Shenzhen-based Green Pine Capital Partners and Chinese conglomerate Fosun Group have led a RMB110 million (US$16 million) series B round in Yaoshibang, a Guangzhou-based online pharmacy mobile app operator.
Existing investors Co-Power Capital Management Co., Ltd. and Ivy Capital, an investment firm founded by a former manager at CITIC Group’s Zhong Da Investment Co., also participated in the round.
Founded in 2015 by the former chief technology officer at Chinese online real estate portal Soufang.com, Yaoshibang’s name means "a gang of pharmacists" in Chinese. Its mobile apps allow patients to order and receive medicine from pharmacies directly, with guaranteed next-day delivery in major cities.
Currently, the start-up operates in over 40 cities in China, and has over 50,000 pharmacy companies signed onto the platform.
The company previously raised RMB71 million in a series A round led by Fosun Group, and plans to use the latest proceeds to build its platform and expand market share.
Shanghai-based Ivy Capital was established in 2007 and focuses on growth-stage enterprises in cloud computing, big data, video, robot, and artificial intelligence sectors.
It aims to invest in companies in China, Silicon Valley in the U.S., as well as the so-called Silicon Wadi in Israel. It has backed companies including bioinformatic firm Sentieon Inc, Chinese radio and television group WASU Media & Network Co. Ltd, and file sharing and syncing company AeroFS.