Digital healthcare company Kry, operating as Livi in the UK and France, today announced a funding round of more than $300 million to fuel its European expansion plans.
The Series D funding round was led by CPP Investments (CPPIB) and Fidelity Management & Research LLC with participation from existing investors, including the Ontario Teachers’ Pension Plan (Ontario Teachers’), Index Ventures, Accel, Creandum and Project A.
WHAT IT DOES
Kry provides video-consultation technology to connect patients with healthcare professionals.
The company grew more than 100% year-on-year in 2020 during the pandemic and has helped more than three million patients access healthcare to date.
In the UK, Livi provides digital healthcare solutions in partnership with the NHS and has supported the COVID-19 vaccine roll-out through its Mjog platform.
WHAT IT’S FOR
Kry will use the investment to scale its platform, building on its operations as a healthcare provider and software offerings. It plans to grow its team and explore further acquisitions and strategic partnerships.
Kry will also continue to deepen the functionalities of its patient-facing app and expand its mental health offering to more markets including adding Internet Cognitive Behavioural Therapy (ICBT) and mental health self-assessment tools.
Patients will be able to access a wider range of healthcare professionals such as psychologists, dermatologists, physiotherapists, and paediatricians.
In addition to Kry’s core video-consultation technology, clinicians will be able to access enhanced triage, advanced queuing and matching functionality, paperless referral management, secure patient messaging and personalised treatment plans.
The latest raise follows Kry’s $155 million (€140 million) Series C funding round led by Ontario Teachers’ Pension Plan’s Teachers’ Innovation Platform in January 2020. Last year Kry also acquired Swedish healthcare company Helsa and took over operation of its health centres in five regions.
Meanwhile, UK-based digital health provider HealthHero entered the French market this month with its acquisition of Paris-based telehealth startup Qare. HealthHero's offers clinical services including GP support, prescription services, mental health consultations and musculoskeletal specialists. Earlier this year, HealthHero also acquired Irish telehealth service, MyClinic.
In March, Spanish mobile operator, Yoigo launched the Doctor Go telemedicine service, which offers video-consultations with doctors and specialists and telepharmacy services.
ON THE RECORD
Johannes Schildt, CEO and cofounder of Kry, said: “This investment will help us empower patients to make active choices about their health in partnership with thousands of public and private healthcare professionals in Europe.
“Working in partnership with healthcare systems, governments, and clinicians, we can deliver high quality healthcare, improve patient access, and create healthier societies.”
Juliet Bauer, UK managing director, Livi, said: “As a digital healthcare company we’re constantly looking at how we can innovate and use sophisticated technologies to provide better health experiences and outcomes for patients, alleviate pressure on the system and support clinicians in delivering high quality care in these challenging times.
"This is an exciting time for the company as we continue to expand the services we offer and bring the benefits of technology to millions more patients across the UK and Europe.
"We have seen considerable growth in the UK over the past year and now over five million people are able to access Livi GPs through the NHS. Through this investment we will be able to continue to break down barriers to access and provide patients with the best possible care.”
Leon Pedersen, managing director and head of Thematic Investing, CPP Investments said: “Kry is a significant and successful player in Europe’s digital healthcare market and this investment is a strong fit with our innovations in healthcare strategy. We are pleased to support Kry as they leverage technology to advance the delivery of proactive patient-centric services.”