KRY, a telemedicine company, raised $155 million in a Series C funding round that was led by Ontario Teachers’ Pension Plan (Ontario Teachers’) through its Teachers’ Innovation Platform (TIP), with participation from existing investors Index Ventures, Creandum, and Accel.
The KRY digital health app allows users to consult with a qualified health professional. KRY will use the new funds to expand into new markets across Europe, further develop its product offering in existing markets, and hire new talent into the business.
In conjunction with the investment, Maggie Fanari, Managing Director on the TIP team at Ontario Teachers’, will join KRY’s Board.
“When the company was founded in 2015, we recognised the enormous potential technology had to transform the way patients access healthcare. Today, we’ve built a product that is already loved by millions of patients in Sweden, the UK, France, Germany, and Norway. Our ambition now is to expand into improving access to healthcare for millions more within Europe,” said Johannes Schildt, CEO and Founder of KRY, in a press release.
“We are delighted to lead the Series C capital raise for KRY, the leading pan-European digital healthcare provider. The company is transforming how healthcare services are delivered to consumers through improved access and convenience, while at the same time relieving the pressure on highly strained healthcare systems,” said Olivia Steedman, Senior Managing Director, Teachers’ Innovation Platform of Ontario Teachers’, in a press release.
According to Mercom Digital Health Data, telemedicine companies have raised $5 billion since 2010.
Similar technologies that received funding include:
Babylon, a London-based telemedicine company that uses AI, closed a $550 million round of funding, valuing Babylon Health at more than $2 billion.
American Well, provider of a web-based telehealth platform that allows patients to connect with healthcare providers through video, text, chat, and phone, raised $290.6 million.