Yaoshibang, the China-based operator of a supply chain platform for the pharmaceutical industry, raised $270m in funding from investors including internet group Baidu yesterday, DealStreetAsia reported.
Zhejiang Pearl River Investment Management, Green Pine Capital Partners and Guangzhou City Construction Investment’s SF Fund also participated in the round, along with unnamed insurance firms and sovereign wealth funds. It was facilitated by China Renaissance.
Operated by holding company Guangzhou Sudao Information Technology, Yaoshibang operates an online platform which allows chemists, health clinics and individuals to directly order medication from drug producers.
The company also provides pharmacist training and will allocate the funding to strengthening its digital sales and marketing tools in addition to its data sharing capabilities.
Yaoshibang had previously raised $133m in a December 2018 series D round featuring Tiger Global Management, DCM Ventures and H Capital.
Quantitative trading firm Susquehanna International Group, Shunwei Capital, DCM Ventures, Green Pine and Elevation China Capital had supplied $65.7m for the company through a series C round that closed six months earlier.
Green Pine had already led Yaoshibang’s $16m series B round with diversified conglomerate Fosun in 2017, investing alongside existing backers Co-Power Capital and Ivy Capital. It came after $11m in series A funding from Fosun and Ivy Capital the previous year.