Investing.com - China-based private healthcare network Tencent Trusted Doctors raised $250 million in a new funding round led by Tencent Holdings Ltd (HK:0700), Country Garden Holdings and Sequoia Capital.
The investment would value Tencent Trust Doctors at more than $1 billion, Reuters reported citing one person with knowledge of the matter.
The company was formed through a merger of Tencent Doctorwork and Trusted Doctors in 2018 to provide both online and offline healthcare services. It aims to build 33 clinics in eight cities in China and become the largest private medical care network in the country, according to company CEO Martin Shen.
It was previously reported by various media that China suffers a shortage of doctors. The Organisation for Economic Co-operation and Development (OECD) average is 3.19 doctors for every 1,000 people, whereas China only has 2.22 doctors per 1,000.
It is estimated that the country’s internet healthcare market size will exceed 90 billion yuan by 2020, according to a Sootoo Research Institute report.