KRY kry.se, the Swedish digital health startup that connects patients with healthcare professionals for consultations via video, today announces a €6.1m seed funding round led by London-based Index Ventures and Stockholm-based Creandum. The Berlin-based early-stage investor and operational VC, Project A, also took part in this seed round.
KRY, currently available in its native Sweden, will use this first investment to power international expansion (with entry into new markets to be announced over coming months), while continuing to build a superior healthcare experience for its customers. In addition to the investment, joining the KRY board are Fredrik Cassel from Creandum, Index Ventures’ Ben Holmes, and Thies Sander from Project A, all bringing with them a wealth of experience, expertise, and strategic insight.
Stockholm-based KRY is Sweden's first ever digital medical centre, allowing patients from across the country to receive a video consultation with a KRY-employed healthcare professional via their mobile phone, tablet or browser, rather than having to travel for a face-to-face appointment. Since KRY’s launch in 2015, over 30,000 Swedes have come to rely on the platform to seek medical advice, with 96% happy with the service received.
Once a patient has picked a time and date for their KRY appointment, and described their symptoms within the app, they are then connected via video link with a highly trained doctor for a 15-minute medical consultation. During this, the doctor diagnoses the patient and delivers advice for concerns that do not require physical examinations or samples, such as rashes, eczema, and fevers. Once the video appointment has finished the medical professional can, if necessary, print off a prescription or refer the patient to a specialist. The doctor will, as is industry standard, keep the user’s medical record. This process not only ensures patients receive the diagnosis or treatment they need, regardless of their location, but it also helps alleviate the already congested healthcare system.
KRY’s 15-minute video conferences cost 299 Swedish Krona per session, which is around the equivalent of £27/$35.
Johannes Schildt, CEO and co-founder of KRY, comments: “KRY’s mission is to revolutionise health care, enabling anyone, regardless of their location, to be diagnosed by a medical professional without having to leave their home or workplace. This first round will make it possible for us to provide our service to more people all over the world, helping them get the care and medical treatment they need. In addition to giving patients flexible and on-demand healthcare, KRY is helping to alleviate the pressure that growing populations have on traditional medical support models.”
Fredrik Cassel, Partner at Creandum adds: “Even before this round of funding, KRY reached a pace of patient meetings that is on par with their highly funded competitors in much larger markets. The secret here is the KRY team’s focus on putting customers first, which is why they are so loved by their users.”
Ben Holmes, General Partner at Index Ventures adds: “KRY is already reinventing traditional healthcare industry models, making it effortless for people to receive medical consultations on their own terms, irrespective of location. Already the market leader in its native Sweden, we are confident that its international expansion will prove as successful.”
Thies Sander, founding partner of Project A, adds: “KRY is our second investment in the digital health space, which is a promising market that will have a huge impact on the future of health care. We are looking forward to driving this development together with the KRY team.”
This year, New York-based research organisation CB insights reported that digital health startups received $2bn worth of investment in the first quarter of 2016, marking it as a record year for funding. In 2015, $4.5bn was invested, compared to just $1bn in 2011, which is a clear indicator of the rapid growth within the sector. PricewaterhouseCoopers (PwC) also predicted that one of the top three mobile trends for 2016 would be healthcare, and found that mobile health app downloads doubled in 2013-2015, from 16% to 32%.
Founded in 2014 by Johannes Schildt, Fredrik Jung-Abbou, Josefin Landgård, and Joachim Hedenius, KRY aims to provide around the clock healthcare for patients all over the world, reducing the pressure put on traditional healthcare providers.
KRY is an approved healthcare provider, with its doctors all subject to the industry standard rules and regulations. KRY has hundreds of doctors available to connect with patients seven days a week, with the company planning to eventually be open all year round.
Creandum is a Stockholm and Palo Alto-based VC firm investing in fast growing European companies within the consumer, software and hardware industries. Creandum was founded in 2003 and has in the last decade invested in more than 45 companies, including Spotify, Vivino, iZettle and Tictail. Visit www.creandum.com for more information.
About Index Ventures
Index Ventures is a multi-stage international venture capital firm that backs the best and most ambitious entrepreneurs. These leaders are building truly transformative companies that are reshaping the world around us, including: Dropbox, Etsy, Sonos, SoundCloud, Flipboard, King, BlaBlaCar, Squarespace, Just Eat, Lookout, Hortonworks, Supercell, Criteo, and many others. For more information visit www.indexventures.com.
About Project A
Project A is a Berlin-based early-stage investor and operational VC in the digital technology space. With financial support and operational expertise, Project A helps startups to build up competences in key areas such as IT, Performance Marketing, Business Intelligence and Organization Building, and thus contributes to their sustainable success. Project A has supported entrepreneurs in building companies such as Catawiki, Tictail, Treatwell, nu3, Eyeota, evino, and WorldRemit, Catawiki and Tictail. More about Project A Ventures can be found on www.project-a.com and on insights.project-a.com.
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