Shulan Health Valuation, Funding & Investors

Shulan Health is valued at $1.2B as of March 2021.

Last Shulan Health valuation

$1.2B

Series D · Mar 2021

Last Shulan Health funding round

$3M

Series D · Mar 2021

Cumulative funding Shulan Health raised

$43M

across 3 funding rounds

Key investors in Shulan Health

  • Qiming Venture Partners
  • Puhua Capital
  • Junci Investment

Shulan Health Overview

About Shulan Health

Shulan Health is a Ningbo-headquartered private hospital chain operating 15 facilities across Zhejiang, Shanghai, and Jiangsu provinces. Specializing in rehabilitation, oncology, nutrition therapy, executive health checks, and telemedicine, it runs Shulan International Hospital in Hangzhou and Shanghai Shulan Hospital. Founded in 2010, the group integrates TCM with Western medicine for chronic disease management.


Founded

2015

HQ

ChinaHangzhou

Status

Privately held

Customer focus

B2C

Revenue model

Services

Valuation

$1.2B (Mar 2021)

Shulan Health Valuation

Shulan Health is currently valued at $1.2B, based on its Series D in March 2021.

The $3M round included Puhua Capital.

Shulan Health's valuation has grown 1.2x from $966M at its Series C in April 2020 to $1.2B in March 2021, across 2 priced rounds.

Shulan Health valuation by funding round

Shulan Health valuation by funding round
DateStageValuation
Mar 2021Series D$1.2B
Apr 2020Series C$966M

Shulan Health Funding History

Shulan Health has raised a total of $43M across 3 funding rounds.

Shulan Health's first fundraising round was a $31M Series B in December 2016. The most recent completed round was a $3M Series D in March 2021.

Shulan Health funding rounds

Shulan Health funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2021Series DPuhua Capital$3M$1.2BShulan Health is a private healthcare group founded in 2013 in Hangzhou, Zhejiang Province, by academics Zheng Shusen and Li Lanjuan, integrating healthcare services, medical research, and education through self-operated hospitals like Shulan (Hangzhou) Hospital, Shulan (Anji) Hospital, and Shulan (Quzhou) Hospital, plus hospital management services. It completed five rounds of financing totaling nearly 900 million yuan, attracting investors including GIC Private Limited, Yida Capital, Qiming Venture Partners, Sequoia China, and Puhua Capital. The Series D round on March 1, 2021 raised $3.09 million, with post-Series D valuation reaching 8 billion yuan. Shulan Health operates in the healthcare sector, serving patients with serious conditions and partner hospitals seeking improved management, and achieved unicorn status with valuation over $1 billion by 2024 while preparing for a Hong Kong IPO.
Apr 2020Series CQiming Venture Partners (lead); Junci Investment$9M$966MShulan Health is a Chinese healthcare services company founded by Lanjuan Li, an academicianwho was appointed as an adviser to China's National Health Commission. The company provides healthcare services and was active in supporting coronavirus testing and diagnostic efforts during the pandemic. Shulan Health raised capital from top-tier investors including Qiming Venture Partners and Sequoia China across multiple funding rounds. By August 2020, the company had reached a post-money valuation of $966 million, reflecting strong investor confidence in the healthcare services sector in China. After five rounds of financing, the company's valuation reached approximately 8 billion yuan (roughly $1.1 billion USD), demonstrating significant value creation and market traction.
Dec 2016Series BQiming Venture Partners (lead)$31M-Shulan Health is a Chinese healthcare services company that has received multiple rounds of funding from prominent venture capital investors. The first investment from Qiming occurred on December 1, 2016, marking Shulan Health's early-stage engagement with the firm. The company's later Series C and Series C-II rounds closed in 2020. By August 2020, Shulan Health had achieved a post-money valuation of $966 million, demonstrating significant value appreciation over its funding journey. The most recent disclosed valuation occurred in March 2021. In 2023, Shulan Health was recognized for its social responsibility efforts, having organized nearly 400 free clinic events and approximately 1,000 educational live streamings from 2022 to mid-2023, while implementing green energy-saving technologies across its hospital network.

Who has invested in Shulan Health?

3 investors have backed Shulan Health across its funding rounds, including Qiming Venture Partners, Puhua Capital and Junci Investment.

Lead investors include Qiming Venture Partners.


Shulan Health Investors

Investors in Shulan Health by funding rounds participated
InvestorHQRoundsRoleFirst check
Qiming Venture PartnersChinaShanghai2LeadDec 2016

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Investments by Shulan Health

Shulan Health has invested in 8 companies to date.

Latest investment by Shulan Health was on March 11th 2022. Shulan Health invested in Nanjing Tengchen Biotechnology in their $2M Series A round.


Latest Investments by Shulan Health

Nanjing Tengchen Biotechnology
TClab
Saint Bella
NeighBor Doc
Description
Nanjing Tengchen Biotechnology is a developer of in vitro diagnostic tools and tumor treatment products. Backed by top-tier Chinese venture capital, the Nanjing firm advances technologies for tumor diagnostics, prognosis, efficacy evaluation, and recurrence monitoring. Its pipeline targets early screening for lung, breast, prostate, thyroid, esophageal, and pancreatic cancers via tengchenbio.com.
TClab is a China-based medical laboratory services provider offering clinical testing and diagnostics. The company conducts pathology, biochemistry, immunology, and molecular diagnostics from facilities in major cities like Beijing and Shanghai. TClab processes samples for hospitals and clinics, specializing in cancer screening, infectious disease panels, and genetic testing with automated analyzers. It maintains CAP-accredited labs and delivers results via secure online portals.
Saint Bella Group Ltd, formerly known as Saint Bella Inc, is a postpartum care and recovery group in China, and it also offer home care services and food products covering women's needs. The company aims to become a comprehensive family care group in Asia with an evolving brand portfolio, through enhancing its presence in the existing business segments and operating markets, launching new offerings to tap into new segments such as elderly care services, as well as expanding its service network to markets in addition to its established presence in mainland China, Hong Kong, Singapore, and the United States.
NeighBor Doc is a Beijing-headquartered online healthcare platform that integrates general practice with specialist consultations through digital and in-person channels. Launched in China, the service connects patients in communities to licensed physicians for remote diagnostics, prescriptions, and wellness plans via its linjiahaoyi.com portal. It emphasizes community medical enhancement by combining telemedicine apps with local clinics, serving urban and rural areas with features like appointment booking and health record management.
HQ CountryChinaChinaChinaChina
HQ City
Nanjing
Hangzhou
-
Hangzhou
Deal Date11 Mar 20225 Dec 20192 Jan 201920 Jul 2018
RoundSeries ASeries ASeries ASeries A
Raised$2M$1M$7M$3M
Investors--Gaorong Capital; Tangzhu CapitalDalton Venture; BioVenture; Cowin Venture
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Shulan Health Competitors

Shulan Health competitors include listed companies like Med Life, Terveystalo, Rhoen Klinikum and Thomson Medical, and private ones like Kerala Institute of Medical Sciences and Fosun Health.

Public and private companies comparable to Shulan Health
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Med LifeRomaniaRomaniaPublicly listed$594M$84M$1.2B2.1x
TerveystaloFinlandFinlandPublicly listed$1.5B$266M$1.1B1.2x
Rhoen KlinikumGermanyGermanyPublicly listed$2B$122M$1.1B0.3x
Thomson MedicalSingaporeSingaporePublicly listed$330M$53M$1.1B5.8x
Kerala Institute of Medical SciencesIndiaIndiaPrivate$118M-$1.3B10.6x
Fosun HealthChinaShanghaiPrivate$913M-$1.5B1.6x

Shulan Health Public Comps

Shulan Health is still privately-owned, but its public comps include Med Life, Terveystalo, Rhoen Klinikum, Thomson Medical, U.S. Physical Therapy, Dr. Sulaiman Al Habib Medical Services, HealthCare Global Enterprises, Park Medi World, Clinica Baviera and Netcare.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Med Life$594M$84M2.7x2.1x19.1x15.1x
Terveystalo$1.5B$266M1.2x1.2x6.7x6.8x
Rhoen Klinikum$2B$122M0.3x0.3x5.4x5.4x
Thomson Medical$330M$53M6.0x5.8x37.2x28.9x
U.S. Physical Therapy$781M$110M2.5x2.3x17.5x18.9x
Dr. Sulaiman Al Habib Medical Services$410M$110M3.1x-11.7x-
HealthCare Global Enterprises$263M$44M4.6x4.3x27.2x22.6x
Park Medi World$172M$46M7.3x6.3x27.2x24.1x

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Common questions about Shulan Health

When was Shulan Health founded?Shulan Health was founded in 2015.
Where is Shulan Health headquartered?Shulan Health is headquartered in Hangzhou, China.
Is Shulan Health publicly listed?No, Shulan Health is a private, VC-backed company.
What is Shulan Health's valuation?Shulan Health was last valued at $1.2B in its Series D in March 2021.
How much funding has Shulan Health raised?Shulan Health has raised $43M across 3 funding rounds.
What was Shulan Health's last funding round?Shulan Health's last funding round was a $3M Series D in March 2021.
Who are Shulan Health's investors?Shulan Health's investors include Qiming Venture Partners, Puhua Capital and Junci Investment.
Which companies are comparable to Shulan Health?Companies comparable to Shulan Health include Med Life, Terveystalo, Rhoen Klinikum, Thomson Medical, Kerala Institute of Medical Sciences and Fosun Health.
How many companies has Shulan Health invested in?Shulan Health has invested in 8 companies, including Nanjing Tengchen Biotechnology, TClab, Saint Bella, NeighBor Doc, WOWJOY TECHNOLOGY, MyGene, Hsmap and Synyi.
What was Shulan Health's last investment?In March 2022, Shulan Health invested in Nanjing Tengchen Biotechnology's $2M Series A.

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