Digital healthcare provider KRY raises $155 million for expansion

STOCKHOLM (Reuters) - Swedish digital healthcare provider KRY has raised $155 million in a funding round led by Ontario Teachers’ Pension Plan to support plans for further expansion in Europe, the company said on Tuesday.

KRY’s health app provides users with video-based doctors appointments. Since the company was founded in 2015 it has completed more than 1.4 million patient meetings, making it Europe’s leading digital healthcare provider, it said.

The company, which operates in Sweden, Norway and Germany under its own name and in the United Kingdom and France under the name LIVI, said that existing investors Index Ventures, Creandum and Accel also participated in the funding round.

“When the company was founded in 2015, we recognized the enormous potential technology had to transform the way patients access healthcare,” KRY Chief Executive Johannes Schildt said in a statement.

“Our ambition now is to expand into improving access to healthcare for millions more within Europe.”

Apart fom the expanding into new markets, KRY said it will use the funds to develop its product offering and hire new staff.

Fast-growing KRY had net sales of 234 million Swedish crowns ($25 million) in 2018 and an operating loss of 256 million crowns.

($1 = 9.4173 Swedish crowns)

Reporting by Johannes Hellstrom; Editing by David Goodman