China Digest: Sumgen raises $32m; inCarey bags $30m from Long Hill Capital

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Hangzhou Sumgen Biotech has secured 220 million yuan ($32 million) in a Series B round of financing led by Addor Capital, while digital healthcare platform inCarey has raised $30 million Series B+ exclusively from Long Hill Capital.

Sumgen raises $32m Series B led by Addor Capital

Chinese biopharmaceutical firm Hangzhou Sumgen Biotech Co., Ltd, said it has closed 220 million yuan ($32 million) in a Series B round of financing led by Addor Capital, a Nanjing-based investment firm that manages 109 billion yuan ($16 billion) in assets.

The fresh fundraising was co-led by Shenzhen-based private equity firm Cowin Capital and Sinowisdom Investment Holdings, a private-owned investment firm that invests in digital economy, new energy, new materials, and life sciences. Other investors who participated in the round include Bank of Communications’ subsidiary BOCOM International, Shanghai Haoshuo Investment, and Dynamic Capital, Sumgen posted on WeChat on September 11. 

Chinese healthcare-focused investment bank Start Point Advisors served as the financial advisor.  

Headquartered in Hangzhou, Sumgen develops antibody drugs for oncology and other severe diseases. Through its proprietary platform and partnerships with leading organisations such as HK-listed pharmaceutical player CSPC Group and East China University of Science and Technology, Sumgen has more than 10 drug candidates in the pipeline. The five-year-old company has also set up research centres in Beijing, Guangzhou, and Hangzhou.

“We will invest the proceeds to expedite clinical research, embark on our manufacturing base, and spruce up pipeline products,” said Dr. Ming Lv, founder and CEO, Sumgen, in the statement. 

Before the latest round of funding, Sumgen completed four rounds of financing from internet industry-driven Harmony Investment, state-owned Sinopharm’s subsidiary CNBG, China Construction Bank’s CCB Capital, and Xiamen Jinfeng Energy Technology.

inCarey raises $30m from Long Hill Capital

inCarey, a digital healthcare platform focussed on chronic diseases, has garnered $30 million Series B+ round funding exclusively from Long Hill Capital, a US New Enterprise Associates-backed, China-based investment firm with over 40 startups in its portfolio, as per a company statement on Monday.  

New economy focused China Renaissance acted as the financial advisor for the deal. 

The fresh round of funding will be invested in consolidating internet services, it said. 

inCarey was co-founded by Shanghai-listed Zhejiang Hisun Pharmaceutical, cell technology-oriented Enhance Holding and Genext in 2011 with registered capital of 53 million yuan ($7.8 million). It creates an integrated platform providing internet services such as online doctor and payment for patients who suffer from chronic diseases covering rheumatic osteopathy, nervous system syndrome, and oncology.

In partnership with Chinese insurance groups, the platform plans to roll out innovative insurance services in 2020. 

“The market size of chronic diseases in China is 500 billion yuan ($73 million),” said Yunjiang Liu, co-founder and CEO, inCarey.

In March 2016, inCarey closed a 100 million yuan ($14 million) Series A round of financing from Northern Light Venture Capital and Huagai Capital. In late 2016, Broad Resources invested in inCarey. 

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.

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.