Chinese internet health service provider Yuanxin nets $85m from Sequoia, Qiming, others

Digital health service company Beijing Yuanxin Technology Company Limited, also known as Miaoshou Doctor, said it has secured an aggregate of 600 million yuan ($85 million) in its Series D1 round. 

This comes a year after the company raised 7 billion yuan ($988 million) in its Series C3 round of financing in June 2019.

The fresh round saw the participation of new investors namely INCE Capital, CITIC Securities, and Index Capital. Returning investors Qiming Venture Partners and Sequoia Capital China also joined the round.

Earlier, Qiming, Sequoia Capital China along with Starquest Capital had infused 500 million yuan ($71 million) in Yuanxin’s Series C+ round in January, 2019. Prior to that, in 2018, Qiming had joined hands with Tencent, Sequoia, and Kunling Capital to inject $80 million in its Series C round. 

Yuanxin, which was set up in 2015 in Beijing, offers a one-stop internet medical solution through its five brands – Miaoshou Doctor, Yuanxin Medicine, Yanxin Pharmacy, Yuanxin Huibao, Wujie Jinxiu. It leverages internet technology to create a service system with integration of doctor, patient, medicine and insurance. 

Apart from partnerships with hospitals, Yuanxin has worked with pharmaceutical companies such as AstraZeneca, Abbvie, Bayer, Astellas, Boehringer Ingelheim, and Novartis, among others. Besides, it also has tie-ups with insurance groups such as Taiping Life, Munich RE, Huatai Insurance, PICC, Sunshine Life, and Ant Financial. 

With the proceeds, Yuanxin aims to revamp the segments of internet medical services, healthcare technology, prescription management and healthcare insurance. 

“We believe that the latest funding will further support Yuanxin to develop its flagship products, services and capabilities on doctor, medicine and insurance. For the long run, we do expect Yuanxin can significantly contribute to medical service in China,” said William Hu, a managing partner in Qiming Venture Partners, in a statement. 

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.