Founded in 2015 by the former chief tech officer at Soufang.com, Yaoshibang’s mobile app allows patients to order and receive medicines from pharmacies directly. In major cities, the service can even deliver the medicines the day after placing the order.
The three-year-old pharmacy app raised RMB 10 million ($1.44 million) in May 2015. In 2016, it raised RMB 71 million ($10.2 million) in a series A round led by Chinese conglomerate Fosun International. In February last year, Fosun along with Shenzhen-based Green Pine Capital Partners led a RMB 11 million ($16 million) Series B round in Yaoshibang.
Yaoshibang also raised RMB 420 million ($60.8 million) in Series C funding round in June this year. To date, it has raised over RMB 1 billion ($144.9 million), the company said in the statement.
The startup currently operates in more than 40 cities in China and has over 50,000 pharmacy companies as partners.
China is the second largest pharmaceutical market in the world after the US. With increasing incidence and mortality, cancer is the leading cause of death in China with over four million new cases per year.
Tiger Global Management is an investment house focused on internet, software, financial technology, consumer and industrial sectors. Founded in 2001, Tiger Global is based in New York with affiliate offices in Hong Kong, Singapore, Bangalore and Melbourne.
H Capital, the China-focused venture capital firm founded by former Tiger Global partner Chen Xiaohong, is looking out to raise $700 million for its fifth fund, according to its SEC filing.
Founded in 1996, DCM has nearly $4 billion under management. It claims to be the first Silicon Valley firm to start investing in China in 1999.