Beijing-based dental service provider Arrail Dental Clinic has received US$70 million series C financing led by New Horizon Capital, according to a company announcement.
Prometheus Capital, Common Fund, Elite Capital and existing investors GL Capital, KPCB China and Qiming Ventures also participated in the round.
Co-founded by the son of former Chinese Premier Wen Jiabao in 2005, New Horizon Capital is a Chinese private equity fund known for its intimate ties with China’s governments and business elites.
Prometheus Capital is founded by Wang Sicong, the son of Dalian Wanda Group chairman Wang Jianlin. Wang Jianlin was ranked as the wealthiest person in China with a net worth of US$14.2 billion last year.
Arrail Dental received US$20 million series A funding from KPCB China and Qiming Ventures in 2010. It received another US$20 million series B financing the next year from GL Capital, KPCB China and Qiming Ventures.
Arrail Dental’s president Zou Qifang says the company will further expand its market share in the high-end dental care sector in China, as well as opening new clinics and making acquisitions, according to the release.
The company is targeting to expand to 100 clinics and hospitals.
Founded in 1999, Arrail currently operates 21 clinics in Beijing, Shanghai, Shenzhen, Xiamen and Guangzhou, as well as one dental hospital.