Kry secures $300m to expand virtual GP consultation services in Europe

Digital healthcare firm Kry has secured a €262 million ($300m) investment to expand its app-based virtual GP consultation services in Europe.

Operating as Livi in the UK and France said the Series D funding roud was led by CPP Investments and Fidelity Management & Research, with participation from existing investors including the Ontario Teachers’ Pension Plan, Index Ventures, Accel, Creandum and Project A.

As well as growing its existing GP video consultation business, the funding will allow the firm to make acquisitions and strategic partnerships.

The new funding takes the company’s valuation to over $2bn, almost three times higher than after its previous round at the beginning of last year.

Rivals in the online GP consultation market have also seen success since the pandemic increased demand for remote diagnosis services: Babylon Health is reportedly mulling a US stock market listing that could value it at around $4bn.

Kry said it will use the investment to scale up its platform, building its healthcare and related software operations as well as further geographic expansion.

The company said that as well as expanding the company’s reach, it will be used to expand services beyond the GP video consultation technology already on offer in 30 European markets.

Clinicians will be able to access enhanced triage, advanced queuing and matching functionality, paperless referral management, secure patient messaging and personalised treatment plans, the company said.

Kry plans to deepen the functionalities of its patient-facing app and expand its mental health offering to more markets including adding Internet Cognitive Behavioural Therapy (ICBT) and mental health self-assessment tools.

The company was founded in 2015 and says it has already helped more than three million patients find healthcare so far.

But like many digital health firms it saw demand increase sharply during the pandemic and doubled in size year-on-year in 2020 as it supported patients and healthcare systems across Europe.

In the UK, the company has launched a digital campaign to encourage people to get their COVID-19 vaccines to counter inaccurate social media messages from anti-vaxxer groups.