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Tencent Leads Over $100m Funding in Pet Clinic Operator New Ruipeng

By Deal Street Asia / Sep 30, 2020 02:00 PM / Finance

New Ruipeng Pet Healthcare Group Co., Ltd, a specialist providing medical care services for pets, said on Tuesday that it has pocketed “hundreds of millions of US dollars” in a funding round led by Chinese tech giant Tencent.

The fresh fundraising brings its market valuation to nearly 30 billion yuan ($4.4 billion), according to the company statement. The funding round saw participation from two strategic investors — real estate developer Country Garden’s investment vehicle Country Garden Venture Capital, and global pharmaceutical giant Boehringer Ingelheim.

A slew of investors also joined the current round including alternative investment manager Snow Lake Capital, OrbiMed, Aspex Management, and Lake Bleu Capital.

Located in Southeast China’s Shenzhen, New Ruipeng is a healthcare solutions developer for pets. It operates four business verticals — Great Pet Doctor, Runhe Supply Chain, Duoyue Education Group, and Medical Information Group.

Since its inception in 2013, the pet care provider has set up more than 1,400 hospitals and clinics comprising Ruipeng Pet Hospital, Concordia Pet Care, Puppy Town Animal Hospital, and Animal Medical Center, among others.

Aside from medical services, New Ruipeng also offers pet beauty solutions, food, and other products.

On September 17, New Ruipeng forged partnerships with e-commerce giant for sales network extensions on pet foods and products. In August, it co-worked with Chinese internet-based consumer service group Meituan to develop its online-to-offline marketing management and supply chain.

“We will deploy the proceeds to facilitate the primary care networks, improve the medical system, integrate the sectors of supply chain, education, information internet, diagnosis, and cultural media, and advance the smart retail ecosystem through WeChat,” said Yonghe Peng, co-president and CEO, New Ruipeng, in the statement.

Before the latest round of funding, CICC Capital, Riverhead Capital Investment Management, and Chongyisheng had together made an undisclosed equity financing in New Ruipeng in August 2020. In the same month, Hillhouse Capital also made a strategic investment in the company.

Its early-stage investors include Everbright Securities, Industrial Securities, Fortune Capital, Orient Securities, Northeast Securities, and TFTR Investment.

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