Founded in 2010 by Liao Jieyuan, Hangzhou-based WeDoctor is the operator of a mobile app that offers medical services. The platform got its start as an advertising-based app that ranked hospitals and helped patients to schedule medical appointments. It has since extended its scope to online consultations and face-to-face services. During the pandemic, WeDoctor’s virtual consultations were said to have reduced overcrowding in public hospitals. The company boasts 214 million registered users on its platform.
Internet giant Tencent is WeDoctor’s biggest backer, participating in three rounds of fundraising between 2014 and 2015 with a total investment of $800 million. Although the company is still bleeding cash, it hasn’t struggled to attract investors. Ping An Good Doctor is a cornerstone backer. In 2018, the start-up also secured $500 million in financing from AIA Group, NWS Holdings and China Capital Zhongcai Fund Management. WeDoctor is said to be mulling an initial public offering that values the company at around $5.5 billion.
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