Gaw Capital backs Series C investment in Tencent Trusted Doctors

Victoria Peak, Hong Kong. Photo by Florian Wehde on Unsplash

By Juliet Shwe Gaung

April 30, 2019

Hong Kong-based real estate private equity firm Gaw Capital Partners on Monday announced that it invested in the latest round of funding for Beijing-based Tencent Trusted Doctors, a healthtech firm backed by Tencent Holdings.

Last week, Tencent Trusted Doctors announced raising a $250-million funding led by Country Garden Holdings, Tencent Holdings and Sequoia Capital.

Born out of a merger between Tencent Doctorwork and Trusted Doctors last year, Tencent Trusted Doctors connects doctors and patients online and offers offline facilities.

Apart from providing capital, Gaw Capital Partners will also help Tencent Trusted Doctors look for suitable locations for leasing, meet strategic partners, and set up an asset-backed platform to acquire properties for specialists’ clinics or medical offices.

Gaw Capital, which has assets under management of $18.2 billion as of the fourth quarter of 2018, has so far raised five commingled funds targeting the Greater China and APAC regions since 2005.

Meanwhile, the investment raised by Tencent Trusted Doctors follows the Chinese government’s decision to roll out a series of supportive policies for Internet-related medical care and social medical services.

Among some of the moves planned to be undertaken by the government is allowing medical institutions to provide online diagnostic services and other actions to support the system of Internet Plus healthcare standards.

Outside its online platform, Tencent Trusted Doctors has developed 50 physical clinics and outpatient surgery centres in China and has over 1,000 health kiosks in operation.

So far, the startup claims to have connected 440,000 licensed physicians with 10 million patients on its platform.

By 2021, Tencent Trusted Doctors plans to open over 500 clinics and day surgery centres and projects to have one million practising physicians using its platform.

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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.
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