Telehealth giant Kry raises $160m in Series D follow-on

Telehealth giant Kry, known as Livi in the UK and France, has raised $160m of debt and equity funding in a follow-on round from its Series D, as it looks to deepen its ties to public healthcare bodies and expand into new care segments.

Kry says it will continue to look to partner with public healthcare bodies and build out its primary care offering, alongside growing specialist and secondary care support — like mental health and women’s health. 

Who’s investing in Kry

  • The round featured Teachers’ Venture Growth, the investment arm of the Canadian $242bn Ontario Teachers’ Pension Plan and Stockholm-based debt financing investment firm P Capital Partners. 
  • Previous backers Index Ventures, Accel, Creandum and Project A also got in on the action.

Kry launched in 2015 and provides a platform for patients to access video appointments with doctors and other healthcare professionals. 90% of its revenue comes through partnerships with public healthcare bodies like the NHS. The other 10% comes from a direct-to-consumer private healthcare offering.

Since launching in Sweden, Kry has expanded into the UK, France, Norway and Germany. It’s active in more European markets than fellow telehealth giants Doctolib and Babylon: a testament to how difficult it is to scale across borders in the region’s healthcare sector. 

Initially, Kry was focused exclusively on primary care but has since expanded into specialist and secondary care, like mental health, women’s health, paediatrics and dermatology, as it looks to gobble up more of the healthcare value chain. 

The telehealth provider has 27 physical clinics in Sweden and one in France and plans to open more in both markets later this year.

In 2020 Kry also introduced a SaaS product in the UK, helping GPs monitor and support patients remotely, which it says will be integrated with the NHS app in the near future.

Success is not given, it is earned. Congratulations to the entire team at Kry on your funding. I’m certain this company will continue achieving success in its endeavours. All the best.

Shishir Gupta, Founder and CEO, StartupLanes

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