Singapore-based corporate healthcare services provider Fullerton Healthcare yesterday received RMB800m ($121m) in a round led by insurance provider Ping An Insurance.
Ping An invested through its corporate venturing unit Ping An Capital’s Global Voyager Fund, according to China Money Network. The fund was launched in May 2017 with a $1bn commitment to invest in healthcare and financial technoogy developers internationally.
Founded in 2010, Fullerton Healthcare offers enterprise healthcare services to more than 25,000 companies. Ping An will assist the company with an expansion across the Chinese market, with Fullerton targeting the opening of clinics in some 100 cities.
Fullerton will also benefit from resources made available through various Ping An businesses, including clinic provider Ping An Wanjia Healthcare and Ping An Good Doctor, an online healthcare platform that was revealed yesterday to be preparing a $1bn initial public offering.
Ping An Capital and its related parties have become the second largest shareholder in Fullerton following the investment, though Fullerton has not disclosed details about earlier funding rounds.
Michael Tan, co-founder and group CEO of Fullerton Healthcare, said: “With the deepening of China’s healthcare reform, there is no better time for Fullerton Health to expand into the Chinese market.
“As a leading provider of corporate healthcare solutions in the Asia Pacific region with a proven track record, Fullerton Health is uniquely positioned to offer quality healthcare that is affordable and accessible in China.
“Working closely with our China partners, we look forward to using our expertise to meet the ever-increasing demands of the Chinese healthcare market.”