KRY targeting new European markets with €140M Series C raise

Ontario Teachers' Pension Plan led the round, bringing the Swedish company's fundraising total to roughly €219.1 million.
By Dave Muoio
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Stockholm, Sweden-based telemedicine platform KRY (known as LIVI outside of the Nordics) has announced a €140 million ($155 million) Series C funding round led by Ontario Teachers’ Pension Plan’s Teachers’ Innovation Platform. Existing investors Index Ventures, Creandum and Accel also participated.

WHAT THEY DO

KRY is Sweden’s first digital medicine platform, being founded in 2014 and launched in 2015. Patients who input their symptoms through the app can schedule a 15-minute video consultation with a healthcare professional via mobile phone, tablet, or browser. These clinicians are employed by KRY, and according to the website can be provided for patients who speak one of dozens of different languages.

KRY currently operates in Sweden, Norway Germany, France and the UK, and said in the funding announcement that it has facilitated more than 1.4 million patient meetings through the platform. It boasts a staff of more than 300 employees, and a provider network in excess of 700 clinicians.

WHAT IT’S FOR

KRY said in its announcement that the new funding will power its push into additional European markets. The company is also planning to refine the existing product offering, and make new digital health hires.

“When the company was founded in 2015, we recognized the enormous potential technology had to transform the way patients access healthcare,” Johannes Schildt, CEO and founder of KRY, said in a statement. “Today, we’ve built a product that is already loved by millions of patients in Sweden, the UK, France, Germany and Norway. Our ambition now is to expand into improving access to healthcare for millions more within Europe.”

MARKET SNAPSHOT

KRY’s previous funding round came halfway through 2018, when the company announced its €53 million ($66 million) Series B. Round headed by Index Ventures. Prior to this came a €20 million ($22.6 million) Series A round in 2017, and a €6.1 ($6.8 million) seed round in 2016. Taken together, this puts the company’s total raise at roughly €219.1 million ($244 million).

Today’s news comes about a year after the funding of another European telehealth platform, Germany’s TeleClinic, and in the wake of major moves from larger US-based telehealth companies looking to expand their reach abroad.

ON THE RECORD

“We are delighted to lead the Series C capital raise for KRY, the leading pan-European digital healthcare provider,” Olivia Steedman, senior managing director at Teachers’ Innovation Platform, said in a statement. “The company is transforming how healthcare services are delivered to consumers through improved access and convenience, while at the same time relieving the pressure on highly strained healthcare systems."