Legend Capital has led a RMB120 million (US$17 million) series B round in PhiSkin, a Shanghai-based aesthetic medical and beauty services provider.

China’s demand for medical beauty products and services is soaring, making China’s appearance economy one of its hottest areas for investment in 2017. Industry watchers see China becoming the world’s largest market with demand exceeding US$70 billion by 2020 and compound average-annual-growth approaching 40 per cent.

Founded in 2012, Phiskin’s services include aesthetic product injection, including Botox and hyaluronic acid, laser treatment, double eyelids surgery, and other non-surgical beauty treatments. It has clinics and beauty centers in Shanghai, Beijing, Ningbo and Hangzhou, and aims to expand to 10 beauty centers by the end of 2017.

The company also plans to create an academic platform for aesthetic medicine in China by launching various training programs.

It previously raised a RMB64 million (US$9 million) series A round led by Asian private equity firm H&Q Asia Pacific in 2015.