Startups

Chinese Startup Miaoshou Doctor Lands $85M

Chinese startup Miaoshou Doctor raised nearly $85 million in a new round of funding, according to China Money Network and Deal Street Asia.

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Firms including Qiming Venture Partners, Sequoia Capital China and INCE Capital were investors in the round. The company last raised money with a second extension of its Series C round in June 2019. That brought the company to unicorn status, according to China Money Network.

Miaoshou Doctor is a health care platform that provides services like helping doctors and patients communicate and manage prescriptions. The company was founded in 2015 and is based in Beijing.

The new funding will be used to develop Miaoshou Doctor’s online hospital, health technology, health insurance and prescription management, according to China Money Network.

In the United States, health care and telehealth startups have seen an uptick in popularity since the outbreak of the COVID-19 pandemic. Startups in the business of virtual doctors visits, online pharmacies and other remote health care services have seen a surge in users as people try to avoid medical offices and access services online.

It’s unclear if the popularity of telehealth services will last beyond the pandemic, when visiting a doctor in person becomes more feasible. But the increased interest in telehealth-related companies certainly appears to be helping them snag funding.

Some of Miaoshou Doctor’s other investors include Tencent Holdings, CITIC Securities and Kun Ling Capital.

Illustration: Li-Anne Dias

 

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