Beijing-based AllinMD Orthopaedics Hospital, which holds an internet hospital license in China, announced Thursday that it has closed its Series B round, collecting USD 100 million, according to its press release.
Sheares, a medical care-focused fund under Singaporean sovereign wealth fund Temasek and US venture capital firm H Capital, led this round, while Tencent and Trustbridge Partners also joined. AllinMD claimed that this is one of the largest fundraising moves in the internet medical care sector in China in recent years.
The fresh funds will be used to increase the number of AllinMD’s bricks-and-mortar hospitals and to expand its online education services to more doctors living in China’s smaller cities and rural areas.
AllinMD was founded in 2013 as an online training platform for orthopedic doctors by Liu Zhengrong, after she recovered from cancer.
Liu, also CEO of the company, started her career in the finance industry as one of China’s earliest securities traders and forayed into the venture capital sector, later focusing on investment in the internet sector. She is one of Tencent’s angel investors, according to online news portal Sohu.com.
AlliinMD now connects more than 150,000 registered doctors and more than 17,000 hospitals. It has two bricks-and-mortar treatment centers in Yinchuan, capital of Northwest China’s Ningxia Hui autonomous region, and Chongqing in SouthWest China.
The company has transformed into a platform covering training, treatment, and clinical research.
