China-based oncology services provider Medbanks has received RMB2bn ($305m) in a series E1 round co-led by internet group Tencent and technology investment firm Jeneration Capital, DealStreetAsia reported yesterday.
Venture capital firm 5Y Capital, fund manager Forebright Capital, family office Wu Capital and an unnamed insurance private equity fund also participated in the round, according to a statement by Taihecap, the financial adviser on the transaction.
Medbanks helps drug developers and healthcare providers coordinate efforts on new drug applications and clinical trials in addition to marketing new products. It has some 20 insurance industry partners and runs a chain of about 80 pharmacies.
Tencent led Medbanks’ $142m series D-plus round in November 2019, investing with telecommunications equipment maker China Electronics Corporation, Eight Roads Ventures and F-Prime Capital – subsidiaries of financial services and investment group Fidelity – and Wu Capital, IDG Capital and CICC Capital.
CLP Fund, a joint venture formed by China Electronics Corporation and CICC Capital, had co-led the company’s $58.8m series D round 10 months earlier with CDH Investments, a round also featuring Tencent, Eight Roads and F-Prime Capital.
IDG Capital had provided an undisclosed amount of series D funding for Medbanks in early 2018, with Tencent also investing according to DealStreetAsia. Tencent had led a $30m series B round two years earlier that was also backed by insurance group Ping An, Eight Roads and F-Prime.
Ping An subsidiary Ping An Ventures had already taken part in a 2015 series A round of undisclosed size for the company together with Eight Roads and F-Prime.
