Chinese pharmacy platform Yaoshibang raises $133m Series D

Photo: Reuters

Chinese pharmacy platform Yaoshibang has raised $133 million in a Series D round of funding led by Tiger Global Management, H Capital, and DCM, according to a release.

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.

Also Read:

China’s Fosun invests in pharmacy app Yaoshibang, may buy Paris Realty Fund 

China’s QS Capital raises $14m debut fund for early stage investments 

Singapore Reporter/s

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

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

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  • 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.