Telehealth Startup Company Kry Gains Over $300 Million for European Expansion

By McKenzie Carpenter Tuesday, April 27, 2021

Kry, a telehealth startup company, announced today the business raised €262 million (about $316.2 million) to aid in scaling the business across Europe.

A patient video chatting with a doctor.

About Kry

Kry is a digital health startup company with an app that provides telehealth services and connects patients with licensed doctors, nurses, or psychologists via video or chat on mobile devices. Founded in 2014, the Swedish business treats a variety of health conditions such as infections, skin conditions, gastrointestinal issues, mental health, and others.

The services provided through the telehealth app are available 24/7. If necessary, patients are also able to book in-person appointments with healthcare professionals, as well as track and manage prescriptions that are available for home delivery. In addition, the app business even offers the COVID-19 vaccine and tests, as well as a tick-borne encephalitis (TBE) vaccine.

The telehealth services provided by the startup company are accessible in a handful of European countries, including Sweden, Norway, and Germany. In the United Kingdom (UK) and France, the app business operates under the name Livi.

Kry claims on its website that in the Nordic region alone, more than half a million people have used their services. Furthermore, the business launched Livi Connect, a free video consultation app platform, in the United States (US) last year.

New Financing

The startup company announced in a press release that it raised more than $300 million in a Series D financing round led by CPP Investments and Fidelity Management & Research LLC, with participation from existing investors. This new financing reportedly gives Kry a valuation of $2 billion, nearly three times bigger than its previous valuation of $700 million.

Johannes Schildt, CEO and co-founder of Kry, said in a statement, “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...We have played a leading role in the digitization of healthcare across Europe and will continue to play a leading role in the creation of a global digital healthcare ecosystem to deliver better patient experiences and outcomes through our technology.”
Business boomed last year for the startup company as telehealth services arguably became a necessity for the safety and protection of patients and healthcare professionals. As a result of the COVID-19 pandemic, Kry grew over 100% year-over-year (YOY) in 2020.

With the new capital, the startup company plans to scale the capabilities of the app’s platform. Additionally, clinicians will be able to have wider access to telehealth tools and resources. Furthermore, Kry hopes to expand its mental health offering by adding Internet Cognitive Behavioral Therapy (ICBT) and mental health assessment tools, as well as increase support for chronic healthcare conditions. All of this is part of Kry’s larger goal of expanding into new European markets.

Kry is one of many digital health startup companies that have seen a surge in business due to the COVID-19 pandemic. Last week, Startup Savant reported Alan, a French health insurance app, raised over $200 million to grow its own business reach.

About the Author

Headshot of McKenzie Carpenter

McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.

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