Tencent Trusted Doctors Valuation, Funding & Investors

Tencent Trusted Doctors is valued at $1B as of April 2019.

Last Tencent Trusted Doctors valuation

$1B

Series C · Apr 2019

Last Tencent Trusted Doctors funding round

$250M

Series C · Apr 2019

Cumulative funding Tencent Trusted Doctors raised

$255M

across 2 funding rounds

Key investors in Tencent Trusted Doctors

  • HSG
  • Lightspeed Venture Partners
  • Tencent
  • CMB International Capital Corporation
  • Gaw Capital Partners
  • AVIC Trust

Tencent Trusted Doctors Overview

About Tencent Trusted Doctors

Tencent Trusted Doctors is a Beijing-based healthcare platform launched in 2018 from the merger of Doctorwork and Trusted Doctors. Backed by Tencent, it delivers online consultations, appointment booking, and offline clinic networks leveraging celebrity physicians for patient trust. The service connects users to specialists via WeChat integration, covering specialties like internal medicine and pediatrics. It operates in major Chinese cities, focusing on private healthcare expansion with telemedicine during the COVID-19 pandemic.


Founded

2013

HQ

ChinaBeijing

Status

Privately held

Customer focus

B2C

Revenue model

Services

Valuation

$1B (Apr 2019)

Tencent Trusted Doctors Valuation

Tencent Trusted Doctors is currently valued at $1B, based on its Series C in April 2019.

The $250M round was led by Gaw Capital Partners, HSG and Tencent, with participation from Russia-China Investment Fund, Country Garden Holdings, Sensegain Asset Management, CMB International Capital Corporation, AVIC Trust and 1 other investor.

Tencent Trusted Doctors valuation by funding round

Tencent Trusted Doctors valuation by funding round
DateStageValuation
Apr 2019Series C$1B

Tencent Trusted Doctors Funding History

Tencent Trusted Doctors has raised a total of $255M across 2 funding rounds.

Tencent Trusted Doctors' first fundraising round was a $5M Series A in August 2014. The most recent completed round was a $250M Series C in April 2019.

Tencent Trusted Doctors funding rounds

Tencent Trusted Doctors funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2019Series CGaw Capital Partners (lead); HSG (lead); Tencent (lead); Russia-China Investment Fund; Country Garden Holdings; Sensegain Asset Management; CMB International Capital Corporation; AVIC Trust; Harvest Global Investments$250M$1BTencent Trusted Doctors, formed in August 2018 from the merger of Tencent Doctorwork and Trusted Doctors, is a leading Chinese online-offline medical service provider connecting 440,000 licensed doctors across over 30,000 hospitals with 10 million registered patients. It offers online consultations, e-commerce for medicine, and offline services through nearly 50 physical clinics and outpatient centers in eight cities including Beijing, Shanghai, and Shenzhen, plus over 1,000 health kiosks. The platform aims to integrate internet technologies with entity medical care to address inefficiencies in China's healthcare system, providing one-stop health management services. On April 24, 2019, Tencent Trusted Doctors raised USD 250 million in its first funding round since the merger, led by Tencent Holdings, Gaw Capital Partners, HSG (Shengshijing Group), and Country Garden Ventures, with participation from CMB International, Harvest Global Investments, China Aviation Trust (AVIC Trust), Russia-China Investment Fund, Sequoia China, and others. This Series C round propelled the company to unicorn status with a post-money valuation exceeding USD 1 billion. The funds are earmarked for platform development, enhancing online-offline integration, medicine e-commerce expansion, and rapid offline growth targeting over 500 clinics and day surgery centers by 2021. Tencent provides user traffic and technical support to elevate healthcare services, while partners like Country Garden offer offline resources such as communities and commercial land for expansion. CEO Wang Shishui highlighted accumulated experience in brick-and-mortar clinics and plans for improved patient-doctor communication via internet hospitals. Gaw Capital emphasized resource support for site sourcing to aid offline scaling, positioning Tencent Trusted Doctors as a key player in Tencent's digital health ecosystem alongside competitors like Ping An Good Doctor and WeDoctor.
Aug 2014Series ALightspeed Venture Partners; HSG$5M--

Who has invested in Tencent Trusted Doctors?

10 investors have backed Tencent Trusted Doctors across its funding rounds, including HSG, Lightspeed Venture Partners, Tencent, CMB International Capital Corporation, Gaw Capital Partners and AVIC Trust.

Lead investors include Gaw Capital Partners, HSG and Tencent.


Tencent Trusted Doctors Investors

Investors in Tencent Trusted Doctors by funding rounds participated
InvestorHQRoundsRoleFirst check
HSGHong KongHong Kong2LeadAug 2014
Russia-China Investment FundRussiaMoscow1ParticipantApr 2019
Country Garden HoldingsChinaChina1ParticipantApr 2019
TencentChinaShenzhen1LeadApr 2019
Gaw Capital PartnersHong KongHong Kong1LeadApr 2019
Lightspeed Venture PartnersUnited StatesSan Francisco, CA1ParticipantAug 2014
Sensegain Asset ManagementChinaBeijing1ParticipantApr 2019
CMB International Capital CorporationHong KongHong Kong1ParticipantApr 2019

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Tencent Trusted Doctors

Tencent Trusted Doctors has acquired 2 companies to date.

Last acquisition by Tencent Trusted Doctors was on December 19th 2019. Tencent Trusted Doctors acquired ZIN FU DENTAL for $7M.


Latest Acquisitions by Tencent Trusted Doctors

ZIN FU DENTAL
U-Link
Description
ZIN FU DENTAL is a dental clinic chain operating multiple locations in China focused on general and cosmetic dentistry services. The brand provides orthodontics, implants, whitening, and periodontal treatments through standardized facilities. ZIN FU DENTAL maintains clinics in major cities emphasizing advanced equipment and specialized staff.
U-Link delivers healthcare clinic services in Singapore, offering general practice consultations, vaccinations, and chronic disease management. Clinics operate in central districts, providing telehealth options and corporate wellness programs.
HQ CountryChinaChina
HQ City
Shenzhen
Beijing
Deal Date19 Dec 201929 Nov 2018
Valuation$7Mundisclosed
EV/Revenue
EV/EBITDA

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Tencent Trusted Doctors Competitors

Tencent Trusted Doctors competitors include listed companies like Grupa Pracuj and LegalZoom, and private ones like DocPlanner, Fresha, Huasheng Haoche and Iwjw.

Public and private companies comparable to Tencent Trusted Doctors
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
DocPlannerPolandWarsawPrivate--$1B-
FreshaUnited KingdomLondonPrivate--$1B-
Huasheng HaocheChinaBeijingPrivate--$1B-
IwjwChinaShanghaiPrivate--$1B-
Grupa PracujPolandPolandPublicly listed$214M$95M$1B4.4x
LegalZoomUnited StatesUnited StatesPublicly listed$756M$74M$1B1.1x

Tencent Trusted Doctors Public Comps

Tencent Trusted Doctors is still privately-owned, but its public comps include SMZDM.com, QuinStreet, Grupa Pracuj, Ibotta, LegalZoom, Nextdoor, Tripadvisor, Upwork, Web Travel Group and Baltic Classifieds Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
SMZDM.com$192M$19M4.9x4.7x47.8x42.1x
QuinStreet$1.3B$61M0.7x0.7x15.8x7.9x
Grupa Pracuj$214M$95M4.6x4.4x10.3x9.7x
Ibotta$342M$7M2.5x2.4x114.9x15.3x
LegalZoom$756M$74M1.2x1.1x12.1x4.8x
Nextdoor$258M($69M)2.4x2.2x(8.8x)27.8x
Tripadvisor$1.9B$160M0.6x0.6x6.8x4.2x
Upwork$788M$180M1.0x1.1x4.6x3.6x

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Common questions about Tencent Trusted Doctors

When was Tencent Trusted Doctors founded?Tencent Trusted Doctors was founded in 2013.
Where is Tencent Trusted Doctors headquartered?Tencent Trusted Doctors is headquartered in Beijing, China.
Is Tencent Trusted Doctors publicly listed?No, Tencent Trusted Doctors is a private, VC-backed company.
What is Tencent Trusted Doctors' valuation?Tencent Trusted Doctors was last valued at $1B in its Series C in April 2019.
How much funding has Tencent Trusted Doctors raised?Tencent Trusted Doctors has raised $255M across 2 funding rounds.
What was Tencent Trusted Doctors' last funding round?Tencent Trusted Doctors' last funding round was a $250M Series C in April 2019, led by Gaw Capital Partners, HSG and Tencent.
Who are Tencent Trusted Doctors' investors?Tencent Trusted Doctors' investors include HSG, Russia-China Investment Fund, Country Garden Holdings, Tencent, Gaw Capital Partners, Lightspeed Venture Partners, Sensegain Asset Management, CMB International Capital Corporation, AVIC Trust and Harvest Global Investments.
Which companies are comparable to Tencent Trusted Doctors?Companies comparable to Tencent Trusted Doctors include DocPlanner, Fresha, Huasheng Haoche, Iwjw, Grupa Pracuj and LegalZoom.
How many companies has Tencent Trusted Doctors acquired?Tencent Trusted Doctors has acquired 2 companies, including ZIN FU DENTAL and U-Link.
What was the largest acquisition by Tencent Trusted Doctors?The $7M acquisition of ZIN FU DENTAL in December 2019 is the largest acquisition Tencent Trusted Doctors has made to date.

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