Digital well being startup Kry raises $300 million at $2 billion valuation

Johannes Schildt, co-founder and CEO of Swedish telemedicine start-up Kry. 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 growth in telehealth companies. The funding, led by CPP Investments and Constancy Investments, values the


Johannes Schildt, co-founder and CEO of Swedish telemedicine start-up Kry.

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 growth in telehealth companies.

The funding, led by CPP Investments and Constancy Investments, values the seven-year-old agency at $2 billion. That is virtually 3 times the $700 million Kry was value in a 2020 financing spherical.

Current traders together with Ontario Lecturers’ Pension Plan, Index Ventures and Accel additionally backed Kry’s newest spherical.

Kry is one in every of Europe’s largest suppliers of on-line physician appointments. The corporate operates underneath 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 in every of 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 primarily based within the U.Ok., is reportedly exploring a deal to go public by way of a merger with a particular objective acquisition firm, or SPAC.

Kry and its backers are betting the acceleration of well being tech within the final yr is a “mega development” that is prone 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.

“I believe the underlying mega development of shifting well being to digital, that was already there lengthy earlier than the pandemic,” Kry CEO and co-founder Johannes Schildt informed CNBC in an interview Tuesday.

“A variety of the coverage adjustments we have seen throughout Europe have really been in place earlier than the pandemic however this has clearly accelerated the shift.”

Kry mentioned it could use the contemporary money to broaden its geographic footprint, add psychological well being companies to its platform, develop its workforce 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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