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CHINA BRIEF | Tencent-backed online medical unicorn Miaoshou Doctor closes USD 85 million Series D1 round

New funds will be used to develop Miaoshou’s online services and insurance business.

Brief_Investment Brief_Investment

Beijing Yuanxin Technology, also known as Miaoshou Doctor, has raised RMB 600 million (USD 85 million) in a Series D1 round, joined by Qiming Venture Partners, INCE Capital, Sequoia Capital China, Citic Securities, and Index Capital, according to a post on the official WeChat account of Qiming on Monday.

The new funds will be used to develop Miaoshou’s online services and insurance business.

Miaoshou Doctor manages an app that allows individuals to consult doctors via videos or telephone calls, allowing customers to also buy medicine and health insurance plans.

The investment round comes one year after Miaoshou raised an undisclosed amount on its Series C3 round, where it increased its valuation to RMB 7 billion (USD 1.01 billion). In 2018, Tencent led the firm’s RMB 500 million Series C round, with the participation of Sequoia Capital China.

This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.