Chinese healthcare app WeDoctor pockets $150 million in fundraiser led by state fund

(Yicai Global) Jul 05 — Chinese online healthcare platform WeDoctor raised more than 1 billion yuan ($150 million) in its latest funding round, led by an industry investment fund state-backed in the eastern province of Shandong, The Paper reported yesterday.

Other public funds are in negotiations with WeDoctor to integrate local medical and health systems on the platform, according to the report. No other information was given.

WeDoctor, which is best known for establishing China’s first Internet-based hospital in Wuzhen, eastern Zhejiang province six and a half years ago, partners with hospitals, pharmacies, government agencies, companies insurance and other companies to provide a ‘one-stop’ service for its many users.

The Hangzhou-based company, which was valued at $7.2 billion in February last year, has completed nine rounds of financing since its inception in 2010 and introduced major shareholders including private equity firms Sequoia China and CIC Capital, as well as an insurer. AIA Group and internet giant Tencent Holdings.

WeDoctor has repeatedly said it will go public, but so far that hasn’t materialized. The company raised $400 million in pre-IPO funding in February 2021 and two months later submitted an IPO application to the Hong Kong stock exchange, but no further action was taken and the filing was since expired.

Editor: Kim Taylor

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