1111.com Secures $50 Million in New Funding Round Led by TCG Crossover

VCBeat has learned that on April 26, 2018, 6 Dimensions Capital announced the completion of its investment in the B2C pharmaceutical platform 111.com (Yi Yao Wang). The round was led by 6 Dimensions Capital, with an investment amount of approximately USD 50 million.

Left image: Yu Gang, Co-founder of 111.com

Right image: Liu Junling, Co-founder of 111.com

1Drug.com was founded in 2010 by Yu Gang and Liu Junling, the original founders of Yihaodian. It is committed to changing the status quo of “difficulty in seeing a doctor and high cost of medication” among the Chinese public through internet-based models and thinking. Leveraging innovative internet and IT technologies, 1Drug.com provides services such as online diagnosis and treatment, medication purchase, and health management. By reducing intermediaries and optimizing the supply chain, it offers comprehensive solutions that are affordable and convenient for the Chinese public’s medical care and medication needs.

“1 Yao Wang,” a B2C pharmaceutical platform, and its sibling brand “1 Yao Cheng” (formerly “No. 1 Pharmaceutical City”), a B2B pharmaceutical platform, underwent comprehensive integrated development in 2017. By leveraging an innovative B2B2C model, they empower doctors, pharmacies, hospitals, pharmaceutical manufacturers, and drug distributors, standing as one of the few unicorns in the internet healthcare industry.

Dr. Chen Lianyong, Founding Managing Partner and CEO of 6 Dimensions Capital, stated that the firm focuses on investments in the healthcare sector. “We are optimistic about opportunities in the pharmaceutical distribution segment. Our collaboration with 1 Drugstore is grounded in our confidence in the leadership and strategic planning capabilities of its two founders, as well as their extensive industry experience, which will play a crucial role in the company’s future development.”

“Internet + Healthcare” will remain one of the most promising industries in the coming decades. Currently, China faces challenges such as difficult access to medical care and high medication costs, characterized by a multi-layered, inefficient pharmaceutical distribution system and fragmented, poorly integrated end-point distribution channels. The internet is poised to reshape the landscape of this industry.

Dr. Yu Gang, Co-Founder and Executive Chairman of 111.com, stated, “We are committed to leveraging our core competencies in internet IT, business intelligence big data, and supply chain management. Through our B2B2C cloud service platform, we organically integrate medical and pharmaceutical resources, bridge B-side and C-side stakeholders, and connect online and offline channels. This empowers pharmacies, hospitals, physicians, and pharmaceutical companies by enhancing efficiency, reducing costs, improving services for the general public, and strengthening their competitiveness.”

6 Dimensions Capital is a leading investment firm focused on the healthcare sector, with deep expertise and extensive coverage in both the Chinese and U.S. markets. It is led by a team ofA team of more than 30 investment and post-investment professionals, with offices in Shanghai, Boston, Hong Kong, and San Francisco. The firm currently manages four U.S. dollar funds and three RMB funds, totaling $1.6 billion in assets under management, and has built a portfolio comprising over 60 companies.

In May 2017, Two Roads Capital and Yu Cheng Capital, two outstanding and complementary investment firms specializing in the Chinese and U.S. pharmaceutical and healthcare sectors, merged to form 6 Dimensions Capital. Headquartered in Shanghai and San Francisco, Two Roads Capital had established a venture capital presence in China’s healthcare sector with nationwide reach, while Yu Cheng Capital, based in Shanghai and Boston, held significant advantages in accessing innovative U.S. companies. The merged entity, 6 Dimensions Capital, has become one of the largest specialized investment firms in the industry, serving as a powerful engine for driving innovative investment opportunities in life sciences and healthcare across the Pacific.