Malo Dental Completes RMB 110 Million Series C Funding Round and Files for Hong Kong IPO

VCBeat has learned that on March 31, Malo Clinic China completed a C-round financing of RMB 110 million. The round was led by Jinpu Fund, with co-investment from Starvest Capital and Honghui Capital. Hywin Capital served as the exclusive financial advisor for this transaction.

Founded in Lisbon, Portugal, in 1993 by Dr. Paulo Malo, a globally renowned master in dental implantology and prosthodontics, the Malo Clinic Group officially entered the Chinese market in 2013 by establishing Shanghai Zhilue Malo Investment Management (Shanghai) Co., Ltd.

It has been reported that after securing Series A and Series B funding in 2014 and 2015, respectively, Malo Clinic China completed its strategic layout of the full industry chain in Greater China in 2016, comprising 16 clinics, two dental laboratory processing centers, one education and training center, and one procurement center. At a time when most large-scale standalone dental clinics are grappling with significant profitability challenges, Malo Clinic has remained committed to operating as a technology-led international professional dental chain. The company continues to refine its global human resources system and leverage strong, differentiated technical advantages, while also establishing a unique patient referral system.

Therefore, while implementing its strategic layout, Malo Clinic China established two core systems: “productization of medical services” and “financial operations management.” By simultaneously advancing four specialized disciplines—dental implants, aesthetic restoration, orthodontics, and pediatric dentistry—the company gathered authentic needs from precise patient segments. Applying a product-oriented mindset to medical service delivery, and leveraging its proprietary Hospital Information System (HIS) alongside a financial operations management system based on actual operational data analysis, Malo Clinic China enhanced its cost efficiency per unit of output.

It is evident that Malo Clinic has structured its product offerings around high-margin services such as dental implants and orthodontic aesthetics. Meanwhile, it enhances clinic operational efficiency through streamlined management and training systems, thereby strengthening the brand equity of “Malo Clinic.”

Following the new round of financing, what new moves will Malo Clinic China make? Shao Zongzong, Chairman of the Board, stated, “Malo Clinic China will continue to systematically advance its strategic layout for dental chain service institutions across Greater China, continuously optimize its operational service management system, and establish itself as a professional, high-quality brand in the private dental healthcare services industry.”

Fan Yin, Managing Partner at Jinpu Fund, the lead investor in this round, believes that dentistry, as the most market-oriented sector, possesses unique advantages and is highly worthy of attention and investment. First, the dental sector combines strong medical and consumer attributes, offering substantial market potential. Second, it demonstrates high replicability under established management systems. Third, its high degree of marketization has fostered strong patient trust in private clinics, supported by robust commercial insurance coverage and a willingness to pay out-of-pocket.

Regarding the rationale behind investing in Malo Clinic, Fan Yin stated, “As a specialized medical services industry investment fund, taking equity stakes in specialty clinic chains is a core component of our investment strategy. While there are already several chain brands in China’s high-end dental sector, we ultimately chose to invest in Malo Clinic after thorough research and comparative selection. First, we have strong confidence in Malo Clinic’s core executive team. The ‘golden triangle’ formed by Mr. Shao, Mr. Yang, and Dr. Malo combines complementary strengths, features clear division of responsibilities, shares consistent corporate values, and pursues well-defined objectives. Second, the Malo brand itself is a world-leading name in dentistry. Notably, as the inventor of the All-on-4® technique, Dr. Malo brings significant advantages in professional medical expertise. Third, the company’s unique management philosophy and operational system not only attract renowned domestic physicians to join and grow together—refocusing on the essence of healthcare—but also enhance service quality and deliver strong business performance.”

Zhao Gang, Founding Partner of Honghui Capital, who has been involved since the Series A round, stated, “Maluo Dental was the first project undertaken by Honghui Capital after its establishment. Over the past three years, we have witnessed the growth of the Maluo team and are pleased to see its healthy business development.”

Jin Jiong, Managing Partner at VStar Capital, the lead investor in the Series B round, stated, “Our continued investment in Malo Dental’s team stems from our belief that their core values of ‘medical compassion and artisanal craftsmanship’ serve as the cornerstone for the development of healthcare service institutions. We are also pleased to see that the team has completed its nationwide chain layout over the past year and more, while enhancing the standardized management system across its chain operations.”

Liu Hao, CEO of Haoyue Capital, the long-term financial advisor from Series A to Series C, stated, “Malong Dental possesses internationally leading dental technologies and an excellent operational team. In just three years, it has grown into the most successful domestic brand for the localized implementation of renowned international specialized medical services in China.”