China-based online medial community operator DXY closed a $500m financing round yesterday that included Tencent Investment, a corporate venturing subsidiary of internet group Tencent.
Growth equity firm Trustbridge Partners led the round, which also featured hedge fund manager Hillhouse Capital’s venture capital arm, GL Ventures.
Founded in 2000, DXY operates an online platform where physicians can share expertise, and has expanded into consumer-facing medical advice, medical staff recruitment and online consultations. It has some 5.5 million professionals on its platform including 2 million doctors.
The company has also established a real-time information service on the covid-19 pandemic this year along with a service that refutes rumours about the disease. It reportedly completed a $100m series D round in April 2018, raising the money from undisclosed investors at a valuation topping $1bn.
The 2018 round came four years after Tencent invested $70m in a deal that followed a total of more than $10m from Shunwei Capital and DCM Ventures across series A and B rounds.
