Qiang Sen International Community Medical (QSICM), the China-based operator of a community clinic franchise, has received RMB100m ($14.5m) in a series B round co-led by conglomerate Legend Holdings, China Money Network has reported.
Legend Holdings, which invested through corporate venturing vehicle Legend Capital, co-led the round with venture capital firm Qiming Venture Partners.
Established in 2014, QSCIM operates 20 clinics in the cities of Chengdu and Xi’an that provide medical services such as paediatrics, gynaecology, stomatology, ultrasounds and electrocardiography (ECG).
The cash infusion will support the improvement of QSCIM’s medical services, the strengthening of its marketing activities and an expansion of the company’s network to 35 clinics by the end of this year. In the long term, QSCIM hopes to increase that figure to 1,000 clinics across China.
QSICM raised an undisclosed amount in series A capital from Legend Capital and VC firm Divine Capital in June 2016, following an undisclosed amount of pre-series A funding provided by Divine the previous year.
Hu Xubo, partner at Qiming, said: “QSICM is an explorer of basic healthcare services in Chinese cities. Its strategy is in accordance to state strategy to creating a multi-layer healthcare services system and a network of community healthcare centres.”