Health startup MyDermacy has raised an undisclosed amount of funding from Chinese venture capital firm Cyber Carrier, a report in a financial daily stated.
The investor has acquired 15-18% stake in the company in this pre-Series A round, which also saw participation from MyDermacy’s existing investors, The Economic Times reported citing people aware of the development.
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.
Dermacy Healthcare Pvt. Ltd., which runs MyDermacy, was founded in 2013 by Ankit Khurana, who earlier served as the director at healthcare services firm Timpac Healthcare Pvt. Ltd.
Emails sent to MyDermacy and Peter Zou, the founder of Cyber Carrier confirming the development did not elicit a response at the time of writing this report.
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.