WeDoctor valued at $5.5bn after £500m raise
Chinese health tech platform WeDoctor has raised $500 million in a mammoth investment round which values the firm at $5.5 billion.
Backed by tech giant Tencent, WeDoctor provides online medical diagnoses from doctors and access to other services such as cloud, insurance and pharmaceuticals.
Founded in 2010, it has more than 2,700 hospitals, 220,000 doctors, 15,000 pharmacies and 27 million monthly active users on its platform.
It said the funds will accelerate its expansion across the huge China healthcare market.
The investment round was led by AIA and infrastructure and services group NWS Holdings.
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Reuters reported that in China patients can often be seen queuing outside hospitals from early morning to get an appointment.
Chinese healthcare spending will hit $1 trillion by 2020, up from $357 billion in 2011, according to consultancy McKinsey & Co.