Staying true to its name, which translates to “in good health,” Swedish digital health startup Kry has raised a hearty €262 million, or about $316 million, in its latest funding round.
Kry, known as Livi in the U.S., U.K. and France, offers a software platform and companion smartphone app connecting patients and providers via video and instant messaging consultations. The platform has been used by more than 3 million patients since its 2015 founding, according to the company.
The latest series D financing brings Kry’s valuation up to $2 billion, nearly triple where it stood after its last investment round early last year. That series C round totaled €140 million ($155 million U.S.) and valued the company at $700 million.
The newest influx of funding was led by the Canada Pension Plan Investment Board and Fidelity Management & Research. Other participants included the Ontario Teachers’ Pension Plan, Index Ventures, Accel, Creandum and Project A.
Now, with the more than $300 million in additional backing, Kry will pursue a strategy of rapid expansion: The startup plans to recruit new members to its team, look into potential acquisitions and partnerships and grow its platform in nearly every direction.
That last prong of the plan will bring more patients and clinicians to the platform, with a focus on expanding throughout Europe, where Kry’s software is already available in 30 markets. The company will also further develop its platform to add new features and simplify the entire care delivery process.
Among those new developments will be the addition of internet cognitive behavioral therapy and self-assessment tools for mental health treatment as well as investments in digital tools to provide support for chronic conditions.
Alongside those additions, clinicians from a wider range of specialties will be made available for patient consultations, including psychologists, dermatologists, physical therapists and pediatricians.
“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. Working in partnership with healthcare systems, governments, and clinicians, we can deliver high quality healthcare, improve patient access, and create healthier societies,” CEO and co-founder Johannes Schildt said in a statement.
“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,” Schildt said.
All of this expansion will build on Kry’s hugely successful run during the spread of the COVID-19 pandemic last year, when it grew 100% compared to 2019, the company said. That growth was led by the launch of the Care Connect app for video consultations, offered for free throughout Europe to help physicians navigate the changing healthcare delivery landscape amid lockdowns and stay-at-home orders.
Kry also made its first foray into the U.S. market in April 2020 with the launch of Livi Connect, a slightly more limited version of the Care Connect app, which was also offered for free to healthcare providers.