Swedish digital healthcare provider KRY has raised US$155m in Series C funding to support its plans for further expansion in Europe. It is one of the largest capital raises ever for an online video GP service.
The round was led by Ontario Teachers’ Pension Plan through its Teachers’ Innovation Platform (TIP), which focuses on late-stage venture and growth equity investments. KRY’s existing investors Index Ventures, Creandum, and Accel also participated in the round.
KRY is a digital health app which allows users to consult with a qualified health professional in minutes, via their smartphone or tablet. Since launching in early 2015, KRY has completed more than 1.4 million patient meetings. It operates in Sweden, Norway and Germany under its own name and in the UK and France under the name LIVI.
“When the company was founded in 2015, we recognised the enormous potential technology had to transform the way patients access healthcare,” said chief executive and founder Johannes Schildt. “Our ambition now is to expand into improving access to healthcare for millions more within Europe.”
In 2018 KRY posted a loss of SKr256m (US$25m) on sales of SKr234m.
KRY said that it would use the funds to expand into new markets across Europe; to develop the product offering in existing markets including Sweden, the UK, France, Norway, and Germany; and to hire new talent and expertise into the business.