Tencent’s WeDoctor raises $500mn, valued at $5.5bn pre-IPO

Chinese online healthcare solutions platform, WeDoctor, has raised $500mn in its most recent round of funding.

WeDoctor is backed by Tencent Holdings and announced the funding on Wednesday. The company is now valued at $5.5bn as a result. Founded in 2010, the platform provides healthcare diagnosis as well as online appointment-booking services for Chinese customers, who often face long queues for hospital appointments.

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The company, which is set for an IPO this year, received its most recent backing from a group of investors including AIA Company Ltd, part of insurance company AIA Group Ltd, as well as NWS Holdings, an infrastructure and services group.

The news comes after a similar Chinese healthcare business, Ping An Good Doctor, issued an IPO worth around $1.1bn.

Good Doctor is a healthcare app which offers information and consultancy, as a subsidiary of China Ping An Group, a health insurance provider.

With McKinsey & Co reporting the Chinese healthcare market is set to be worth $1trn by 2020, this could mark a growing trend in online healthcare solutions for an increasingly large customer base.