¥12M
Tranche 1 — Build and Validate
Legal/data foundation, MVP, 3–5 clinic LOIs, first real cohort. Product, core team, compliance and small demand tests.
For Investors
Invest in a reusable operating layer — not a single fertility campaign
This round does not fund a clinic, and it does not fill a map with flags. Capital proves the Thailand fertility corridor — regulation, supply, demand, transactions and unit economics — and builds a stack that can be reused for a second vertical or country.
Capital Plan
HealthCapitalAI
¥30M
Strategic Seed / Pre-A in RMB. Discussion materials only; subject to due diligence.
Tranche release
¥12M
¥9M
¥9M
¥9M
Tranche 2 — Integrate and Scale
Provider integrations, demand scale, AI/R&D. Gate: ≥250 cumulative verified starts by month 12, with repeatable SLA/CAC and contribution improvement.
¥9M
Tranche 3 — Institutionalise
Quality, enterprise proof, EEC/R&D and regional readiness. Gate: months 18–24 network density and governance maturity. A second country is not a calendar milestone.
Use of proceeds
¥30M
Use of proceeds
| Use | Share | Amount |
|---|---|---|
| China demand & brand | 30% | ¥9M |
| Product / AI / data | 25% | ¥7.5M |
| Journey operations | 15% | ¥4.5M |
| Compliance / legal | 10% | ¥3M |
| EEC setup / R&D | 10% | ¥3M |
| Integrations & quality | 5% | ¥1.5M |
| Reserve | 5% | ¥1.5M |
| Revenue line | Unit economics | Note |
|---|---|---|
| Provider SaaS | ~¥0.15M / clinic / year | Independent of clinical outcomes; must be proven by signed contracts and collections |
| Journey coordination | ~¥13k / verified start | Who pays, when it is earned, and refunds on cancellation are core diligence items |
| Concierge / Enterprise | Journey and white-label portals | Minimum necessary data sharing; enterprise demand is infrastructure proof |
Thailand fertility wedge — five-year base case (management assumption)
| Year | Paid clinics | Verified starts | Revenue | EBITDA |
|---|---|---|---|---|
| Y1 | 10 | 250 | ¥5.5M | ¥-12.9M |
| Y2 | 25 | 800 | ¥16.3M | ¥-9.7M |
| Y3 | 45 | 1,800 | ¥34.7M | ¥-1.0M |
| Y4 | 65 | 3,200 | ¥59.1M | ¥12.3M |
| Y5 | 85 | 5,000 | ¥89.4M | ¥28.4M |
In this simplified wedge model, cumulative EBITDA bottoms near ¥23.6M, below the ¥30M first round; annual EBITDA turns positive in Y4 and cumulative EBITDA in Y5. Actual cash needs can differ due to tax, working capital, refunds, FX and timing. Not a forecast or return guarantee.
>35%
Y1 contribution margin target
>50%
Y3 contribution margin target
<12 months
CAC payback target
Founder-led. Investor-protected. Country-compliant.
- — Founder retains mission and core-IP stewardship
- — Investors receive standard economic and information rights (including 1x non-participating liquidation preference)
- — Licensing, data and content compliance are ring-fenced country by country
- — Clinic routing cannot be purchased through equity
- — Clinical judgment stays with licensed providers; capital cannot influence individual cases
- — No investor receives identifiable health-data access
Direct line
Contact the Founder and Chief Executive Officer
Reach Pang Yuanyuan through these three channels only. There is no public intake form.