WeDoctor Revenue, Valuation, Funding & Investors

WeDoctor is valued at $7B as of February 2021, a 50.4x revenue multiple. WeDoctor revenue was $267M, as disclosed with its July 2022 round.

Last WeDoctor valuation

$7B

Series F · Feb 2021

Last WeDoctor funding round

$148M

Undisclosed stage · Jul 2022

WeDoctor revenue

$267M

Undisclosed stage · Jul 2022

Key investors in WeDoctor

WeDoctor Overview

About WeDoctor

WeDoctor is a Hangzhou-based digital healthcare company that grew out of the hospital appointment booking site Guahao.com, founded in 2010 by Jerry Liao. It was renamed WeDoctor in 2015 and operates an internet healthcare platform linking hospitals, doctors, patients, pharmacies and insurers. Services include online appointment booking, remote consultation, prescriptions and AI-assisted care, and it set up the Wuzhen Internet Hospital in 2015, described as China's first internet hospital. In its recent Hong Kong listing filings the company describes itself as a provider of AI healthcare solutions built around a contracted-population, capitated-payment model for local health communities. Investors have included Tencent, Fosun, Hillhouse Capital, Goldman Sachs, AIA Group, NWS Holdings and Sequoia Capital China, and it raised a US$500 million pre-IPO round in 2018 and about US$400 million in a further pre-IPO round around the turn of 2021.


Founded

2010

HQ

ChinaHangzhou

Website

guahao.com

Status

Privately held

Customer focus

B2C

Revenue model

Commission

Revenue

$267M (Jul 2022)

Valuation

$7B (Feb 2021)

WeDoctor Valuation

WeDoctor is currently valued at $7B, based on its Series F in February 2021. Read the announcement ↗

The $411M round was led by HSG and Millennium Management, with participation from Junci Investment.

WeDoctor's valuation has grown 4.7x from $1.5B at its Series C in September 2015 to $7B in February 2021, across 3 priced rounds.

WeDoctor valuation by funding round

Revenue multiple
WeDoctor valuation by funding round
DateStageValuationRevenue Multiple
Feb 2021Series F$7B50.4x
May 2018Undisclosed stage$5.5B-
Sep 2015Series C$1.5B21.9x

WeDoctor Revenue

WeDoctor's latest recorded revenue is $267M, as of its undisclosed-stage round in July 2022.

Revenue grew from $68M in September 2015 to $267M in July 2022.

WeDoctor revenue by funding round

WeDoctor revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jul 2022$267M--Undisclosed stage
Feb 2021$139M$7B50.4xSeries F
Jan 2016$182M--Strategic investment
Sep 2015$68M$1.5B21.9xSeries C

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

WeDoctor Funding History

WeDoctor has raised a total of $1.6B across 6 funding rounds.

WeDoctor's first fundraising round was a $107M Series B in October 2014. The most recent completed round was a $148M undisclosed-stage round in July 2022.

WeDoctor funding rounds

WeDoctor funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2022Undisclosed stage-$148M-WeDoctor, the Hangzhou-based internet healthcare platform, secured more than CNY 1 billion (about US$150 million) in a strategic financing round reported in early July 2022. The round was led by a state-owned industrial investment fund from Shandong province, whose name was not published, and other state-owned funds were reported to be in talks to integrate local medical and healthcare systems onto the platform. The financing followed the US$400 million pre-IPO round of February 2021 and a Hong Kong listing application filed in April 2021 that did not proceed. By then WeDoctor had completed eight or nine financing rounds since its 2010 founding and counted Sequoia Capital China, Goldman Sachs, CDB Capital, Hillhouse Capital, AIA Group and Tencent among its shareholders. The company is best known for setting up China's first internet-based hospital in Wuzhen and works with hospitals, pharmacies, government agencies and insurers to provide online and offline healthcare services.
Feb 2021Series FHSG (lead); Millennium Management (lead); Junci Investment$411M$7BWeDoctor is a leading China-based online healthcare services provider founded in 2010 by AI expert Jerry Liao, offering online doctor consultations, prescriptions, diagnosis services, and operating one of China's largest digital healthcare infrastructure platforms connecting hospitals, doctors, patients, pharmacies, insurance, and financial services, with over 240 million registered users. The company has raised over $1.936B across 10 funding rounds, including a Series G of $150M in July 2022. In February 2021, WeDoctor's Series F-II round raised approximately $400M led by HongShan (HSG), Millennium Management, and undisclosed investors at a post-money valuation of $7,000M (USD), matching the specified investors and approximate date. This round followed a Series F of $350M in December 2020. WeDoctor has pursued IPO plans multiple times, filing in Hong Kong in 2021 (later lapsed), planning US or Hong Kong IPO in 2023 after the 2022 $163M raise at $7B valuation, and targeting a Hong Kong IPO by June 2025 to raise $400M-$500M. The company competes in China's digital health sector alongside firms like Medlinker.
May 2018Undisclosed stageAIA Group (lead); NWS Holdings (lead); Hermitage Capital; AMTD Group; China Capital Zhongcai Fund Management; 5Y Capital$500M$5.5BWeDoctor, the Hangzhou-based online healthcare platform backed by Tencent, raised US$500 million in a pre-IPO round announced in May 2018, which valued the company at US$5.5 billion. AIA Company, the Hong Kong insurance group, and NWS Holdings, the Hong Kong infrastructure and services conglomerate, joined as lead strategic investors alongside existing shareholders. The company said the proceeds would support expansion ahead of a planned initial public offering. The financing was notable because two Hong Kong groups outside the technology sector supplied the lead strategic capital, rather than conventional venture investors. WeDoctor began in 2010 as the appointment-booking site Guahao.com and was renamed WeDoctor in 2015. It connects patients with hospitals and doctors for online appointment booking, consultation, prescriptions and internet hospital services, including the Wuzhen Internet Hospital, and operated across mainland China.
Jan 2016Strategic investmentJinan High-tech (lead)$20M-WeDoctor (also known as Guahao), a Tencent-backed Chinese digital health platform, connects hospitals, doctors, and patients through online appointment booking, internet hospitals like Wuzhen Internet Hospital, and AI-enabled diagnosis systems. It has raised over $1.9B across multiple rounds from investors including Tencent, AIA, NWS Holdings, and Hillhouse, focusing on technology-driven healthcare solutions in China. Later financings include a $500M pre-IPO round valuing the company at $5.5B and a Series F-II in February 2021 at $7B post-money valuation after raising $400M. The company has prepared for Hong Kong IPOs multiple times, with proposed valuations around $7B, amid a booming digital health market in China accelerated by COVID-19 and policy support.
Sep 2015Series CGoldman Sachs (lead); Hillhouse Investment (lead); China Development Bank Capital; Tencent; Fosun International; 5Y Capital$394M$1.5BWeDoctor (formerly Guahao), founded in 2010 in Hangzhou, China, operates an online healthcare platform enabling medical appointment booking, consulting, and services to address hospital overcrowding. The company raised $394 million in a 2015 funding round co-led by Hillhouse Capital and Goldman Sachs, with participation from Tencent, Fosun International, and China Development Bank (through its capital division). By late 2016, WeDoctor reported 150 million registered users and a network of 260,000 doctors. The platform evolved into a multifunctional service including international medical recommendations, cloud-based intelligent diagnostics for conditions like diabetic retinopathy and cervical cancer screening. In early 2017, WeDoctor sought $500 million in a pre-IPO round targeting a $4 billion valuation, aiming for a Hong Kong listing with ambitions of $5-6 billion valuation. The 2015 round positioned WeDoctor among top-funded digital health startups, contributing to $4.6 billion in healthcare IT investments that year.
Oct 2014Series BTencent (lead); Qiming Venture Partners; 5Y Capital$107M-WeDoctor (formerly Guahao.com), founded in 2010, is a Hangzhou-based online healthcare platform offering appointment booking, prescription, diagnosis, and telemedicine services, connecting users to thousands of hospitals and hundreds of thousands of doctors, with over 210 million registered users primarily in mainland China. Tencent invested in WeDoctor in 2014, marking its entry into the investor base and a rebranding the following year, amid competition with platforms like Ping An Good Doctor. In May 2018, WeDoctor raised US$500 million in a pre-IPO round led by AIA Group, valuing the company at US$5.5 billion post-money, with participation from NWS Holdings, China Investment Financial Holdings, and existing investors like Fosun, Goldman Sachs, and Hillhouse. This was described as the largest pre-IPO financing in China's health-tech sector at the time, aimed at expansion and IPO preparation on the Hong Kong Stock Exchange. WeDoctor pursued multiple IPO attempts, including plans in 2020 for up to US$1 billion raise backed by Tencent and Goldman Sachs, and a 2021 filing with a proposed US$7 billion valuation. A later round raised around $163 million at over $7 billion post-money from a Shandong-backed investor. The company has integrated 2,700-3,200 hospitals and 220,000-360,000 doctors, serving tens of millions of active users.

Who has invested in WeDoctor?

16 investors have backed WeDoctor across its funding rounds, including 5Y Capital, Tencent, Goldman Sachs, HSG, Qiming Venture Partners and Hillhouse Investment.

Lead investors include HSG, Millennium Management, AIA Group, NWS Holdings, Jinan High-tech and 3 other investors.


WeDoctor Investors

Investors in WeDoctor by funding rounds participated
InvestorHQRoundsRoleFirst check
5Y CapitalChinaChina3ParticipantOct 2014
TencentChinaShenzhen2LeadOct 2014
NWS HoldingsHong KongHong Kong1LeadMay 2018
Hermitage CapitalHong KongHong Kong1ParticipantMay 2018
China Development Bank CapitalChinaBeijing1ParticipantSep 2015
Jinan High-techChinaJinan1LeadJan 2016
Qiming Venture PartnersChinaShanghai1ParticipantOct 2014
Hillhouse InvestmentChinaBeijing1LeadSep 2015
Goldman SachsUnited StatesNew York City, NY1LeadSep 2015
AMTD GroupHong KongHong Kong1ParticipantMay 2018
AIA GroupHong KongHong Kong1LeadMay 2018
Fosun InternationalChinaShanghai1ParticipantSep 2015
China Capital Zhongcai Fund ManagementChinaTianjin1ParticipantMay 2018

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by WeDoctor

WeDoctor has acquired 1 company to date.

Last acquisition by WeDoctor was on May 7th 2015. WeDoctor acquired Golden Elephant Pharmacy for $16M.


Latest Acquisitions by WeDoctor

Golden Elephant Pharmacy
Description
Golden Elephant Pharmacy is an online retailer of pharmaceuticals and health products operating from Jiangxi Province in China. The platform stocks prescription drugs, over-the-counter medications, traditional Chinese medicines, and medical devices with nationwide delivery. It maintains compliance with National Medical Products Administration standards and offers telemedicine consultations through its app.
HQ CountryChina
HQ City
Beijing
Deal Date7 May 2015
Valuation$16M
EV/Revenue
EV/EBITDA

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Investments by WeDoctor

WeDoctor has invested in 1 company to date.

Latest investment by WeDoctor was on November 13th 2017. WeDoctor invested in Halove (hangzhou) Technology in their $32M Series A round.


Latest Investments by WeDoctor

Halove (hangzhou) Technology
Description
Halove (Hangzhou) Technology is a Hangzhou-based developer of hardware and healthcare software including smartphones, VR headsets, and wearable devices. Its health platform delivers 24-hour emergency response, telemedicine consultations, and real-time vital signs monitoring through IoT-connected wearables. The company supplies devices to hospitals and consumers across China.
HQ CountryChina
HQ City
Hangzhou
Deal Date13 Nov 2017
RoundSeries A
Raised$32M
Investors-
Valuationundisclosed
EV/Revenue
EV/EBITDA

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WeDoctor Competitors

WeDoctor competitors include listed companies like Clover Health and JMDC, and private ones like Cityblock Health, Noom, Devoted Health and Grand Rounds.

Public and private companies comparable to WeDoctor
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Cityblock HealthUnited StatesNew York City, NYPrivate$2.2B-$5.7B-
NoomUnited StatesNew York City, NYPrivate$400M-$3.7B9.3x
Devoted HealthUnited StatesBoston, MAPrivate$3.3B-$16B-
Clover HealthUnited StatesUnited StatesPublicly listed$1.9B($84M)$2.4B0.8x
JMDCJapanJapanPublicly listed$320M$87M$1.5B4.6x
Grand RoundsUnited StatesSan Francisco, CAPrivate--$1.3B-

WeDoctor Public Comps

WeDoctor is still privately-owned, but its public comps include Hims, Fortis Healthcare, Max Healthcare Institute, Hinge Health, Oscar Health, CareDx, Caris Life Sciences, Molina Healthcare, XtalPi and Privia Health.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Hims$2.3B$178M3.1x2.3x40.1x24.0x
Fortis Healthcare$951M$216M6.8x6.1x29.8x26.6x
Max Healthcare Institute$865M$234M10.6x8.2x39.2x30.4x
Hinge Health$588M($522M)15.0x10.8x(16.9x)39.2x
Oscar Health$12B($391M)0.5x0.3x(14.7x)9.0x
CareDx$380M($10M)11.5x8.8x(444.2x)53.8x
Caris Life Sciences$812M($5M)11.5x9.4x(1829.3x)54.0x
Molina Healthcare$45B$976M0.1x0.1x6.2x7.9x

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Common questions about WeDoctor

When was WeDoctor founded?WeDoctor was founded in 2010.
Where is WeDoctor headquartered?WeDoctor is headquartered in Hangzhou, China.
Is WeDoctor publicly listed?No, WeDoctor is a private, VC-backed company.
What is WeDoctor's valuation?WeDoctor was last valued at $7B in its Series F in February 2021.
How much funding has WeDoctor raised?WeDoctor has raised $1.6B across 6 funding rounds.
What was WeDoctor's last funding round?WeDoctor's last funding round was a $148M undisclosed-stage round in July 2022.
Who are WeDoctor's investors?WeDoctor's investors include 5Y Capital, Tencent, NWS Holdings, Hermitage Capital, China Development Bank Capital, Jinan High-tech, Qiming Venture Partners, Hillhouse Investment, Goldman Sachs, AMTD Group and 6 others.
What is WeDoctor's revenue?WeDoctor's latest recorded revenue is $267M (July 2022).
Which companies are comparable to WeDoctor?Companies comparable to WeDoctor include Cityblock Health, Noom, Devoted Health, Clover Health, JMDC and Grand Rounds.
How many companies has WeDoctor acquired?WeDoctor has acquired 1 company, including Golden Elephant Pharmacy.
What was the largest acquisition by WeDoctor?The $16M acquisition of Golden Elephant Pharmacy in May 2015 is the largest acquisition WeDoctor has made to date.
How many companies has WeDoctor invested in?WeDoctor has invested in 1 company, including Halove (hangzhou) Technology.
What was WeDoctor's last investment?In November 2017, WeDoctor invested in Halove (hangzhou) Technology's $32M Series A.

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