Shanghai MediTrust Health Technology Co. has raised $308 million in a Series C financing event jointly led by Boyu Capital and Janchor Partners.
The investing round was also participated by Lily Asia Ventures, Lake Bleu Capital, Bank of China Group Investment, AIHC Capital, Everbright Limited, New Alliance Capital, CICC, among others. Previous investors also joined, such as Shanghai Biopharmaceutical Investment Fund, Sinovation Ventures, China Renaissance and Marathon Venture Partners.
WHAT IT DOES
Founded in 2017, MediTrust is one of China’s biggest private healthcare payors operating integrated platforms for healthcare and insurance firms.
One of its main businesses, Care2Pay, is a healthcare payment and care service platform that offers both online care and medical management services. It extends access to affordable medications to patients with chronic and rare conditions who have limited insurance coverage. It partners with 50 pharmaceutical and insurance firms and more than 2,000 direct-to-patient pharmacies from over 400 cities.
Through the platform, the company claims to have helped patients save around 300 million yuan ($46.2 million) in health expenses in the first half of 2021.
Under Care2Pay is the iCare Internet Hospital that lends access to new drugs, novel therapies and the latest medical devices offered around the world.
The company also runs an online care service platform for patients with rare diseases. Aiming to increase access to rare disease medications, the Clover Care Center provides health management services, drug benefits, education activities and insurance products.
Moreover, MediTrust has supported insurers in launching products in about 40 cities through its Kangfu Zhibao health insurance platform.
WHY IT MATTERS
MediTrust has not specified how it will use its new funds. The financing event, though, comes ahead of its potential IPO filing by the end of the year, according to a news report.
THE LARGER TREND
The latest investing round succeeded the previous Series B round in March where it raised $154 million from Chinese payments platform Alipay’s owner Ant Group, Shanghai Biomedical Fund, and tech investor Sinovation Ventures.
One of its lead investors in the latest round, Boyu Capital, has supported the New York debut of Waterdrop, a Chinese insuretech firm, last May. Its affiliates subscribed to $100 million worth of its shares.
According to the business information portal Crunchbase, the company has so far raised $462.3 million from five financing rounds since 2018.
ON THE RECORD
“We are always fully committed to working with more healthcare and insurance industry partners to provide people with access to affordable medicine and healthcare services,” MediTrust Founder and CEO Seth Zhang said.
“MediTrust is uniquely positioned to add value to China’s healthcare system evolution. Its business is aligned to bringing more affordable healthcare to patients through its innovative payment methodologies, channels and technologies. It plays the role of a trusted partner to key stakeholders in the healthcare ecosystem, including government payors, commercial insurance, pharmaceutical companies and patients,” Janchor Partners CIO John Ho also commented.