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Novena Global Lifecare gets US$20m in funding, joins US$150m investment fund with partners
SINGAPORE'S Novena Global Lifecare has bagged US$20 million in investment from Sinopharm Capital and Cedarlake Capital Group.
The three parties will also be creating a new US$150 million Sino-Singapore healthcare fund to invest in South-east Asia companies involved in medical services, biomedical projects, mature drugs and precision medicine, Novena Global Lifecare said on Friday.
The US$20 million investment will be used to grow the Singapore aesthetic healthcare firm's existing business in China and South-east Asia. This is while leveraging on Sinopharm Capital’s network and resources for its China expansion.
Sinopharm Capital is an equity investment institution with a focus on healthcare, established by its management team and the China National Pharmaceutical Group Corporation (Sinopharm). Novena Global Lifecare is the first Singapore healthcare company it has invested in.
Meanwhile, Cedarlake Capital is an international private equity firm that specialises in cross-border investment and advisory. Its investment in Novena Global Lifecare was made through one of the private equity funds it manages.
Founded in 2010, Novena Global Lifecare is a subsidiary of DORR Group, a private investment company focusing on consumer/retail, technology and healthcare sectors in Asia, which was co-founded by former investment bankers and cousins Nelson Loh and Terence Loh. It currently has over 250 clinics and sales locations across 20 countries. One of its key brands is NOVU Aesthetics.
Nelson Loh, executive chairman and co-founder of DORR Group and Novena Global Lifecare, said the company will continue to innovate and disrupt the lifecare industry around the region.
This is by focusing on building partnerships, acquisitions, investments and collaborations to create a pan-Asian holistic medical ecosystem that will improve the wellness healthcare of consumers across Asia. One example is countries such as Vietnam which has a growing middle-class.
The company said it will also leverage on its partners' endorsements and deep resources. Sinopharm for example, has a nationwide logistic and distributing network for drugs, medical devices and equipment. This includes four logistic hubs, more than 40 provincial-level centres and over 230 municipal-level logistic sites.
Terence Loh, CEO of DORR Group and Novena Global Lifecare added: "China is a huge market and we believe we are well positioned to seize opportunities especially in its highly fragmented aesthetic healthcare market."