Xiaolu Clinic, an online platform connecting traditional Chinese medicine (TCM) doctors and patients, has recently closed a funding round that raised USD 20 million from NGP Capital, formerly known as Nokia Growth Partners.
The Beijing-based startup, which was founded in 2015, closed its Series B+ investment round in January 2017, securing RMB 200 million (USD 29 million) from Fosun Tonghao, the venture capital arm of Shanghai-based conglomerate Fosun International. Its early backers also include Redpoint China Ventures, Sinovation Ventures, IDG, and Morningside Venture Capital.
Xiaolu Clinic currently has more than 25,000 TCM doctors registered on their platform, participating in long-distance consultation sessions and prescribing traditional Chinese medications. The platform also runs a “smart pharmacy” service that delivers prescriptions to patients’ doorsteps.
The founder of Xiaolu Clinic, Liu Xinyue, told 36Kr that the newly raised capital would be used to improve its supply chain and technology, expand its artificial intelligence research and development team, and establish a variable interest entity structure.
36Kr is KrASIA’s parent company.