Gushengtang, a China-based clinic operator that provides traditional Chinese medicine treatments, has raised $70m in a series C round led by insurance firm Starr Companies, China Money Network reported today.
Insurance company Ping An Insurance also contributed capital to the round.
Founded in 2010, Gushengtang operates more than 20 clinics across China that rely on traditional Chinese medicine to treat patients.
The company passes on a portion of its profits to doctors, as well as sharing its prescription drug revenue and offering free stock options. The approach results in its doctors earning up to $153,000 a year.
Gushengtang will use the money to support an expansion both in China and internationally, where it hopes to tap into the global reach of its two new shareholders. The company also plans to build its own dedicated hospital next year.
The funding comes after a $30m series B round featuring venture capital firm New Enterprise Associates and Eight Roads, the investment arm of financial services group Fidelity International. Gushengtang has not disclosed details about its series A round.