WeDoctor, a China-based online healthcare services firm backed by internet company Tencent and conglomerate Fosun, is seeking $500m in funding, International Financing Review reported yesterday.
The round was confirmed by a spokesperson, though she declined to provide further details.
The company is reportedly targeting a valuation of approximately $4bn for the deal, which is expected to close before Chinese New Year – on February 16 – and come before an initial public offering later next year.
Founded in 2010 as Guahao, WeDoctor operates an online medical appointment booking system and a medical consulting platform. The company claimed the have 150 million registered users and 260,000 doctors using the platform as of October 2016.
Real estate developer Shandong Tyan Home invested $20m in February 2016, following a $394m funding round co-led by Hillhouse Capital and Goldman Sachs in 2015 that included Tencent, Fosun and China Development Bank, which took part through its China Development Bank Capital division.
Tencent had also injected $106m in 2014, adding to undisclosed sums supplied by F&H Ventrues and Morningside Ventures in earlier rounds.