Digital well being startup Kry raises $300 million at $2 billion valuation
Johannes Schildt, co-founder and CEO of Swedish telemedicine start-up Kry.
LONDON — Swedish on-line well being start-up Kry mentioned Tuesday that it is raised $300 million in a mega funding spherical, as traders look to capitalize on the pandemic-driven increase in telehealth companies.
The funding, led by CPP Investments and Constancy Investments, values the seven-year-old agency at $2 billion. That is virtually thrice the $700 million Kry was price in a 2020 financing spherical.
Present traders together with Ontario Lecturers’ Pension Plan, Index Ventures and Accel additionally backed Kry’s newest spherical.
“This funding will assist us empower sufferers to make lively selections about their well being in partnership with hundreds of private and non-private healthcare professionals in Europe,” Kry CEO and co-founder Johannes Schildt mentioned in an announcement.
“Working in partnership with healthcare methods, governments, and clinicians, we will ship top quality healthcare, enhance affected person entry, and create more healthy societies,” he added.
Kry is one among Europe’s largest suppliers of on-line physician appointments. The corporate operates beneath the title Livi within the U.Ok. and France. It additionally expanded to the U.S. final yr with the launch of a free video session platform referred to as Livi Join.
The agency is one among a number of tech start-ups which have benefited from surging demand for digital well being apps as coronavirus lockdown restrictions made in-person interactions much less possible. And traders are taking be aware.
Final week, French on-line well being insurer Alan introduced it had raised 185 million euros ($223.5 million) at a 1.4 billion euro valuation. In the meantime, Babylon Well being, a rival to Kry based mostly within the U.Ok., is reportedly exploring a deal to go public through a merger with a particular function acquisition firm, or SPAC.
Kry and its backers are betting the acceleration of well being tech within the final yr is a “mega pattern” that is more likely to stick round lengthy after the pandemic ends. Kry says it has facilitated over 3 million medical consultations because it launched in early 2015, with video appointments greater than doubling year-on-year in 2020.
Kry mentioned it could use the contemporary money to broaden its geographic footprint, add psychological well being companies to its platform, develop its crew and discover extra acquisitions and strategic partnerships. JPMorgan acted as lead placement agent, whereas Goldman Sachs was additionally a placement agent for the deal, Kry mentioned.
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