Tencent Trusted Doctors, the digital healthcare subsidiary of internet group Tencent, has formed a RMB1bn ($148m) healthcare industry fund with state-owned holding company China Resources, DealStreetAsia reported today, citing a WeChat post.
China Resources subsidiary CR Capital will manage the fund, which counts municipal funds Chengdu Hi-tech Investment Group, Chengdu Xincheng Investment Group and Chengdu Industry Investment’s Chengdu Advanced Manufacturing Investment subsidiary as partners.
The fund, dubbed CR Tengkang, will invest in areas such as primary and specialist healthcare in addition to innovative healthcare models. It will also look to facilitate partnerships between portfolio companies and the city of Chengdu.
Tencent Trusted Doctors was formed in August 2018 by the merger of Tencent’s medical services unit, Tencent Doctorwork, with Trusted Doctors, the operator of an online medical access platform that had expanded into running its own clinics.
The company runs a network of clinics while offering services such as online consultations and international care management. It raised $250m from Tencent, real estate developer Country Garden Holdings and venture capital Sequoia Capital in April 2019 at a valuation reportedly exceeding $1bn.
