Online healthcare provider WeDoctor Holdings has recently finalised its $500mn private share sale, becoming one of the largest pre-IPO financings to date within China. Growing staff shortages and a rising ageing population has led digital health to grow exponentially, where consumers want to gain the ability to speak with a medical professional, anytime, anywhere.
Backed by Tencent Holdings, the company has tapped into this the demand for increased availability, where WeDoctor operates alongside Ping An Healthcare’s Good Doctor. The platform enables patients to obtain healthcare diagnosis’, alongside the ability to speak with a medical professional at a time convenient for them.
Additionally, patients can book appointments through China’s largest registration platform, Guahao.com. Its digital platforms link with 2,700 hospitals, 220,000 doctors, 15,000 pharmacies, with 27mn monthly active users in the country.
In its latest funding round, AIA Group and NWS Holdings have become the main frontrunners, where WeDoctor will now become AIA’s chosen provider for health and life insurance across its 18 markets in Asia-Pacific.
“The strength of AIA’s market position in life and health insurance, together with WeDoctor’s leading technology platform and quality healthcare provider network, supports AIA’s commitment to play an active and valued role in our customers’ health and wellness journeys,” commented John Cai, Regional Chief Executive of AIA Group.
Jerry Liao, Chairman and CEO of WeDoctor, said: “As China’s unprecedented healthcare industry reform continues, WeDoctor will continue to tap into opportunities in this flourishing and enormous market. We have jointly established with our business partners a unique business model that encompasses the integration of ‘online and offline’ and ‘GP + specialist’ operations.
“As our business grows, we are also making notable progress in applying cloud-based technology and artificial intelligence in the provision of healthcare services. The addition of AIA and NWS Holdings as our new strategic investors will empower us to accelerate expansion and generate synergistic win-win benefits.
Ping An Healthcare has recently raised over $1bn for its IPO, becoming one of the first health-tech Unicorn’s in China. With the latest financing, WeDoctor’s valuation is set to rise to $5.5bn, taking the company to new heights.