Health startup MyDermacy has raised an undisclosed amount of funding from Chinese venture capital firm Cyber Carrier, a statement issued by the company said.
The investor has acquired 15-18% stake in the company. The round also saw participation from MyDermacy’s existing investors, the statement added.
The startup had previously raised $150,000 from angel investors including the promoters of Internet service provider Spectranet and Daljit Singh, president of Fortis Healthcare, besides others.
MyDermacy helps people find solutions to their skin and hair problems from verified dermatologists. It also enables users to share their pictures with a dermatologist and receive personalised recommendations.
“This funding will primarily be utilised towards the expansion of the product offering and leadership hiring. We are also working on our next level of a diversified product offering on both consumer and B2B,” Ankit Khurana, founder and chief executive of the firm said in the press note.
Dermacy Healthcare Pvt. Ltd., which runs MyDermacy, was founded in 2013 by Khurana, who earlier served as the director at healthcare services firm Timpac Healthcare Pvt. Ltd.
Founded early this year, Cyber Carrier has an active focus in India and has made a number of investments. It recently invested in self-drive car rental platform Zoomcar and lending platform IndiaLends. Its first investment in India was student loan platform Krazybee.
Cyber Carrier was founded by Zou, founder of Chinese mobile ad network YeahMobi, which provides solutions such as in-house media buying, social media channels and search engine marketing.
In an earlier interaction with VCCircle, Jessica Wong, partner at Cyber Carrier, had said that the fund would invest in about 12-20 startups in the next 18 months. She added that YeahMobi will be the strategy partner of the fund.
Other recent deals in the healthcare segment include Chandigarh Angels Network’s investment of Rs 1.6 crore ($235,000) in Mumbai-based medical devices startup Yolo Health in January this year. The same month also saw health insurance firm TPA Media Assist acquire a Mumbai-based rival.
In December 2016, doctor discovery platform Practo acquired US-based data analytics firm Enlightiks, its fifth in the space.
Besides startup investments, VC firms have also raised funds aimed specifically at the healthcare space.
Last month, early-stage investor Ventureast Fund Advisors India Ltd said it is raising a new $4 million ($26.6 crore) fund to make angel and seed investments in digital healthcare startups.
In December 2016, healthcare technology firm CitiusTech partnered with IIT Bombay’s Society for Innovation and Entrepreneurship (SINE) to launch a fund to invest in early-stage healthcare startups.
The article has been updated to include changes from a statement issued by MyDermacy.
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