Yuanxin Technology, a China-based telemedicine app operator backed by internet company Tencent, secured RMB1.5bn ($232m) yesterday in series F funding.
State-owned financial services firm Bank of China’s BOC International subsidiary took part in the round, which included Ab Initio Capital, B Capital Group, Citic Securities, E Fund Management, Hel Ved Capital Management, Ince Capital, Index Capital, Kunling Capital, Orbimed, Qiming Venture Partners’s Springhill Fund and United Overseas Bank.
Founded in 2015, Yuanxin Technology runs a pharmaceutical platform dubbed Miaoshou Doctor that helps patients book teleconsultations, purchase prescription medicines and buy health insurance policies.
The company will use the money to improve its patient service network, post-diagnostic management system, digital infrastructure and other online and offline offerings.
Tencent and Sequoia China had co-led a $466m series E round in February 2021, investing alongside Qiming Venture Partners, Citic Securities and China International Capital Corporation’s CICC Capital unit.
Qiming Venture Partners had led Yuanxin’s $84.5m series D1 round in June 2020, which was filled out by Citic Securities, Ince Capital, Sequoia Capital China and Index Capital.
Yuanxin closed a series C3 round of undisclosed size in mid-2019 with contributions from Starquest Capital and unspecified returning investors at a $1bn valuation.
Starquest Capital had led a $73m series C-plus round earlier in the same year featuring Sequoia China.
Tencent’s Shenzhen Tencent Investment Fund led Yuanxin’s $79.5m series C round the previous year, which counted participation from Qiming Venture Partners and Kunling Capital.
The company had already collected an eight-digit dollar sum from Tencent in 2015.
