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China Digest: Medlinker launches $76m fund; Gene+ raises $38m

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Date: 2020-11-16 15:18:45

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Sequoia China-backed health tech unicorn Medlinker has set up a 500-million-yuan ($75.9 million) industry investment fund, while Gene+ Technology has closed over 250 million yuan ($38 million) in a Series B+ round of financing led by Huagai Capital.

Sequoia-backed health tech unicorn Medlinker debuts $76m fund

Chinese health tech unicorn Medlinker has partnered with state-owned investment firm Wuhan S&T Investment Company and an affiliate of China Merchants Bank to set up a 500-million-yuan ($75.9 million) fund to invest in startups working in the chronic disease management field, it announced on Tuesday.

The fund will focus on Chinese startups providing digital therapeutics, innovative out-of-hospital healthcare services, smart medical equipment, and intelligent disease detection & diagnosis solutions.

Medlinker’s ambitions to build its own portfolio of health tech startups comes when the scale of China’s Internet-based healthcare market has reached nearly 27.2 billion yuan ($4.1 billion) in 2019 – up 47.5 per cent from one year before – with a compound annual growth rate (CAGR) of 42 per cent between 2012 and 2019, according to Chinese market researcher Qianzhan.com.

Chengdu-based Medlinker had reached a unicorn valuation of over $1 billion in July 2018, after its 1-billion-yuan ($151.9 million) Series D round led by Chinese fund manager CICFH. Sequoia Capital China; CEC Data Healthcare Fund, an investment vehicle of state-owned telecom equipment maker China Electronics Corporation (CEC); China Renaissance’s Huaxing New Economy Fund; and other investors had participated in the Series D round.

The firm’s investors also include Tencent Investment, Alibaba’s co-founder Jack Ma-backed PE firm YF Capital, and China Merchants Bank’s fully-owned subsidiary CMB International.

Gene+ closes over $38m Series B+ round led by Huagai Capital

Gene+ Technology, a Chinese oncology gene testing and precision medicine startup, announced on Monday that it has closed over 250 million yuan ($38.0 million) in a Series B+ round of financing led by China-focused private equity firm Huagai Capital.

Aier Health Investment, part of Chinese ophthalmic medical institution Aier Eye Hospital Group; WisdoMont that invests in biotech and healthcare services in China; Shanghai-based equity investment firm Sharewin Investment; and healthcare-focused HighLight Capital joined the round.

Gene+ is engaged in clinical detection, medical equipment production, technological cooperation & services, and the treatment and prevention of tumours.

Proceeds from the new round will be used to speed up the adoption and commercialisation of the firm’s domestic NGS solutions in Chinese hospitals, accelerate the registration & approval of its portfolio of NGS-based panels, and the continuous R&D of products for early-stage cancer screening, among others.

Gene+ had closed nearly 200 million yuan ($30.4 million) in a Series B round led by Shenzhen-based PE firm Co-Stone Asset Management in September 2019.

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