Unicorns in Hangzhou in 2024

• Valuation: $7B
• Industry: Healthcare & Life Sciences
• Investors: Tencent, Morningside Group
• Unicorn Milestone Date: 9/22/2015

About

We Doctor also known as WeDoctor, is a leading online healthcare platform founded in 2004 in Hangzhou, China. It connects patients with doctors, offers telemedicine services, and provides various digital health solutions. As one of the notable unicorn companies in Hangzhou, the company achieved unicorn status with a valuation of over $5.5 billion in 2018.

Target Audience

We Doctor primarily serves:

• Chinese patients seeking convenient access to healthcare services
• Doctors and healthcare providers looking to expand their reach
• Hospitals and clinics aiming to digitalise their operations
• Insurance companies interested in integrating health services

Business Model

We Doctor operates a platform-based business model that generates revenue through:

• Online consultation fees
• Commissions from pharmacy sales
• Subscription fees for premium services
• Licensing fees for its cloud-based solutions to hospitals and clinics
• Data analytics services for healthcare institutions and insurers

Key Offerings

• Online consultations and telemedicine services
• Appointment booking system for offline medical visits
• Electronic health records management
• AI-powered diagnostic tools for Western and Chinese medicine
• Digital pharmacy services with e-prescriptions
• Health insurance products
• Cloud-based solutions for healthcare providers

Key Management

Founder and CEO: Jieyuan Liao 

Investment Timeline

• Founded in 2004
• Received backing from Tencent in 2014
• Completed a $500 million pre-IPO funding round in 2018, led by AIA Group
  

• Valuation: $3B
• Industry: Industrials
• Investors: Morningside Ventures, Warburg Pincus, CreditEase Fintech Investment Fund
• Unicorn Milestone Date: 1/11/2017

About

SouChe Holdings operates in the fintech sector, specifically focused on the second-hand car market. It is a leading platform for buying and selling used vehicles in China.

Target Audience

SouChe Holdings primarily targets individuals looking to purchase or sell used cars in China. This includes both private buyers and sellers, as well as dealerships and other automotive businesses.

Business Model

SouChe Holdings operates as a marketplace, connecting buyers and sellers of used cars. The platform provides a convenient and secure platform for transactions, offering services such as vehicle inspection, financing options, and insurance. The company generates revenue through transaction fees and advertising.

Key Offerings

• Marketplace: SouChe Holdings offers a comprehensive online platform for buying and selling used cars, providing a wide range of vehicles to choose from.
• Inspection Services: The company provides detailed vehicle inspections to ensure the quality and authenticity of the vehicles listed on the platform.
• Financing Options: SouChe Holdings offers financing options for buyers, making it easier for them to purchase vehicles.
• Insurance: The platform provides insurance services to protect both buyers and sellers during transactions.

• Valuation: $2.41B
• Industry: Financial Services
• Investors: Shunwei Capital Partners, China Media Group, Guangzhou Huiyin Aofeng Equity Investment Fund
• Unicorn Milestone Date: 2/21/2017

About

CaoGenTouZi (CGTZ) is a fintech platform based in Hangzhou, China, founded in 2014. It operates as a business-to-customer (B2C) debt investment portal, providing various investment products and services primarily for individuals and small to medium enterprises (SMEs). CGTZ, one of the emerging unicorn companies in Hangzhou, is a core member of the Grassroots Holding Group and has raised significant funding, including a notable Series D round.

Target Audience

CGTZ primarily targets individual investors and small to medium enterprises (SMEs) looking for investment opportunities and financial solutions. The platform is designed to cater to those seeking to invest in debt instruments and other financial products.

Business Model

CGTZ operates on a B2C model, offering a range of debt investment products to individual investors and SMEs. The platform generates revenue through fees associated with investment transactions, loan origination, and other financial services provided to its users.

Key Offerings

• Debt Investment Products: Various investment options tailored for individual investors and SMEs.
• Loan Services: Financial solutions including loans for SMEs to support their business operations.
• Investment Management: Tools and services to help users manage their investments effectively.

• Valuation: $2B
• Industry: Consumer & Retail
• Investors: GGV Capital, IDG Capital, Linear Venture
• Unicorn Milestone Date: 10/25/2019

About

Kujiale is a high-efficiency online cloud design software platform operating in the interior design and home renovation industry. Founded in 2011, it is based in Hangzhou, Zhejiang, China.

Target Audience

Kujiale's services cater to a wide range of sectors including homeowners, real estate professionals, and design agencies. This broad customer base allows the company to offer a comprehensive suite of tools for various design needs.

Business Model

Kujiale operates on a subscription-based model, providing its suite of design tools and services to customers. The platform offers a variety of features, including layout planning, hard decoration, custom furniture, lighting, plumbing, and electrical design, as well as marketing tools like rendering and virtual photography.

Key Offerings

• Design Tools: Kujiale offers a range of design tools for various needs, including layout planning, hard decoration, custom furniture, lighting, plumbing, and electrical design.
• Marketing Tools: The platform includes marketing tools such as rendering and virtual photography to help customers showcase their designs.
• International Edition: Kujiale has an international edition, Coohom, which serves customers in over 200 countries.

• Valuation: $1.60B
• Industry: Industrials
• Investors: People Electrical Appliance Group China, Zhongrong International Trust
• Unicorn Milestone Date: 1/17/2018

About

Cao Cao Mobility, also known as CAOCAO, is a high-end car rental and ride-hailing app operating in major cities throughout China. As one of the unicorn companies in Hangzhou, it is a spinoff of Geely Technology Group and aims to be a low-carbon mobility brand by using new energy vehicles and offering carbon banking for individual and corporate users.

Target Audience

Cao Cao Mobility primarily targets individuals and corporate users seeking efficient and environmentally friendly mobility solutions. Its services cater to those who value comfort, speed, and sustainability in their transportation needs.

Business Model

Cao Cao Mobility operates on a ride-hailing and car rental model. It offers ride-hailing services using its own fleet of vehicles and taxis, as well as concierge services. The company aims to provide a seamless and efficient mobility experience by leveraging Geely Auto’s new energy vehicles, such as the Emgrand EV, which has a 450km range and produces zero emissions.

Key Offerings

• Ride-hailing services: Cao Cao Mobility offers ride-hailing services using its own fleet of vehicles and taxis, providing a quick and comfortable transportation experience.
• Car rental services: The company offers car rental services for both short-term and long-term periods, catering to various mobility needs.
  Concierge services: Cao Cao Mobility provides concierge services, ensuring that users receive personalized assistance and support.
• Carbon banking: The company offers carbon banking services, allowing users to offset their carbon emissions and contribute to a more sustainable environment.

Investment Timeline

• 2015: Cao Cao Mobility was founded.
• 2017: The company raised $1,600M in its Series A - II funding round.
• 2018: Cao Cao Mobility raised $1,600M in its Series A - II funding round.
• 2021: Cao Cao Mobility raised $588M in its Series B funding round.

• Valuation: $1.50B
• Industry: Enterprise Tech
• Investors: Alibaba Group, China Everbright Investment Management, Yinxinggu Capital
• Unicorn Milestone Date: 8/6/2017

About

DT Dream also known as Hangzhou DT Dream Technology Co., Ltd., is a unicorn startup based in Hangzhou, China. It operates as an integrated intelligent data platform company, specializing in urban brain solutions, digital government solutions, and smart emergency solutions. As a strategic partner of Alibaba Group's cloud computing arm Alibaba Cloud, DT Dream has extensive experience in government, urban, and industrial internet applications.

Target Audience

DT Dream primarily targets businesses and organizations that require advanced data analysis and cloud computing solutions. This includes companies in various sectors such as finance, healthcare, and e-commerce.

Business Model

DT Dream operates on a B2B model, providing its cloud computing and big data analysis services to businesses. The company generates revenue through subscription-based models and project-based engagements.

Key Offerings

• Cloud Computing Services: DT Dream offers scalable and secure cloud computing solutions, enabling businesses to manage and process large amounts of data efficiently.
• Big Data Analysis: The startup provides advanced data analysis capabilities, helping businesses to extract insights and make data-driven decisions.

• Valuation: $1.50B
• Industry: Consumer & Retail
• Investors: Legend Capital, CDH Investments, Sequoia Capital China
• Unicorn Milestone Date: 5/29/2018

About

JOLLY Information Technology is an e-commerce solutions provider and online retailer founded in 2008. It achieved unicorn status in 2018 with a valuation of $1.5 billion. The company helps mainstream manufacturers of apparel, outdoor gear, homeware, and lighting appliances maximize revenues, reduce costs and risks of online business, and build their brands internationally.

Target Audience

JOLLY Information Technology primarily targets:

• Mainstream manufacturers of apparel, outdoor gear, homeware, and lighting appliances
• International consumers looking for popular garment brands at reasonable prices

Business Model

The company operates on a dual business model:

• B2B: Providing e-commerce solutions to manufacturers
• B2C: Operating JollyChic.com, an online retail platform for consumers

Key Offerings

• E-commerce solutions for manufacturers
• JollyChic.com - an online retail platform offering popular garment brands at competitive prices
• Big Data analytics to understand consumer behaviors and market products effectively on social media platforms

• Valuation: $1.43B
• Industry: Healthcare & Life Sciences
• Investors: Sequoia Capital China, China Life Investment Holding Company, Qiming Venture Partners
• Unicorn Milestone Date: 12/5/2022

About

Valgen Medtech is a medical device company founded in 2015 that specialises in developing interventional treatments for structural heart diseases, particularly mitral and tricuspid valve disorders. As one of the notable unicorn companies in Hangzhou, it achieved unicorn status in 2021 with a valuation of over $1 billion. The company is headquartered in Hangzhou, China, with an R&D center in Shenzhen.

Target Audience

Valgen Medtech's primary target audience is hospitals and cardiac surgeons treating patients with mitral valve regurgitation and other structural heart conditions. Their devices aim to provide minimally invasive treatment options for patients who may be at high risk for traditional open-heart surgery.00 

Business Model

Valgen Medtech operates on a medical device manufacturing and sales model. They develop innovative interventional cardiology devices in-house, obtain regulatory approvals, and then sell the devices to hospitals and healthcare providers. The company also partners with larger medical device firms for distribution and commercialization.

Key Offerings

• DragonFly Transcatheter Mitral Valve Repair System: Their flagship product for treating mitral regurgitation using a catheter-based approach
• Pu Jie Jie Medical Radiation Protective Shield
• Magpie Balloon Dilatation Catheter
• DragonPath Transseptal Puncture System
• Firework Stiff Guidewires

Investment Timeline

• 2019: Series A funding (amount undisclosed)
• May 2021: $133 million Series B funding led by DCP Capital, HongShan, and others
• 2021: Achieved unicorn status with a valuation over $1 billion

• Valuation: $1.32B
• Industry: Enterprise Tech
• Investors: Advantech Capital, Temasek Holdings Ltd., Tiantu Capital Co.
• Unicorn Milestone Date: 4/25/2019

About

Tongdun Technology is a Chinese fintech company that specializes in risk control software. Founded in 2013, it has raised a total of $150 million in funding, with Singapore's sovereign investment vehicle Temasek Holdings leading a significant funding round in 2020.

Target Audience

Tongdun Technology primarily serves financial institutions across China, providing them with advanced risk control solutions. This includes banks, insurance companies, and other financial entities that require robust risk management systems to operate efficiently and securely.

Business Model

The company's business model revolves around developing and selling risk control software to financial institutions. This software helps these institutions manage and mitigate various types of risks, such as credit risk, market risk, and operational risk. Tongdun Technology's solutions are designed to be highly scalable and adaptable to the unique needs of each client, ensuring that they can effectively manage their risk exposure and maintain regulatory compliance.

Key Offerings

Tongdun Technology's key offerings include:

• Risk Control Software: Advanced software solutions designed to help financial institutions manage and mitigate various types of risks.
• Risk Management Services: Expert consulting and advisory services to help institutions develop and implement effective risk management strategies.

• Valuation: $1.24B
• Industry: Healthcare & Life Sciences
• Investors: Qiming Venture Partners
• Unicorn Milestone Date: 1/3/2021

About

Shulan Health is a leading private healthcare group in China founded in 2013. It integrates healthcare services, medical research, and education, operating hospitals and providing various medical services. As one of the unicorn companies in Hangzhou, the company has achieved unicorn status with a valuation of over $1 billion.

Target Audience

Shulan Health primarily serves patients seeking high-quality medical care, particularly those with serious or complex medical conditions. It also caters to partner hospitals looking to improve their healthcare services and management capabilities.

Business Model

Shulan Health operates through a combination of self-operated hospitals, hospital management services, and healthcare-related services. It generates revenue from patient care, hospital management contracts, and various healthcare services provided to both its network and external clients.

Key Offerings

• Self-operated hospitals: Shulan Health manages several hospitals, including Shulan (Hangzhou) Hospital, Shulan (Anji) Hospital, and Shulan (Quzhou) Hospital.
• Hospital management services: The company provides comprehensive and specialty management services to partner hospitals across China, helping them improve healthcare quality and operational efficiency.
• Digital healthcare platform services: Shulan Health offers technology-driven solutions to enhance patient care and hospital operations.
• Clinical laboratory services: The company provides advanced diagnostic and testing services.
• Clinical trial services: Shulan Health supports medical research and drug development through clinical trial management.
• Supply chain services: The company offers procurement and distribution of pharmaceuticals, medical devices, and consumables.
• Remote consultation services: Shulan Health provides telemedicine options for patients.
• Health examination and rehabilitation services: The company offers preventive care and post-treatment recovery programs.

Key Management

• Jie Zheng, Ph.D.: CEO of Shulan Health
• Li Tanwei: CEO of Shulan Health Management Group

Investment Timeline

• Founded in 2013
• Achieved unicorn status (valuation over $1 billion) by 2024
• Latest funding round: Series D, with a total of $85.69 million raised
  Investors include Qiming Venture Partners and Puhua Capital
• As of 2024, the company is preparing for an IPO on the Hong Kong Stock Exchange

• Valuation: $1B
• Industry: Consumer & Retail
• Investors: Banyan Capital, New Horizon Capital, IDG Capital Partners
• Unicorn Milestone Date: 1/22/2015

About

BeiBei is a unicorn startup based in Hangzhou, China, founded in 2011. It operates an e-commerce platform specializing in children's products, including clothes, shoes, toys, and other supplies. The company has achieved significant growth by leveraging the high demand for baby and child-specific products in China, driven by a large number of newborns and rising disposable incomes.

Target Audience

BeiBei primarily targets young, middle-class parents in China who are looking for quality and affordable products for their children. The platform caters to parents seeking a wide range of infant and maternal products, ensuring authenticity and quality.

Business Model

BeiBei operates as an e-commerce platform that connects vendors with consumers. The company does not handle fulfillment directly; instead, it provides a platform for promotion, page design, and customer service. Vendors ship products directly to consumers, and BeiBei charges a 5% commission on sales. This model allows BeiBei to focus on maintaining high-quality standards and customer satisfaction without the complexities of inventory management and logistics.

Key Offerings

• Children's Apparel and Shoes: A wide range of clothing and footwear for children, including both local and international brands like Adidas and Disney.
• Toys and Educational Supplies: Various toys and educational materials designed to support child development.
• Maternal Products: Products for expecting and new mothers, including maternity apparel and skincare items.
• Infant Care Products: Essential items for infants such as diapers, infant formula, and baby skincare products.
• Discounted Prices: Products are often sold at up to 25% discount compared to standard retail prices.
• Quality Assurance: A dedicated team ensures the authenticity and quality of products through rigorous vendor evaluations and anonymous product inspections.

Key Management

• Lianglun Zhang: CEO and founder of BeiBei. Zhang has a background in e-commerce, having previously worked at Alibaba and founded other retail ventures.

Investment Timeline

• 2011: BeiBei was founded.
• Series D Funding: The company has raised a total of $224.4 million, with the last round of $100 million raised approximately eight years ago.

• Valuation: $1B
• Industry: Healthcare & Life Sciences
• Investors: Tencent Holdings, DCM Ventures
• Unicorn Milestone Date: 10/4/2018

About

DXY.cn, also known as Lilac Garden, is a leading digital healthcare technology platform based in Hangzhou, China. Founded in 2000 by Tiantian Li, it started as an online community for physicians and healthcare professionals. Over the years, it has evolved into a comprehensive platform offering a wide range of services, including professional content sharing, online interaction, and healthcare services for both professionals and the general public. As one of the prominent unicorn companies in Hangzhou, DXY.cn achieved unicorn status in 2018 and has continued to grow, securing significant investments to expand its offerings and impact.

Target Audience

• Healthcare Professionals: Including physicians, pharmacists, and researchers.
• Healthcare Organizations: Such as hospitals, clinics, and pharmaceutical companies.
• General Public: Consumers seeking health and wellness information and services.

Business Model

DXY.cn operates on a multi-faceted business model that includes:

• Subscription Services: For healthcare professionals accessing premium content and tools.
• Advertising: Revenue from pharmaceutical companies and healthcare organizations.
• E-commerce: Selling medical products and services.
• Consultation Fees: From telemedicine and online consultation services.
• SaaS Solutions: Offering software for clinic management and other healthcare operations.

Key Offerings

Professional Community:

• Online Forums: For physicians to discuss clinical findings and share knowledge.
• Continuing Education: Providing professional development resources and courses.

Healthcare Services:

• Telemedicine: Online consultations and medical advice through the DX Doctor platform.
• Offline Clinics: Physical clinics offering in-person medical care.

Digital Tools:

• Mobile Apps: Including "Drug Assistant" for professional users and "DX Doctor" for the general public.
• Clinic Management System: SaaS solutions for managing clinic operations.

E-commerce:

• Biomart: A platform for biomedical e-commerce.
• JobMD: A job-seeking and recruitment service for healthcare professionals.

Public Health Initiatives:

• COVID-19 Tracker: Real-time pandemic data and public health information.
• Health Education: Articles and resources to combat misinformation and promote wellness.

Key Management

• Li Tiantian: Founder and Chairman, recognized for his contributions to digital healthcare and public health initiatives.
• Jin Zhang: CEO, leading the company's strategic growth and operations.

Investment Timeline

• 2000: Founded in Harbin, China.
• 2010: Received $2 million in Series A funding from DCM.
• 2012: Secured Series B funding led by Shunwei Capital and DCM.
• 2014: Completed Series C funding with a $70 million investment from Tencent.
• 2018: Achieved unicorn status with a $100 million Series D round.
• 2020: Raised $500 million in Series E funding led by Trustbridge Partners, with participation from Tencent and GL Ventures.

• Valuation: $1B
• Industry: Financial Services
• Investors: Qiming Venture Partners, China Broadband Capital, CDH Investments
• Unicorn Milestone Date: 7/18/2018

About

Wacai is a leading Chinese fintech company founded in 2009 that has developed an all-in-one online personal financial management platform. The company provides users with wealth management services and credit solutions through a portfolio of mobile apps, aiming to make smart wealth management accessible to everyone

Target Audience

Wacai primarily targets Chinese consumers looking for comprehensive personal financial management tools and services. This includes individuals seeking budgeting assistance, investment opportunities, and credit solutions.

Business Model

Wacai operates on a freemium model, offering basic services for free while charging for premium features and financial products. The company leverages big data and machine learning to provide personalized financial recommendations and solutions to its users.

Key Offerings

Personal Financial Management (PFM) Tools:

• Budgeting and expense tracking apps
• Credit card management services
• Financial goal setting and monitoring features

Wealth Management Services:

• Investment recommendations based on user profiles
• Access to various investment products
• Portfolio management tools

Credit Solutions:

• Personal loan services
• Credit score monitoring
• Debt management tools

Data Analytics:

• Personalized financial insights
• Spending pattern analysis
• Investment performance tracking

Mobile Apps:

• Suite of interconnected financial management applications
• User-friendly interfaces for easy financial tracking and management

Investment Timeline

• 2009: Company founded
• 2015: Raised funding at a valuation of $1 billion, achieving unicorn status
• Latest known funding: $140 million raised approximately 6 years ago
• Total funding raised: $368.6 million

• Valuation: $1B
• Industry: Enterprise Tech
• Investors: Yinhong Equity Investment Fund, E Fund, Ideal International
• Unicorn Milestone Date: 11/4/2021

About

Hyperchain is a leading provider of enterprise blockchain solutions. It was founded in 2016 and is based in Hangzhou, China. It offers a full-stack blockchain system including underlying technology, cross-chain capabilities, and data sharing/privacy computing. As one of the pioneering unicorn companies in Hangzhou, Hyperchain became China's first blockchain unicorn after raising hundreds of millions in Series C funding in 2021, reaching a valuation over $1 billion.

Target Audience

Hyperchain targets large enterprises, government agencies, and financial institutions looking to implement blockchain solutions. Its products are designed for sectors like banking, government, supply chain, energy, and enterprise digitization.

Business Model

Hyperchain operates as a blockchain technology provider, offering its proprietary blockchain platform and related services to enterprise clients. It generates revenue through:

• Licensing its blockchain platform to enterprises
• Providing blockchain-as-a-service (BaaS) offerings
• Offering consulting and implementation services
• Developing custom blockchain solutions for clients
• Selling blockchain-related hardware and infrastructure

The company focuses on creating enterprise-grade, permissioned blockchain networks that meet requirements around performance, security, privacy and compliance. By offering a full technology stack and services, Hyperchain aims to be a one-stop solution for organizations looking to adopt blockchain.

Key Offerings

• Hyperchain Blockchain Platform: Enterprise-level consortium blockchain platform
• BitXMesh: Secure data collaboration platform
• BitXHub: Open-source inter-blockchain platform
  Blockchain-as-a-Service (BaaS) platform
• FiloInk: Judicial evidence service platform
• Industry-specific blockchain solutions (supply chain, energy, finance, etc.)
  Blockchain consulting and implementation services

• Valuation: $1B
• Industry: Industrials
• Investors: Goldman Sachs Asset Management, SDP Investment, Alibaba Group
• Unicorn Milestone Date: 8/30/2021

About

1KMXC, also known as Yigongli, is a high-tech startup based in Hangzhou, China, specializing in the development of artificial intelligence (AI) and robotic solutions. Founded in 2014, the company has achieved unicorn status with a valuation exceeding $1 billion. 1KMXC focuses on providing fully-automated, environmentally-friendly car wash services through its innovative smart car washing robots.

Target Audience

1KMXC primarily targets:

• Vehicle Owners: Individuals who own cars and seek convenient, efficient, and eco-friendly car wash services.
• Commercial Entities: Businesses such as car rental companies, dealerships, and fleet operators that require regular and reliable car wash services.
• Urban Areas: Metropolitan regions with high vehicle density and a demand for automated services.

Business Model

1KMXC operates on a business model that leverages advanced AI and IoT technologies to deliver automated car wash services. The key components of their business model include:

• Subscription Services: Offering subscription plans for regular car wash services to individual and commercial clients.
• Pay-Per-Use: Providing on-demand car wash services where customers pay per wash.
• Franchise Model: Partnering with local entrepreneurs and businesses to expand their service network through franchising.
• Data Analytics: Utilizing data collected from IoT-enabled devices to optimize operations, improve service quality, and offer personalized customer experiences.
• Environmental Sustainability: Emphasizing eco-friendly practices by using water-efficient technologies and biodegradable cleaning agents.

Key Offerings

• Smart Car Washing Robots: Fully-automated car wash systems that integrate AI and IoT for efficient and thorough cleaning.
• Robotic Refueling Solutions: Automated systems for refueling vehicles, enhancing convenience and safety.
• Intelligent Monitoring Systems: IoT-enabled devices that monitor and manage the car wash process in real-time.
• Mobile App: A user-friendly application for booking services, tracking wash status, and managing subscriptions.