Miaoshou Doctor, a China-based online pharmacy backed by internet company Tencent, has raised an undisclosed amount in a series C3 round led by private equity firm Starquest Capital, China Money Network has reported.
The company told China Money Network the round included undisclosed existing investors, and that it increased its valuation to RMB7bn ($1bn).
Founded in 2016, Miaoshou operates an online platform that sells medicines and other healthcare items to customers in 63 cities across 20 Chinese provinces.
The company also offers medical consultation services, an online healthcare centre and an online community for hospitals to share prescriptions in addition to running more than 200 offline pharmacies.
Starquest Capital had previously led a $73m series C-plus round for Miaoshou Doctor in January 2019, investing alongside venture capital firm Sequoia Capital China.
The company had raised $79.3m in an April 2018 series C round led by Tencent’s Shenzhen Tencent Investment Fund and backed by Kun Ling Capital, Sequoia Capital China and Qiming Venture Partners.
Tencent provided an eight-figure renminbi (RMB10m = approx. $1.6m) amount of funding for Miaoshou in 2015 according to China Money Network, though the company has not publicly disclosed details of that round.