Miaoshou Doctor Valuation, Funding & Investors

Miaoshou Doctor is valued at $1B as of January 2019.

Last Miaoshou Doctor valuation

$1B

Series C · Jan 2019

Last Miaoshou Doctor funding round

$232M

Series F · Aug 2021

Cumulative funding Miaoshou Doctor raised

$944M

across 6 funding rounds

Key investors in Miaoshou Doctor

Miaoshou Doctor Overview

About Miaoshou Doctor

Miaoshou Doctor is a Beijing-headquartered online healthcare platform connecting patients with physicians for post-diagnosis management and follow-up care. It facilitates remote consultations, prescription renewals, and health tracking via its app, serving over 300 hospitals in China. Founded in 2015 by Tao He and Daoliang Han, the service covers specialties like cardiology and pediatrics, integrating electronic health records for seamless doctor-patient communication across provinces.


Founded

2015

HQ

ChinaBeijing

Status

Privately held

Customer focus

B2C

Revenue model

Services

Valuation

$1B (Jan 2019)

Miaoshou Doctor Valuation

Miaoshou Doctor is currently valued at $1B, based on its Series C in January 2019.

The $73M round was led by Starquest Capital, with participation from HSG.

Miaoshou Doctor's valuation has moved from $7B at its Series C in April 2018 to $1B in January 2019, across 2 priced rounds.

Miaoshou Doctor valuation by funding round

Miaoshou Doctor valuation by funding round
DateStageValuation
Jan 2019Series C$1B
Apr 2018Series C$7B

Miaoshou Doctor Funding History

Miaoshou Doctor has raised a total of $944M across 6 funding rounds.

Miaoshou Doctor's first fundraising round was a $11M Series B in June 2017. The most recent completed round was a $232M Series F in August 2021.

Miaoshou Doctor funding rounds

Miaoshou Doctor funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Aug 2021Series FBOC International China; Hel Ved Capital; Kun Ling Capital; Index Capital; SpringHill Management; OrbiMed; B Capital; ABI Yuanshi capital; CITIC Securities; HSG; QC Capital; INCE Capital$232M-Miaoshou Doctor is a Beijing-based healthcare platform founded in 2015 that connects doctors and patients online, offers medical consultations, operates an online pharmacy (Miaoshou Mall), runs chain pharmacies (Yuanxin), provides online clinics, and includes a social platform for doctor-patient interaction, serving customers across multiple Chinese provinces with both O2O services and over 200 offline pharmacies. Prior rounds included a January 2019 Series C+ of $72.8M-$73M led by Starquest Capital with Sequoia Capital China, pushing valuation to over RMB7bn (~$1bn or unicorn status), an April 2018 Series C of $79.3M led by Tencent, and an $85M round with Qiming Venture Partners, Sequoia Capital China, and INCE Capital, plus earlier Tencent backing. The Series F funds were aimed at expanding online hospital capabilities, health technology, health insurance, and prescription management amid rising telehealth demand. Cumulative funding reached around $971M over 8 rounds by some estimates, with investors like Sequoia Capital China, Qiming Venture Partners, Tencent, CITIC Securities, and Kun Ling Capital. The platform addresses China's healthcare challenges like information asymmetry through its integrated model. As of later reports, Miaoshou Doctor achieved unicorn status with a valuation around $4.25B, operating in a competitive landscape with peers like Wedoctor and Medlinker.
Feb 2021Series ESequoia Capital (lead); Tencent (lead); Kun Ling Capital; Index Capital; CICC; Qiming Venture Partners; OrbiMed; CITIC Securities; Gopher Asset Management$464M-Miaoshou Doctor, founded in 2015, is a one-stop healthcare platform operating through four business segments: Miaoshou.net, Yuanxin Medical Technology, Yuanxin Pharmacy, and Yuanxin Insurance. The platform enables patients to consult with doctors remotely via video or phone, purchase prescription and over-the-counter medicines, and buy health insurance policies. The company has built and operates online presences for more than 200 traditional hospitals across China, including major institutions like Beijing Chaoyang Hospital and Harbin First Hospital. As of early 2021, Miaoshou Doctor reported 1.3 million registered doctors and received approximately 7 million daily visitors. In February 2021, Yuanxin Technology (the parent company of Miaoshou Doctor) closed a Series E funding round of CNY 3 billion (approximately USD 463-465 million), jointly led by Sequoia Capital China and Tencent. The round included participation from Qiming Venture Partners, Index Capital, INCE Capital, CITIC Securities, and China International Capital Corporation's CICC Capital unit. The company stated that funding would be used for development of Internet medicine, medication management, and health insurance. Following this round, the company was reportedly considering a Hong Kong IPO that could raise at least USD 500 million, with plans to conduct an additional funding round of USD 200-300 million before going public. The company's growth was accelerated during the COVID-19 pandemic as telehealth and online pharmacy services gained significant adoption in China.
Jun 2020Series DIndex Capital; Qiming Venture Partners; CITIC Securities; HSG; INCE Capital$85M-Miaoshou Doctor (Beijing Yuanxin Technology), founded in 2015 and based in Beijing, China, operates a comprehensive online healthcare platform connecting doctors and patients. It provides services including video and telephone consultations, prescription management, online pharmacies, health insurance, and offline chain pharmacies (Yuanxin), serving customers across 63 cities in 20 provinces. The platform also features an app for consultations, an online mall for medicines, and a social network for doctor-patient interactions, positioning it as one of China's largest healthcare platforms addressing information asymmetry in the healthcare ecosystem. In June 2020, Miaoshou Doctor raised RMB 600 million (approximately USD 85 million or USD 84.63 million) in a Series D1 round from investors including Qiming Venture Partners, INCE Capital, Sequoia Capital China, CITIC Securities, and Index Capital. The funds were allocated to expand its online hospital, health technology, health insurance, and prescription management services. This followed a Series C3 extension in 2019, where it achieved unicorn status with a valuation exceeding RMB 7 billion (about USD 1 billion), led by Starquest Capital with participation from Sequoia Capital China. Previous rounds included a USD 72.8 million Series C+ in January 2019 led by Starquest, a RMB 500 million (USD 79.3 million) Series C in April 2018 led by Tencent, and earlier investments from Tencent in 2015. Other backers include CITIC Securities and Kun Ling Capital.
Jan 2019Series CStarquest Capital (lead); HSG$73M$1BMiaoshou Doctor is a China-based online healthcare platform founded in 2015 that combines digital and offline services. The company operates through five business units: an online clinic enabling remote consultations via phone or video, Yuanxin Chain Pharmacy with over 200 offline pharmacies, a mobile app, an online drugstore called Miaoshou Mall, and a social platform for doctor-patient interaction. The platform serves patients across 63 cities in 20 Chinese provinces and helps address information asymmetry in China's fragmented healthcare ecosystem. In January 2019, Miaoshou Doctor completed a Series C+ financing round led by Starquest Capital and including Sequoia Capital China and other investors. The disclosed round size was RMB500 million (approximately USD 72.8 million or USD 72.77 million). The funding was allocated to upgrading the online hospital, developing medical record tracking and management systems, and expanding departmental capabilities to enhance patient healthcare services. Six months later in July 2019, the company announced that this same C+ round had valued the company at RMB7 billion, equivalent to approximately USD 1 billion, achieving unicorn status. This valuation represented a significant increase from the company's April 2018 Series C round of USD 79.3 million led by Tencent's Shenzhen Tencent Investment Fund alongside Kun Ling Capital, Sequoia Capital China, and Qiming Venture Partners. Tencent had initially invested an eight-figure renminbi amount (approximately RMB10 million or USD 1.6 million) in 2015. The company continued to attract capital in subsequent rounds, securing RMB200 million (USD 84.5 million) in Series D1 funding announced in June 2020 from Qiming Partners, Ince Capital, Sequoia Capital China, Citic Securities, and Index Capital.
Apr 2018Series CTencent (lead); Kun Ling Capital; Qiming Venture Partners; HSG$79M$7BMiaoshou Doctor, founded in 2015 or 2016 and based in Beijing, China, operates an online healthcare platform connecting doctors and patients for consultations, prescription management, and medication dispensing. It provides services including online medical consultations, an online healthcare center, and an online community for hospitals to share prescriptions, while also running over 200 offline pharmacies across 63 cities in 20 provinces. In April 2018, the company raised approximately $79.3 million or $73 million to $79.6 million in its Series C financing round, led by Tencent's Shenzhen Tencent Investment Fund (also referred to as Tencent Industry Win-Win Fund), with participation from Kun Ling Capital, Sequoia Capital China, and Qiming Venture Partners. The valuation reached more than RMB 7 billion ($1 billion) post this period, as reported in connection with subsequent extensions, though directly tied to the Series C timeline in sources. By 2018, Miaoshou Doctor had expanded delivery coverage to 20 provinces and 63 cities, enabling four departments with doctor-patient follow-up services and medication dispensing. The company continued raising funds in later rounds, including a $72.8 million Series C+ in January 2019 led by Starquest Capital and Sequoia Capital China, a Series D in June 2020 for $85 million, and a CNY 3 billion ($464.53 million) Series E in February 2021 led by Sequoia Capital China and Tencent.
Jun 2017Series BQiming Venture Partners (lead)$11M-Miaoshou Doctor is an online pharmacy and healthcare platform founded in 2015 in Beijing that connects doctors, patients, and pharmacies to manage prescriptions and provide medical consultations. The platform operated across 63 Chinese cities in 20 provinces and ran over 200 offline pharmacies alongside its digital services.

Who has invested in Miaoshou Doctor?

18 investors have backed Miaoshou Doctor across its funding rounds, including HSG, Qiming Venture Partners, CITIC Securities, Index Capital, Kun Ling Capital and Tencent.

Lead investors include Sequoia Capital, Tencent, Starquest Capital and Qiming Venture Partners.


Miaoshou Doctor Investors

Investors in Miaoshou Doctor by funding rounds participated
InvestorHQRoundsRoleFirst check
Qiming Venture PartnersChinaShanghai4LeadJun 2017
HSGHong KongHong Kong4ParticipantApr 2018
Kun Ling CapitalChinaShanghai3ParticipantApr 2018
Index CapitalChinaBeijing3ParticipantJun 2020
CITIC SecuritiesChinaShenzhen3ParticipantJun 2020
TencentChinaShenzhen2LeadApr 2018
OrbiMedUnited StatesNew York City, NY2ParticipantFeb 2021
INCE CapitalChinaShanghai2ParticipantJun 2020
BOC International ChinaChinaShanghai1ParticipantAug 2021
Hel Ved CapitalHong KongHong Kong1ParticipantAug 2021
CICCChinaBeijing1ParticipantFeb 2021
Starquest CapitalFranceParis1LeadJan 2019
Sequoia CapitalUnited StatesSan Francisco, CA1LeadFeb 2021

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Investments by Miaoshou Doctor

Miaoshou Doctor has invested in 2 companies to date.

Latest investment by Miaoshou Doctor was on January 25th 2019. Miaoshou Doctor invested in UmerDoctor in their $3M Series A round.


Latest Investments by Miaoshou Doctor

UmerDoctor
VCBeat
Description
UmerDoctor is a Beijing-based online platform for dermatologists offering case sharing, training modules, and AI-assisted diagnosis tools. The service hosts video lectures on acne treatments and psoriasis management from experts at Peking University Hospital. UmerDoctor facilitates peer reviews and CME credits. Launched in 2019, it connects 5,000 practitioners across China.
-
HQ CountryChinaChina
HQ City
Shanghai
-
Deal Date25 Jan 201916 Nov 2018
RoundSeries ASeries A
Raised$3M$3M
InvestorsAriose Capital ManagementAgile Fund; Midas Capital; Highlight Capital; Baidu Ventures; Yi Fang Group; Long Hill Capital
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Miaoshou Doctor Competitors

Miaoshou Doctor competitors include listed companies like Sleep Cycle and Emimen, and private ones like Tonal, APUS Group, DocPlanner and Forward.

Public and private companies comparable to Miaoshou Doctor
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
TonalUnited StatesSan Francisco, CAPrivate--$575M-
Sleep CycleSwedenSwedenPublicly listed$24M$7M$44M1.5x
EmimenJapanJapanPublicly listed$12M$791K$22M1.7x
APUS GroupChinaBeijingPrivate$17M-$1B58.8x
DocPlannerPolandWarsawPrivate--$1B-
ForwardUnited StatesSan Francisco, CAPrivate--$1B-

Miaoshou Doctor Public Comps

Miaoshou Doctor is still privately-owned, but its public comps include Talkspace, Teladoc, GoodRx, Yalla Group, Truecaller, Hello Group, VNG Corp., Wondershare, JMDC and Guiyang Longmaster.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Talkspace$229M$6M3.4x3.4x129.3x49.4x
Teladoc$2.5B$124M0.6x0.6x11.3x5.0x
GoodRx$797M$173M1.8x1.8x8.1x5.5x
Yalla Group$342M$128M----
Truecaller$195M$61M3.2x3.4x10.2x11.8x
Hello Group$1.5B$215M----
VNG Corp.$420M$23M1.4x-25.5x-
Wondershare$229M($6M)6.3x6.4x(231.3x)(175.1x)

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Common questions about Miaoshou Doctor

When was Miaoshou Doctor founded?Miaoshou Doctor was founded in 2015.
Where is Miaoshou Doctor headquartered?Miaoshou Doctor is headquartered in Beijing, China.
Is Miaoshou Doctor publicly listed?No, Miaoshou Doctor is a private, VC-backed company.
What is Miaoshou Doctor's valuation?Miaoshou Doctor was last valued at $1B in its Series C in January 2019.
How much funding has Miaoshou Doctor raised?Miaoshou Doctor has raised $944M across 6 funding rounds.
What was Miaoshou Doctor's last funding round?Miaoshou Doctor's last funding round was a $232M Series F in August 2021.
Who are Miaoshou Doctor's investors?Miaoshou Doctor's investors include Qiming Venture Partners, HSG, Kun Ling Capital, Index Capital, CITIC Securities, Tencent, OrbiMed, INCE Capital, BOC International China, Hel Ved Capital and 8 others.
Which companies are comparable to Miaoshou Doctor?Companies comparable to Miaoshou Doctor include Tonal, Sleep Cycle, Emimen, APUS Group, DocPlanner and Forward.
How many companies has Miaoshou Doctor invested in?Miaoshou Doctor has invested in 2 companies, including UmerDoctor and VCBeat.
What was Miaoshou Doctor's last investment?In January 2019, Miaoshou Doctor invested in UmerDoctor's $3M Series A alongside Ariose Capital Management.

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