Beijing-based dental services provider Arrail Group has completed its Series E round funding, raising a corpus of nearly $200 million led by Singapore state investor Temasek Holdings, per a company statement on Tuesday.
The latest funding saw participation from new investors — OrbiMed Healthcare Fund Management, which manages about $13 billion in assets; Hong Kong-based asset management firm Ward Ferry Management (BVI) Limited; Korea’s Mirae Asset Group; and China’s Hina Group and Industrial Bank.
CEC Capital, which invested in Arrail in 2014, served as the exclusive advisor for the deal.
Arrail said it will look to expand its brick-and-mortar stores across the country and deliver dental services globally.
Founded by the dental specialist Robert Zou in 1999, Arrail primarily targets middle-class consumers and foreign residents in China.
Arrail has two brands — Arrail Dental, and Rytime Dental — and built over 100 dental clinics and hospitals in 16 cities, serving around 10 million customers.
Per Arrail’s official website, its shareholders include Kleiner Perkins Caufield Byers (KPCB), Qiming Venture Partners, New Horizon, Prometheus Capital, Elite Capital, and GL Capital Group.
Before the current round, Arrail had garnered a $90 million Series D round of financing from Goldman Sachs and Hillhouse Capital in 2017. Prior to that, in 2014, Arrail had also pocketed $70 million in a Series C round from KPCB, Qiming, Prometheus, Elite Capital and CEC.
The Chinese dental services market has reached over 100 billion yuan ($15 billion) in size, and is expected to grow with increasing awareness around oral health, Arrail said in the statement.