Stockholm, Sweden-based Kry, purveyors of an app-based telemedicine service, have closed on almost $22.6 million in Series A funding led by Silicon Valley venture firm Accel Partners. Index Ventures, Creandum and Project A also returned to contribute to financing. The company received $6.8 million in seed funding August 2016, and the latest funding brings Kry’s total capital to date to $29.4 million.
Founded in 2014, Kry officially launched in Sweden in 2015 and represents the country’s first digital medicine center. Users across the country can access the app via smartphone, tablet or web, where they pick a time and date for an appointment, then describe their symptoms within the app. From there, Kry-employed healthcare professionals host a 15-minute, $35 (250 Swedish Krona) video consultation with patients to deal with common conditions that would otherwise necessitate a visit with a primary care physician.
With the new funding, the company plans to deepen its penetration in current markets and expand into new areas, with the ultimate goal of providing access to everyone in Europe. Currently, Kry counts around 100,000 users around Sweden, Norway and Spain and employs more than 200 doctors in Sweden.
Accel Partner’s Sonali de Rycker, who is noted for leading the firm’s investments in Spotify and Avito, will join Kry’s board.
“Kry brings tremendous efficiencies and cost savings to the healthcare system while providing much needed access to timely healthcare for consumers,” Accel Partner de Rycker said in a statement. “We are thrilled to back Johannes and the KRY team, who have already achieved impressive growth in Sweden, Norway and Spain in a short period of time.”
Although Sweden is known for its public healthcare system that offers equal coverage for all citizens, the model isn’t immune to challenges seen in other countries such as inefficiency and adequate funding. Additionally, many Swedish residents live in rural parts of the country that pose barriers to access, and the country’s health information technology isn’t necessarily as advanced as it should be. With the Kry app, the company intends to reduce this pain point and demand on the healthcare system by transferring 90 percent (Kry’s estimate) of primary care visits online.
In line with the country’s goal of becoming a world leader in digital health facilities by 2025, Kry wants to serve as a central role in meeting current and future needs for patients and healthcare professionals, as outlined on a blog post by investors from Creandum. For now, the company functions more as a complement to existing healthcare services, but envisions a future as a viable substitute for in-person primary care visits.
“Kry is built by patients, for patients. Our main priority is always to build a service that allows patients equal access to healthcare on their own terms,” Kry CEO and cofounder Johannes Schildt said in a statement. “We welcome Accel who share a great ambition for healthcare to be revolutionized across Europe.”