Shanghai-based dental chain brand Mei Wei Dental Group has received more than one billion yuan ($ 155 million) in a Series B funding round, the company said in a statement Thursday.
Returning investors Fortune Capital and Tianyi Group, as well as new backers New Hope Group, TFTR Investment and Shanghai Tianyou Investment, made capital injections during the cycle.
Fortune Capital, a Shenzhen-based venture capital firm that manages 36 billion yuan ($ 5.6 billion) in assets, had exclusively injected 3 million yuan ($ 46 million) into the Series A cycle of Mei Wei in 2018.
Five-year-old Mei Wei, who claims to be the leading dental service group in China, has nearly 200 owned and franchised dental clinics.
Mei Wei has invested in a new software-as-a-service (SaaS) management platform that covers reservations, medical record management, data analysis and online physician consultation.
He has also been active in peer acquisition and made 16 investments in chain brands such as Welle Dental, Xinqiao Stomatology, Meier and Qinghua Sunshine Dentistry, among others.
According to a joint report from Meituan, in 2020, the size of China’s dental industry was 195 billion yuan ($ 30 billion) in 2020, up 13% from the previous year.