SoYoung, a China-based plastic surgery booking platform backed by internet company Tencent, has confidentially filed for a $300m initial public offering in the US, Bloomberg reported on Monday.
Details have not been finalised yet and SoYoung has declined to comment on the reports, but people familiar with the matter told Bloomberg the company could float as soon as the middle of this year.
Founded in 2013, SoYoung has developed a mobile app enabling users to review and book procedures with certified cosmetic surgeons at partnered clinics, and share their experiences with other patients through posts, photographs and videos.
SoYoung was valued at more than $1bn in its latest round, a $70m series E led by by private equity firm Orchid Asia Group in September 2018.
The series E round also featured BOC International Holdings, the investment banking arm of financial services firm Bank of China, as well as government-backed private equity vehicle Russia-China Investment Fund and venture capital firm Matrix Partners China.
Orchid Asia had already led a $29m series D2 round for SoYoung in March 2018 that included Matrix Partners China and Trustbridge Partners, the latter two having also backed a $60m series D in 2017 co-led by Apax Digital and CDH Investments.
Tencent became an investor in the company 2016 when it supplied $50m of funding. Trustbridge Partners had led its $20m series B round the year before, after SoYoung had collected an undisclosed amount of series A capital from Matrix Partners China in 2014.
