Investment institutions compete for "Tuyere"

Abstract: As the saying goes, as long as standing in the tuyere, pigs can fly. There seems to be a chance now for the mobile medical sector. As investment in the mobile internet sector is getting better, the emerging industries that combine with traditional fields are investing

As the saying goes, pigs can fly as long as they stand on the tuyere. There seems to be a chance now for the mobile medical sector.

As the investment in mobile internet is getting better, the emerging industries that combine with traditional fields are giving investors endless reverie.

Investment institutions compete for "Tuyere"

When he saw investor Mo Fei (a pseudonym), he had a DD list of mobile medical companies (due diligence) on his desk. He told reporters that the company has been talking for several rounds, followed two months, and basically from the beginning of the enterprise, its focus on the field of investment projects are concentrated in the enterprise's upper and lower industrial chain.

In fact, Mo Fei said, he has focused on investment opportunities in mobile medicine since the end of last year, and according to him, many of his peers are now focusing on the field.

"On the one hand the volume of the industry is very large, medical service in China is about 2 trillion yuan ~ 3 trillion yuan scale, accounting for about 5%~6% ratio of GDP, but in the United States is 2 trillion U.S. dollars ~ 3 trillion U.S. dollars in size, accounting for about 17% of the gross domestic product of the United States, the future of the rising space is still very large. "Mo Fei explained to the reporter," second, the current through the Internet and mobile internet to the existing medical industry, the impact is relatively small, in which there must be a larger breakthrough space. ”

The investment institutions that expected the tuyere to start betting early began to heat up last year. Clove Garden, apricot trees, spring rain, such as handheld doctors in the industry has been the first-hair enterprises have been financing.

Mo Fei told reporters that at present, mobile medical applications are mainly divided into the hospital, the doctor's business-to-business model and direct user-oriented mode. The former for professionals to provide medical knowledge mainly, such as clove garden, apricot trees, the latter is a good doctor online, quick to ask the Doctor, spring rain, such as palm doctor, such as the representative of "self-examination + interrogation" type of tele-medical health consulting applications.

However, the industry valuation jump too high but also to some extent curb the enthusiasm of many investment institutions. According to public information, 2011 Spring Rain handheld doctor received 3 million U.S. dollars a round of investment, the following year, the scale of its B-round financing has jumped to 8 million U.S. dollars. At the end of last year, the B-round of clove garden had reached tens of millions of dollars.

With the profit model not yet fully mature, there are investment institutions in the industry's investment scale from the original hundreds of thousands of dollars jumped to tens of millions of dollars.

The worry of reality

Mo Fei said: "At this stage, the mobile medical field of mature projects scarce, valuation price is abnormal high, so it is difficult to start."

According to him, there are not a few investment institutions with the same concerns. "Investment institutions in the medical field is familiar with the traditional such as hospitals, medical equipment and other hardware, but because mobile medicine is a new concept, plus in foreign countries and comparable enterprises or models are not much, resulting in the industry in the valuation of enterprises without reference, it is difficult to price." "Mo Fei said.

On the other hand, most of the current focus on the mobile medical sector to seek investment opportunities for VC,VC in the exit channel is more concerned about whether to find the next round of investors to take over, if there is a problem in valuation judgment, will increase the risk of quilt cover.

For investors, Mo Fei said, the biggest reason is that the mobile medical field of entrepreneurship is too high, entry threshold is the biggest obstacle. "Mobile medical care is not to do an app can do it, need industry support and industry resources to carry out deep cooperation, which requires mobile platform to get more information sources, but because of the complexity of their own industry system, but also to some extent hinder the possibility of continued development of enterprises." ”

For example, in the area of resource acquisition, for example, to seek cooperation with a physician, a medical system must be taken, and any enterprise that wants to connect with hospital resources will have to pay a huge cost, and sometimes the accumulation of such resources is not something that a start-up enterprise can easily do.

According to his understanding, most of the industry enterprises are still in the accumulation of user-laying stage, through the collection and use of data, its profit model grafting in advertising fees, intermediary fees, value-added services and online interrogation, such as the initial business model of the exploration stage.

In addition, he said, the lack of complex talent is also a key factor in the rapid development of the industry, both the technology and the medical industry has a deep understanding and experience, now very scarce, and a mobile medical team if only it talent, is absolutely not enough.

It is clear that investors are much more worried about the reality of mobile-care entrepreneurship than the future earnings of the industry, but on the flip side of the coin, entrepreneurs have a lot of complaints about investors ' perceptions. One of the early entrepreneurs in the mobile medical field also spat on reporters, at present, the concept of the mobile medical field is rather vague, "at the beginning of our pure mobile internet, investors said that we do not see our profit point, to increase the hardware, so we have in their own business model to increase the link in the equipment, But then they began to care about how much our equipment could sell. It's not really about mobile medicine, it's about investing in the traditional medical world. ”