Lightspeed leads $30.5m series C2 round in Chinese healthtech startup

Linkedcare, a Chinese software-as-a-service supply chain platform focusing on dental care and aesthetic medicine, announced that it has closed 200 million yuan (US$30.5 million) in a series C2 round of funding led by Lightspeed China Partners and So-Young International.

Existing investor Matrix Partners China also participated in the round.

Photo credit: zgmsjjw.com

Founded in 2015, Linkedcare claims that it provides its cloud-based management software and supply chain solutions to over 30,000 dental clinics and aesthetic medicine organizations in China.

It also claims that its ecommerce platform connects over 300 brands and that it owns more than 10,000 stock-keeping units.

Covid-19 has accelerated the digitalization of medical institutions in China, according to Francis Kao, associate partner at Lightspeed China Partners. By 2020, the country’s healthcare market is expected to hit US$1 trillion, growing at a compound annual growth rate of 12% from US$357 billion in 2011.

With the new funds, Linkedcare will invest in the research and development of the digitalization and intellectualization of its dental management software and aesthetic medicine software. It will also build nine more regional warehouses and form its sales team.

The latest investment comes after the Shanghai-based company secured 100 million yuan (roughly US$15.2 million) in a series C1 round led by Taikang Asset Management and Everest VC in 2019. Additional investors include Meituan Dianping and Fosun Pharmaceutical, among others.

Currency converted from Chinese yuan to US dollar: US$1 = 6.56 yuan.