Yuanxin Technology, the China-based developer of a telemedicine platform, has closed a RMB$3bn ($466m) series E round co-led by internet group Tencent, 36Kr reported today.
Venture capital firm Sequoia China co-led the round, which also featured VC firm Qiming Venture Partners, investment bank Citic Securities and CICC Capital, a subsidiary of investment banking firm China International Capital Corporation.
Founded in 2015, Yuanxin has created a mobile app called Miaoshou Doctor that enables users to access a network of 1.3 million doctors for online consultations outside of normal work hours, in addition to paying for prescription medicine and buying health insurance.
The company has about 7 million daily active users and also manages online portals for some 200 Chinese hospitals across 80 cities.
Qiming Venture Partners had previously led Yuanxin’s $84.5m series D1 round in June 2020, investing together with Citic Securities, Ince Capital, Sequoia Capital China and Index Capital.
Yuanxin had previously raised an undisclosed sum from Starquest Capital and unnamed existing investors in a mid-2019 series C3 round valuing it at $1bn. Starquest Capital had already led a $73m series C-plus round in January the same year that included Sequoia China.
Tencent’s Shenzhen Tencent Investment Fund led the company’s $79.5m series C round the year before, investing alongside Qiming Venture Partners and Kunling Capital. It had previously received an eight-digit dollar amount from Tencent in 2015.
