Wesmile Announces ￥10M Angel Round of Financing

According to iyiou.com, on July 3, 2020, Wesmile announced that it had completed an angel round financing of 10 million yuan at the beginning of this year. This round was led by Shunwei Capital with participation from VarCapital.

"72.92 percent of the Chinese population needs orthodontic treatment while as a country with a GDP per capita of US$10,000, the rate should be 30 to 40 percent," said Nan Zhe, founder of Wesmile. According to the industry data, the valuation of the orthodontic market should be trillions of yuan. However, it is reported that, in 2019, China's orthodontic market was only about 10 billion yuan, with huge growth potential.

Nan Zhe founded Mint Dental Clinic in 2015 to provide comprehensive dental services for patients. So far, Mint Dental Clinic has served tens of thousands of people, with an average of several hundred visits per month. After seeing the great potential and the current imbalance of supply and demand of the orthodontic market, Nan Zhe decided to further explore this field and founded Wesmile in 2019, focusing on providing digital orthodontic services for patients.

Wesmile has gathered orthodontists from third-class hospitals, enabling them to practice in multiple places in their spare time. For the first visit, they can choose high-quality clinics for cooperation, or submit information online for online follow-up. By rearrange the supply side to optimize the process and improve the efficiency of orthodontic diagnosis and treatment, Wesmile provides patients with better medical experience.

"Under the operation model of Micro Beauty, our current partners of 130 experienced orthodontists in third-class hospitals can provide professional services for 220,000 patients every year as long as each patient spends two hours a day," said Nan Zhe.

Shunwei Capital is dedicated to assisting founders in the high-tech industries to realize their dreams of entrepreneurship into reality and to co-build great enterprises that are highly respected.

VarCapital focuses on investment in technology, AR/VR, enterprise services, and so on. In addition, the company also provides a series of post-investment management services such as project incubation, strategic consulting, enterprise service platform and human resources for start-ups.