing and logistics services in order to reduce costs for resellers.

"Chinese online drugs e-commerce has grown rapidly in recent years. We're impressed by the team who has a deep understanding of the traditional healthcare industry and fruitful experiences," GGV said in the statement.

The net proceeds will be used to products research and development, as well as to expand into the Inner Mongolia Autonomous Region, Shanxi and Liaoning provinces.

Last month, GGV invested more than $10 million in a Series B round of funding for Chinese e-commerce discovery site Red, known as Xiaohongshu in Chinese. The company operates a platform that offers discounted goods from overseas.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• Venture
• Consumer
• Technology
• Healthcare
• China
• Consumer
• TMT
• Venture
• GGV Capital
• Matrix Partners
• healthcare