MediTrust Health, the insurance, financing, and direct-to-patient pharmacy subsidiary of China-based Shanghai Pharmaceuticals Holding Co., Ltd, has raised an undisclosed amount in a Series C+ financing round. HSBC joined as a strategic investor, alongside other strategic shareholders including SPH, China Life Reinsurance Co., Ltd, and Shanghai Healthcare Capital (SHC).
Focus on Expansion and Innovation
MediTrust plans to use the funds to expand high-quality medical service security, innovate product diversification, and upgrade scientific and technological intelligence. These initiatives aim to broaden the industry’s development path and provide continuous impetus for the transformation and upgrading of China’s medical and health service and security platform.
Strategic Partnership with HSBC
Beyond the investment, HSBC and MediTrust will collaborate on various initiatives to expand their respective businesses and deliver comprehensive health, well-being, and protection solutions for customers in China, the world’s second-largest healthcare market. The partnership will help HSBC reach a broader mass affluent and high net worth customer base, identify credible health-related information, and connect customers to quality medical and health services both domestically and internationally through MediTrust’s network. For MediTrust, the partnership will drive innovation and extend its reach.
Company Overview and Previous Funding
Founded in 2017, MediTrust operates two core businesses: care2pay.com and urban universal commercial complementary insurance products. These services cover over 100 cities and benefit more than 2 million people. MediTrust previously raised RMB 1 billion (USD 147.97 million) in a Series B round and RMB 2 billion (USD 295.94 million) in a Series C round in March and August 2021, respectively. Prior to HSBC’s investment, the company had 37 shareholders, with the top three being founder and CEO Zhang Xiaodong, Ant Group, and SPH.
Future Outlook
The Series C+ financing round and strategic partnership with HSBC position MediTrust to accelerate its growth and innovation in the Chinese healthcare market. With strong financial backing and strategic collaborations, MediTrust is poised to enhance its service offerings and contribute to the transformation of China’s healthcare landscape.-Fineline Info & Tech
