China-based online healthcare services platform WeDoctor has raised $500m in a round co-led by a subsidiary of insurance group AIA, Reuters reported today.
Infrastructure and services conglomerate NWS Holdings co-led the round, which valued the company at $5.5bn. It followed a $20m investment by property developer Shandong Tyan Home in early 2016.
Also known as Weiyi, WeDoctor runs an online platform that enables users to book medical appointments with more than 220,000 doctors and at some 2,700 hospitals, and receive consultations from qualified physicians.
The company also offers pharmaceuticals and insurance products. In addition to its investment, AIA will become WeDoctor’s preferred life and health insurance partner through the deal, and the proceeds will support domestic expansion.
John Cai, chief executive of AIA China, said: “Our teams are already working closely together on near-term opportunities to offer our market-leading products and services to our respective customer bases in China.
“Through this partnership, AIA and WeDoctor will combine to develop innovative health and wellness services and protection solutions that will enhance our respective leadership positions in both China and across the Asia Pacific region.”
Internet group Tencent led a $100m round for WeDoctor in 2014, when it was still known as Guahao, and returned for a $394m series C round the following year co-led by Hillhouse Capital and Goldman Sachs and backed by conglomerate Fosun and China Development Bank.