SPH Health Commerce Raises ￥1.033M in Series B Financing

(VCBeat) Feb. 18, 2021 -- Shanghai Pharma ("SPH") announced recently that the "Internet +" pharmaceutical commerce platform -- SPH Health Commerce Co., Ltd. ("SPH Health") has raised 1.033 billion yuan in a Series B funding round on January 18. The transaction is the first large financing in China's healthcare sector in 2021.

Established on March 18, 2015, SPH Health Commerce is an "Internet +" medical business technology platform of SPH.

The latest round was co-led by Shanghai Biomedical Industry Fund and China Jianyin Investment, with participation from Sinocare, Shanghai Trust, New Alliance Capital, Ample Harvest Finance, and Huadong Industrial Group. 

At the same time as the latest round, SPH Health Commerce has also completed the acquisition and integration of Guangzhou Baizhou New & Special Pharmaceutical and Kangdele Big Pharmacy. Meanwhile, it started the integration of its beside-hospital pharmacies and DTP brands. Combined with the original DTP pharmacy network and commercial innovation, SPH Health Commerce will accelerate the innovation of medication services in the whole life cycle on the basis of professional pharmacies, and the "Internet+" service of chronic disease medication based on electronic prescription and online pharmacies.

Shanghai Biomedical Fund is a municipal industrial fund approved by the Shanghai Municipal People's Government and initiated by Shanghai Industrial Investment, with a total targeting AUM of 50 billion yuan. It focuses on investments in biologics, innovative drugs, R&D outsourcing and services, medical devices and diagnostics, as well as innovative business models in the healthcare industry.

JIC, established in 2004, is an integrated investment group. While committed to creating long-term and sustainable returns for the shareholders, JIC is keen on fulfilling corporate social responsibilities. The financial services, industrial manufacturing, culture, consumption and information technologies are among the sectors to which JIC attaches great importance.