Chinese online health platform DXY closes $500M raise

The nearly 20-year-old brand started as an online hub for providers, but now hosts consumer-facing resources and in-person health clinics.
By Dave Muoio
11:28 am
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DXY, a Chinese company offering an online platform for providers, healthcare organizations and health consumers, announced last week a $500 million raise. Trustbridge Partners led the round that also included support from Tencent Investment and GL Ventures, the company said in a statement.

The Series E round brings DXY's lifetime fundraising total to roughly $680 million. The company had reached unicorn status back in 2018 when it closed its $100 million Series D.

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DXY got its start nearly 20 years ago as an online community for doctors and other healthcare professionals, and later launched a consumer component offering health and wellness information. Today the brand includes public-facing medical advertising and job recruitment for its life science clients, as well as clinics where patients can receive in-person medical care.

Per TechCrunch, the company has reached 130 million consumers and more than 9,000 medical organizations, and a registered user base of about 20 million.

WHAT IT'S FOR

Founder and Chairman Li Tiantian said in the announcement that in addition to reinforcing the core DXY.cn platform for Chinese doctors, the company will be focused on fleshing out its partnerships with hospitals, life science clients and other enterprises so that it can offer more services and resources.

MARKET SNAPSHOT

China's landscape of online healthcare communities and platforms has a handful of major players, many of which were reported to have made major gains during 2020.

Chief among these is Ping An Good Doctor, a part of major Chinese insurer Ping An that boasted 346 million registered users and about 67 million monthly users as of June 2020. Others include JD Health, which launched a new telehealth service this year on the back of an $830 million raise, and WeDoctor, which was reported to be raising $350 million in preparation of an early 2021 IPO.

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