MediTrust raises $308 million to push affordable healthcare in China

Shanghai MediTrust Health Technology raised capital of more than 2 billion renminbi (about US$308 million) in a third-round financing jointly led by Boyu Capital and Janchor Partners. 

Lily Asia Ventures, Lake Bleu Capital, Bank of China Group Investment, AIHC Capital, Everbright, New Alliance Capital, CICC, and several other investors also joined this round. 

Also, MediTrust attracted commitments from many existing shareholders, including Shanghai Biopharmaceutical Investment Fund, Sinovation Ventures, China Renaissance, and Marathon Venture Partners.

Participants of the latest round of financing were primarily financial investors and healthcare specialty investors.

John Ho, founder and CIO of Janchor Partners said MediTrust’s business is aligned to bringing more affordable healthcare to patients in China through its innovative payment methodologies, channels and technologies.

One of MediTrust’s core services is Care2Pay, a healthcare benefit platform in China in terms of both GMV and numbers of users. Care2Pay collaborates with more than 50 pharmaceutical and insurance companies and over 2,000 direct-to-patient pharmacies with national coverage of more 400 cities across the country. 

The company enables millions of patients with cancer, chronic diseases, rare diseases, and other diseases who received limited coverage from traditional insurance plans the ability to purchase the latest innovative drugs at a more affordable price. In the first half of 2021 alone, Care2Pay helped patients and their families save over RMB300 million in healthcare expenditures.

MediTrust also delivers its services through collaboration with insurance companies in order to offer consumers access to more affordable and better quality healthcare services. For instance, the company successively supported insurers to launch municipal health insurance products in more than 40 cities in China, including Beijing, Shanghai, as well as other major cities in China. 

Further, MediTrust’s services have been instrumental in Shanghai’s “Huhuibao,” which provides significant coverage expansion on top of Basic Medical Insurance, covering out-of-pocket expenses and providing guaranteed access to specialty drugs. 

This product has seen 7.39 million people — more than one-third of eligible  citizens in Shanghai — enroll, a record for enrollment in municipal health insurance plans in China.

Capitalising on the rapid digitisation in China, MediTrust extended its services to connect domestic patients with the world’s newest drugs, novel therapies, and latest medical devices through our iCare Internet Hospital embedded in Care2Pay.