China-based cosmetic surgery marketplace Gengmei has raised $50m in a series D1 round featuring image editing software producer Meitu and fund of funds DH Fund, China Money Network reported today.
Gengmei operates an online platform that connects users with cosmetic surgeons from more than 7,000 medical institutions across 204 Chinese cities, covering areas such as plastic surgery and dental, eye and anti-ageing procedures.
The service also offers financing tools and a social network where users can share updates with others.
The funding will go toward recruitment and the development of artificial intelligence technology as well as an expansion into additional markets and medical categories.
Gengmei has completed five funding rounds to date according to China Money Network, though the company itself has only revealed details about some of them.
A consortium including internet company Tencent, jewellery retailer CHJ and Fosun Pharma, the pharmaceutical subsidiary of diversified conglomerate Fosun, provided $50m of series C capital for the company in 2016.
Real estate developer Suning Universal; Citic Construction, the construction and engineering subsidiary of conglomerate Citic Group; and Legend Capital, the investment firm backed by conglomerate Legend Holdings, also participated in the series C round.
Vivo Capital led a 2015 series B round for Gengmei that was reportedly sized at tens of millions of dollars, and which was also backed by Sequoia Capital.
Matrix Partners had reportedly supplied an undisclosed amount of funding for the company in 2014, though further information on that deal could not be ascertained. Gengmei’s existing shareholders also include Weiwei Capital, according to China Money Network.