The bumper funding round will be invested in product development and market expansion as demand for virtual health services soars.
Kry, the Swedish health-tech start-up, has raised €262m as it prepares an expansion across Europe.
The company provides digital healthcare services, including video consultations with doctors, and has seen demand grow massively in the last year.
The Series D round was led by CPP Investments and Fidelity Management & Research, with participation from Index Ventures, Accel, Creandum, Project A and Ontario Teachers’ Pension Plan. The company is now valued at $2bn.
Kry, founded in 2015, has a presence in its native Sweden as well as in the UK and France where it is known as Livi. Its video consultation services are live in 30 European countries.
It plans to bring more doctors onto its platform and help practices with the shift to paperless processes. It also plans to expand functions for its patient-facing app, including more features for mental health therapies like internet cognitive behavioural therapy.
“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,” chief executive Johannes Schildt said.
“We have played a leading role in the digitisation 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.”
According to the company, it saw a 100pc year-over-year growth in 2020 but this has brought a significant increase in demand that it must now meet.
Leon Pedersen, managing director at CPP Investments, one of the lead investors in the round, said Kry is “a significant and successful player in Europe’s digital healthcare market and this investment is a strong fit with our innovations in healthcare strategy”.
Other players in the European digital health market will provide plenty of competition, such as the UK’s Babylon Health, another heavily VC-backed start-up, as well as smaller player HealthHero, which has been on the acquisition trail.