Fosun Group co-led an $16 million Series B round in Yaoshibang, a Guangzhou-based mobile app that provides online pharmacy services. The fund was co-led by Green Pine Capital Partners of Shenzhen. Yaoshibang’s mobile app allows individuals to order medicines directly from off-line pharmacies, with guaranteed next-day delivery in major cities. Currently, the two-year-old start-up operates in over 40 cities in China, and has over 50,000 pharmacies signed onto the platform. It plans to use the proceeds to build its platform and expand market share. Existing investors Co-Power Capital Management Co., Ltd. and Ivy Capital also participated in the round.
