Shanghai MediTrust Health Technology Co., Ltd., a Chinese healthcare services platform, raised over RMB2 billion (approximately US$308m) in Series C financing.
The round was jointly led by Boyu Capital and Janchor Partners with participation from Lily Asia Ventures, Lake Bleu Capital, Bank of China Group Investment, AIHC Capital, Everbright Limited, New Alliance Capital, CICC, and several other investors and existing shareholders Shanghai Biopharmaceutical Investment Fund, Sinovation Ventures, China Renaissance, and Marathon Venture Partners.
Established in 2017 and led by Seth Zhang, Founder and CEO, MediTrust is a private healthcare payor which leverages proprietary integrated platforms for both healthcare and insurance companies to provide users and their families with comprehensive and high-quality healthcare products and services to lower medical costs.
One of MediTrust’s core services is Care2Pay, a healthcare benefit platform which collaborates with more than 50 pharmaceutical and insurance companies and over 2,000 Direct-to-Patient (“DTP”) pharmacies with national coverage that exceeds 400 cities across the country. It 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.
In addition to Care2Pay, MediTrust also delivers its services through collaboration with insurance companies in order to offer consumers access to healthcare services. For instance, the company supported insurers to launch municipal health insurance products in more than 40 cities in China, including Beijing, Shanghai, as well as other major Chinese cities. Notably, MediTrust’s services have been instrumental in Shanghai’s “Huhuibao”. “Huhuibao” provides significant coverage expansion on top of Basic Medical Insurance, covering expenses and providing guaranteed access to specialty drugs.