Baidu Capital leads $100m Series C+ round in Chinese healthtech startup Weimai

Source: The National Cancer Institute/Unsplash

Weimai, a Chinese startup that offers Internet-based healthcare solutions to hospitals and patients, has raised $100 million in a Series C+ round of financing led by Baidu Capital, the corporate investment platform of search engine giant Baidu.

The firm’s existing investors, such as Beijing-based investment firm IDG Capital; Matrix Partners China, the China team of US-based Matrix Partners; and Chinese venture capital firm Source Code Capital participated in the deal, Weimai announced on Monday.

Its former backers Vision Plus Capital, an Hangzhou-based fund that focuses on Series A and Series B round; and healthcare-dedicated investment firm Cenova Capital, also re-upped in the round.

Founded in September 2015, Weimai operates as a one-stop healthcare services platform that uses big data, artificial intelligence (AI), specialised disease management solutions, and other tools to power traditional hospitals and to provide Internet-based healthcare services to patients.

The firm’s WeChat mini-programme and mobile app allow users to make appointments with doctors, settle medical expenses, access medical reports, and consult doctors for online diagnosis & treatment services. Besides offering healthcare advice & tips for disease prevention, its platforms also allow users to book door-to-door medical services & purchase over-the-counter medicines online.

Weimai’s doctor-centric mobile app helps medical professionals connect with patients online, managing and tracking their health information updates in a more efficient manner.

Qiu Jialin, the company founder and CEO said in a statement that Weimai will continue to “embrace” public hospitals to help them build “one-stop, online-and-offline medical services capacities.” The startup will also seek to offer “multi-layer, customised medical and healthcare services” to users through continued exploration and development of new technologies.

Hangzhou-based Weimai has forged cooperation with over 1,000 public hospitals across more than 160 cities and 28 provinces in China, with a strong foothold in second and lower-tier cities. The platform connects about 100,000 doctors with people in need and now serves an average of over 700,000 users on a daily basis.

The Series C+ round is the fifth investment completed by Weimai since its inception five years ago. The startup announced the completion of a Series C round at $100 million in June 2019. The previous round was led by IDG Capital, with participation from investors like Cenova Capital, Matrix Partners China, Vision Plus Capital, and Source Code Capital.

Except for IDG Capital, the same group of investors had backed the startup’s $30-million Series B round in September 2018. Cenova Capital had led the deal.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.