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Ant Group-backed MediTrust Health gets USD 300 million in Series C, plans IPO by end of 2021

Written by KrASIA Connection Published on     2 mins read

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The company recently launched an initiative to support patients suffering from rare diseases by making access to treatment easier to obtain.

MediTrust Health secured RMB 2 billion (USD 308 million) in a Series C financing round from investors including Boyu Capital, Lilly Asia Ventures, and CICC. The latest funds come just months after the company raised RMB 1 billion (USD 154.2 million) in a Series B round in March involving Ant Group, Shanghai Biomedical Fund, and Sinovation Ventures.

Founded in Shanghai in 2017, MediTrust Health is an online healthcare payment and pharmacy platform, allowing users in China to order their prescription medicine for home delivery and settle medical bills. MediTrust’s Yaokangfu platform includes over 2,000 pharmacies in more than 400 cities in China to provide access to a range of medicines covering a variety of rare diseases. As of May 2021, the GMV of drugs sold on the platform reached RMB 10 billion (USD 1.54 billion) with an average of 3,000 patients purchasing medicines daily.

Cooperating with health insurance providers, the company aggregates health insurance products on its Kangfu Zhibao platform, offering patients convenient access to services including customized policies and payment settlement. MediTrust uses data gathered from pharmaceutical transactions and insurance services to refine the efficiency of the purchasing process for medicines. As of May 2021, the company claimed to have saved patients over RMB 1 billion (154.2 million) in drug costs.

Boosted by strong demand for the digitization of healthcare services, MediTrust projects its annual revenue to exceed RMB 1 billion (USD 154.2 million) this year and is eyeing an IPO by the end of 2021. The bullish momentum in the sector has driven a host of Chinese digital healthcare companies to seek public listings. These include LinkDoc, Medbanks, and Yuanxin Technology.

MediTrust’s founder and CEO Zhang Xiaodong has extensive experience in the pharmaceutical industry, having previously worked for Boston Consulting Group as a member of its healthcare team. Zhang also served as COO of Shanghai Pharma from 2015 to 2017. Zhang is especially optimistic about MediTrust’s potential to use technology to help patients suffering from rare diseases. The company launched its Kangfu Clover Rare Disease Center in May, which connects treatment providers with Chinese patients suffering from rare illnesses.

Read this: AI medtech startup InferVision raises USD 139 million in Series D for predictive medicine

KrASIA Connection features translated and adapted content published by 36Kr. This article was originally written by the mononymous Dufresne for 36Kr.

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