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Tencent-backed China online healthcare venture raises $250 million

Tencent-backed China online healthcare venture raises $250 million

BEIJING: China’s Tencent Trusted Doctor, a venture backed by tech giant Tencent Holdings, said it has raised $250 million in a fundraising round, as investors pile into China’s online private healthcare sector.

The fundraising marked the first investment since the entity was formed through a merger of Tencent Doctor work and Trusted Doctors last year.

Tencent Trusted Doctor is among a number of technology-driven firms looking to shake up China’s overburdened public healthcare market, with increasingly affluent consumers willing to pay for more convenient access to doctors and health services.

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The investment was led by Country Garden Holdings, Tencent Holdings and Sequoia Capital, Tencent Trusted Doctor said in a statement.

It would value Tencent Trusted Doctor at more than $1 billion, according to one person with knowledge of the matter. Tencent Trusted Doctor did not immediately respond to a request for comment.

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McKinsey & Co estimates Chinese healthcare spending will hit $1 trillion by 2020.

Tencent Trusted Doctor said it connects 440,000 certified doctors with more than 10 million patients online, offering services from online consulting to e-commerce to physical checks.

The company said in a statement it also aimed to have more than 500 medical institutions offline in China by 2021.

CEC Capital advised Tencent Trusted Doctor in the fundraising.

Source: Reuters
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