China-based dental services provider Mei Wei Dental Group has raised over RMB1bn ($155m) in series B funding from investors including diversified conglomerate New Hope Group, DealStreetAsia reported on Friday.
Venture capital firm Fortune Capital, industrial and investment firm Tianyi Group, private equity firm TFTR Investment and asset manager Shanghai Tianyou Investment also participated in the round, according to a company statement cited by DealStreetAsia.
Founded in 2016, Mei Wei operates a franchise which oversees almost 200 dental clinics owned by third parties. They all use the company’s software, which facilitates booking and medical record management, data analytics and online consultation technology.
The company has made some 16 strategic investments according to DealStreetAsia, having acquired peers Welle Dental, Xinqiao Stomatology, Meier and Qinghua Sunshine Dentistry as it expands across China.
Fortune Capital had previously supplied approximately $46m in series A round funding for Mei Wei in 2018, according to DealStreetAsia, which also identified Tianyi Group as an existing investor.
