With Europe a competitive global hub for healthcare innovation, how is Swedish company Kry positioning itself to become the industry leader?
Kry, known as Livi in France and the UK, raised an additional $300 million in its latest funding round, which it says will accelerate its expansion plans in Europe.
The round was led by CPP Investments and Fidelity Management and Research LLC.
The healthcare platform connects patients and doctors through video consultation technology that allows clinicians to triage patients in a more efficient manner. Following the success of the round, the company now plans to expand into secure patient messaging, personalised treatment plans and improved mental health triage tools.
CEO and co-founder Johannes Schildt explained how Kry has actively contributed to the digitalisation of healthcare in Europe “and will continue to play a leading role in creating a global digital healthcare ecosystem”.
Kry is not the only startup vying for the top spot among healthcare visionaries.
Here is a list of the six biggest European startups in terms of funds raised:
The London-based remote consultation app tops the list, having raised €668 million. Its latest round of funding came in December 2020, in the form of an €82 million convertible loan which was the final part of its €455 million Series C round.
Following its €300 million round at the end of April this year, Kry ranks second with a total of €489 million raised.
The French health insurance app has now raised €310 million following a €185 million funding round, also in April. The company plans, like Kry, to expand its mental health support services.
The online booking platform, also French, has raised a total of €237m to develop its offering.
The Polish telemedicine platform has raised €126m.
The once promising symptom-checking app has notably not raised any funds since a €40m Series A round in October 2017.
Bringing European healthtech to the global stage
Beyond the UK, where it is based, Babylon has a global presence, providing digital services through partners in the US, Rwanda, Canada, South East Asia and Saudi Arabia.
Insurance app Alan has expanded to two countries in addition to its native France: Belgium and Spain, where it set up shop in late 2020.
Kry is present in Sweden, Norway, the UK, France and most recently Germany.
Doctolib is available in France and Germany, while Docplanner is active in 11 countries: Poland, Turkey, Italy, Spain, Mexico, Brazil, Czech Republic, Argentina, Peru, Colombia and Chile.
How did they allocate their latest funds?
Babylon has expressed its strategy to continue its expansion in the US through 2021. The healthtech leader is already active in New York, California, Missouri and Nevada and now plans to build a “50 state network”. It also counts several new hires in America, bringing in senior executives from Google, Amazon and Expedia.
Alan is also following the executive hiring strategy and recently hired from Stripe, Uber and J.P Morgan, right after achieving unicorn status this month. Alan recently welcomed Erik Lumer, formerly CPO of US healthcare giant Maven Clinic, to the team. He will lead Alan’s non-insurance products team.
Doctolib has recently highlighted its partnership with the French state for the rollout of a coronavirus vaccine.
In announcing its latest funding, Kry reported that part of the investment will be used to develop its team, as well as for acquisitions and strategic partnerships.