China’s online drugstore 7LK raises $48m from VCs

The site was launched by Guangzhou Qilekang Pharmaceutical Chain, a privately-held pharmacy chain, in 2010. It claims to be the first drug store to obtain regulatory approval to sell drugs online. The parent company now owns nine stores in Guangzhou.

The new capital will be used to build warehouses, its logistic system and to upgrade the company's technology, Yurui Lai, the company's chief strategy officer, told local press.

TusPark Ventures, a venture investment arm of Tsinghua University, focuses on early-stage high technology investments.

Govtor Capital, also known as Jiangsu High-Tech Investment Group, has raised 55 investment funds since its inception in 1992. It has over RMB36 billion in assets under management, covering about 500 early-stage companies in new energy, new materials, healthcare and information technology sectors.

Online healthcare services are popular among VC and strategic investors. Last September, Tencent Holdings invested $70 million into dxy.com, a Chinese networking and information-sharing site for healthcare professionals. In June, Shanghai International Group Venture Captial (SIGVC) provided a RMB300 million Series A round for J1.com, an online drugstore launched by China Resources Holdings.

Early in 2014, Yunfeng Capital and Alibaba Group bought a 54.3% stake in pharmaceutical data provider CITIC 21CN for HK$1.33 billion ($171 million).

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• Topics
• Greater China
• Healthcare
• Technology
• China
• TMT
• Pharmaceuticals
• Technology
• healthcare
• Growth capital
• Venture