China-based medical payments service MediTrust Health secured RMB1bn ($154m) in a series B round co-led by Ant Group, e-commerce group Alibaba’s financial services affiliate, on Friday.
Shanghai Biopharmaceutical Investment Fund, a vehicle for state-owned asset manager Shanghai Industrial Investment, and venture capital firm Sinovation Ventures also co-led the round, which included BioTrack Capital, Marathon Venture Partners and Northern Light Venture Capital.
The investor line-up was filled out by investment bank China Renaissance’s Huaxing Growth Capital unit and SAIF Partners China, a subsidiary of growth equity fund SAIF Partners.
Founded in 2017, MediTrust has built a software platform that helps self-funding patients pay for healthcare, connecting them with insurance providers, pharmacies and hospitals.
The funding will be used to improve its cross-border payment technology in a bid to accelerate the medical industry’s digitalisation process, according to Zhang Xiaodong, chief executive of MediTrust.
MediTrust Health had received an undisclosed amount of series A-plus funding from reinsurance group China Re in March 2020, and BioTrack Capital was identified as a lead investor for its series A round at an undisclosed date.
Marathon Venture Partners and SAIF Partners China were also returning investors in the latest round but it is unclear when they first invested.
