Kry hit unicorn status with its Series D raise, which tripled its valuation to $2B. Here are the top-line bullets you need to know.
Kry, a telehealth service software company that connects clinicians to patients, has raised $312M in a Series D that valued it at $2B. The round was co-led by CPP Investments and Fidelity Investments.
How’s the company performing?
- Sweden-based Kry, known as Livi in France and the UK, is a digital healthcare platform that connects patients to medical professionals through video consultations. It primarily focuses on the Sweden, Norway, France, Germany and the UK markets, though it offers video consultations across 30 regional markets.
- The company states that the use of its digital tools doubled year-over-year in 2020, with more than 3M doctor’s appointments booked in 2020.
- Kry reports that around 6,000 clinicians use its telehealth services and software.
Why does the market matter?
- The digital health market is expected to be valued at $639B by 2026, growing at a3 CAGR of 28.5%, according to Global Market Insights.
- Venture capital funding to healthcare startups hit a new high in 2020 to reach $80B.
- The impact of Covid-19 on healthcare infrastructure has led to a loosening of government regulations in the US and Europe, accelerating the digitization of healthcare.
- The possibilities in the digital health space have pulled investment from tech giants like Microsoft, which acquired conversational AI startup Nuance in April 2021, to strengthen its position in health IT.