Miaoshou Doctor, a China-based online pharmacy backed by internet company Tencent, has secured RMB500m ($73m) in a series C-plus round led by private equity firm Starquest Capital, China Money Network reported yesterday.
Venture capital firm Sequoia Capital China also participated in the round, having taken part in the company’s $79.3m series C round, which was led by Tencent’s Shenzhen Tencent Investment Fund and backed by Kun Ling Capital and Qiming Venture Partners, in April 2018.
Miaoshou runs an online platform available across 63 cities in 20 Chinese provinces that distributes medicines and other healthcare items, in addition to offering medical consultation services and an online healthcare centre.
The company also allows hospitals to share prescriptions through the platform. It will use the proceeds from the round to expand its business activities, provide management services and create new treatments.
Tencent had reportedly invested an eight-figure renminbi amount in Miaoshou in 2015, though precise details of the transaction are not available.