Like other sectors that have embraced the internet, cosmetic surgery has proven to be a winner-takes-it-all market too.
The cosmetic surgery platform SoYoung (新氧) has recently closed a fresh funding round that totaled hundreds of millions of yuan, 36Kr, a Chinese biztech media, learned from multiple independent sources. This took only 80 days of its Series D-1 round last December, in which the company landed 400 million yuan (approx. $ 63 million).
Founded in 2013, SoYoung allows users to purchase or book cosmetic surgery services and view others’ treatment experiences via its app. According to statistics published by the company, as of December 2017, SoYoung had on its platform 3.3 million user-generated surgical diaries and 6,600 authorized cosmetic surgery hospitals, along with altogether 25,814 licensed surgeons. SoYoung claimed its platform had enlisted over 95% of the authorized cosmetic surgery service providers across China.
Cosmetic surgery has gained increasing traction in China as the consumption upgrade trend spreads. According to a report by Deloitte, the Chinese cosmetic surgery market is expected to reach $11.2 billion in 2017 and is estimated to grow at a compound annual growth rate of 22.7% until 2020. “China has become the world’s third largest cosmetic surgery market, after the U.S. and Brazil,” the report said.
Like other sectors that have embraced the internet, cosmetic surgery has proven to be a winner-takes-it-all market too. After years of competition, the market that once saw over 30 cosmetic surgery apps vying for consumers’ attention now has only five or six players remaining.
On December 23, 2017, SoYoung announced a 400 million yuan (approx. $ 63 million) Series D-1 round led by Apax Partners and CDH Investments. Founder and CEO JIN Xing said then that the company would offer readily available services to users based on application scenarios, for example, via WeChat mini programs, “with the focus on building a marketing ecosystem for cosmetic surgery.”
He also disclosed that the company had already turned a profit in 2016 and, although it didn’t yet have a timeline for a floating, both its revenue and profit levels met the requirements for an IPO in China.