Xiaolu Yiguan, a China-based online medical portal backed by conglomerate Fosun, has secured $20m from NGP Capital, the venture capital firm backed by communications technology producer Nokia, China Money Network has reported.
Founded in 2016, Xiaolu Yiguan has developed an online platform that connects users suffering from chronic diseases with more than 20,000 doctors specialising in traditional Chinese medicine such as herbal blends or diet-based remedies.
The platform also allows users to purchase traditional medicines and access post-treatment services. Xiaolu will use the proceeds from the investment to develop new products and hire additional technical expertise.
The company had collected $29m in a January 2018 series B-plus round led by Tonghao Capital, a VC subsidiary of Fosun.
Venture capital firms Redpoint Ventures and Sinovation Ventures co-led Xiaolu’s $14.5m series B round in March 2017. It had received an eight-figure renminbi (RMB10m = $1.5m) amount of series A funding from investors including IDG Capital and Morningside Venture Capital in 2016.