Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Chinese Social Media Platform Weibo Punished for Spreading Pornographic Content
Trending in China: Could “76 Days”, a Doc About Covid-19 in Wuhan, Win an Oscar?
Huawei to Establish Biggest-Ever Overseas Flagship Store in Riyadh
China’s First High-School Education Group Files for $100m US IPO
Danish Pension PBU Backs First Close of New SE Asia-Focused Women’s Fund
Tencent Music to Buy Audiobook Platform Lazy Audio for $416 million
Shanghai-Based Robot Developer Closes $46 Million Funding Round
Trending in China: Top Broadcast Exec Questions if Esports Are Really a Sport – Cue Heated Debate
Chinese Video Streamer iQiyi Targets U.S. Market With Animation on Nickelodeon
Chinese Majority Owned Lotus Announce EV Sports Car Venture With Renault’s Alpine
Chinese New Film Materials Maker HIUV on Track to Raise $227m in STAR Market IPO
Jordan Slam Dunks on Copycat Chinese Sportswear Brand Forcing Them to Change Their Name
Trending in China: Will ‘Chinese Baijiu’ Name Change Propel It To Global Dominance?
EHang Pioneers Self-Flying Drones for Tourists in Greater Bay Area City
TCL Squashes Rumours it is Withdrawing From North America Amid Empty Shelves
Chinese PE Fund Manager CICC Capital Secures $649m Second Close of Biomedicine Fund
WeRide Receives $310 Million as Beijing Opens Highways to Autonomous Car Tests
China’s Orchid Asia Leads Funding in Delivery Platform Fantuan, Edtech Startup Ivydad
U.S.-Listed Video Streamer Bilibili Files for Secondary Listing in Hong Kong, CNBC Reports
Dining Delivery Pay Dispute Leads Man to Set Himself on Fire
Tencent, Jeneration Capital Lead $305 Million Series E1 Round for Medbanks

Eudora Wang / Dec 22, 2020 04:54 PM / Business & Tech

Tencent and Asia-based growth capital asset manager Jeneration Capital have jointly led an investment of nearly 2 billion yuan ($305.3 million) in the Chinese oncology medical service platform Medbanks.

The transaction is Medbanks’s Series E1 round and Tencent’s fifth investment in the firm. The Chinese social networking and gaming giant led the firm’s Series D+ round in November 2019, in which MedBanks raised about 1 billion yuan.

Tencent had first invested in the startup in 2016 and doubled down on its position by joining Medbanks’ Series C round totalling tens of millions of US dollars in early 2018, as well as its 400-million-yuan Series D round in January 2019.

The new round was also backed by 5Y Capital, an investment firm formerly known as Morningside Venture Capital; Forebright Capital, a spin-off from state-owned China Everbright Limited; and Wu Capital, the family office of Chinese real-estate mogul Wu Yajun.

An unnamed large-scale insurance private equity fund participated in the deal, said Beijing-based Taihecap, the exclusive financial adviser of the deal, in a statement on Monday.

Founded in 2014 and fully known as Medbanks Network Technology, the startup is a big data-based, one-stop medical and healthcare services provider. The firm helps medical institutions and pharmaceutical firms coordinate clinical trials for new drug application and facilitate their efforts in the promotion and commercialisation of approved products.

Medbanks claims to be one of China’s biggest oncology-focused site management organisations (SMOs), which refer to providers of clinical trial-related services. Its customers under this business line include contract research organisations, drug makers, biotech companies, medical device developers, and clinical sites.

The startup connects with over 20 insurance companies, through which it uses big data capabilities to design and deliver customised medical care & insurance products to individual and corporate clients. It also operates a network of nearly 80 pharmacies that span across 56 cities and 29 provinces in China, providing medicines, medical apparatus, and nutritional supplements to consumers.

Upon the completion of the Series E1 round, the startup aims to further strengthen this “closed-loop” ecosystem that serves major stakeholders in China’s medical treatment and healthcare industry.

Medbanks’ secular growth in the past years has ridden on a macro tailwind of Beijing’s support to develop remote healthcare services, Internet, and advanced technologies to fill the gaps in the country’s huge yet fragmented public healthcare system.

China’s medical treatment and healthcare market is ushering in a new era of more opportunities brought by “a thorough market reform and upgrade,” said the company CFO Zhou Teng in the statement. “Families’ demand for reliable, thoughtful, and high-quality medical management and healthcare services have opened up a long, spacious ‘ski trail’ [for market participants].”

This article was originally published by Deal Street Asia

 


Share this article
Open WeChat and scan the QR code