Meditrust Health Closes ￥1B Series B Financing

(VCBeat) Mar. 5, 2021 -- Shanghai Meditrust Health Technology Co., Ltd. ("Meditrust Health"), a company providing innovative healthcare payment solutions, announced the closing of ￥1 billion Series B financing, jointly led by Ant Group, Shanghai Biotechnology Fund, and Sinovation Ventures, with participation from Huaxing Growth Capital, Northern Light Venture Capital, and existing investors including BioTrack Capital, Marathon Venture Partners and SAIF Partners.

This is the fourth financing in a row since the establishment of Meditrust Health for more than four years. The funds raised will further consolidate the competitive advantage of Meditrust Health in the field of cross-border payment, and enable the company to develop the core services around innovative medical payment and expand its business in health insurance, drug coverage, chronic disease management, medical services and other aspects.

Starting from the commercial insurance, Meditrust Health has aggregated the needs of self-paying patients, and then connected the upstream and downstream of the medical relationship chain, and therefore helps patients with a lower cost and in a more convenient way to enjoy the cutting-edge drugs or medical services. At present, Meditrust Health has built a diversified business system covering patient service, commercial insurance service, and pharmaceutical enterprise service.

"Yao Kang Fu", an innovation platform of medical payment and welfare developed by Meditrust Health, provides the "Internet + medical management" service for patients. The platform has built a value chain between chronic diseases and special drugs through innovative payment, services and new retail, connecting pharmaceutical companies, pharmacies, and insurance companies.

Founded in October 2014, Ant Group aims to create the infrastructure and platform to support the digital transformation of the service industry. Having pioneered digital payments in China, Ant Group has since expanded its service offerings through technology and innovation to enable digital finance for consumers and businesses.

Sinovation Ventures is a leading Chinese technology venture capital, started in 2009 by a team led by Dr. Kai-Fu Lee, with presences in Beijing, Shanghai, Nanjing, Guangzhou, and Shenzhen. It currently manages over $2B AUM between seven USD and RMB funds in total, and over 350 portfolio companies across the technology spectrum in China. The company invests in start-ups at the seed, Series A and Series B stages.