DLA Piper has advised Hong Kong-based Ping An Voyager Partners, LP (Ping An Voyager Partners) on a follow-up investment in Berlin-based health start-up PlusDental as part of a Series C Extension. With its Series C Extension, PlusDental has raised EUR35 million for further expansion plans from international investors.
Ping An Voyager Partners had invested in PlusDental in May 2020 in a EUR32 million financing round and is also involved in the current one. The Series C Extension was led by Jebsen Capital, the investment arm of Hong Kong-based family-owned Jebsen Group. Based on the total investment volume of now almost EUR100 million, PlusDental is one of the top 4 best financed med-tech startups in Germany, alongside BioNtech and Curevac.
The Ping An Voyager Partners is managed by a wholly-owned subsidiary of Ping An Insurance (Group) Company of China Ltd. (Ping An), one of the world’s leading insurance groups. It invests primarily in fast-growing companies in the Fintech and Health sectors. In Germany, an affiliated fund of Ping An Voyager Partners holds a stake in the Fintech incubator Finleap, among others.
The Berlin-based start-up PlusDental is operating in eight European countries and is a leader in the field of transparental dental splints. Together with 200 partner dentists, PlusDental has digitized the entire treatment process for mild to moderate dental malocclusions. PlusDental currently employs more than 400 people and plans to generate sales of well over EUR100 million by the end of the year.
For the Berlin start-up, Ping An Voyager Partners is not only an investor, but also an important strategic partner. Ping An, the initiator of Ping An Voyager Partners, operates one of the world’s largest platforms for digital doctor consultations under its brand Ping An Good Doctor. Against this background, the parties are also aiming to achieve strategic synergies. This also particularly applies to the planned expansion of the Berlin-based med-tech startup on the Chinese market.
The DLA Piper team was jointly led by partner Dr Nils Krause and senior associate Dominik Wegener and also comprised of associate Rune Jelte Weltz and transaction lawyer Dan Li (all Corporate/M&A, Hamburg). This matter again underlines the importance of the China desk of DLA Piper in Germany and its strong network with leading Chinese corporates and financial investors.
