Sweden-based digital health startup, KRY has raised $22.6M in Series A round funding led by Accel. The round also saw participation from existing investors Index Ventures, Creandum and Project A.
Sonali de Rycker, Partner at Accel who joins Kry’s board, said, “KRY brings tremendous efficiencies and cost savings to the healthcare system while providing much needed access to timely healthcare for consumers. We are thrilled to back Johannes and the KRY team, who have already achieved impressive growth in Sweden, Norway and Spain in a short period of time.”
KRY was founded in 2014 by Johannes Schildt, Fredrik Jung-Abbou, Josefin Landgård, and Joachim Hedenius. The startup provides a video-based healthcare consultation platform that acts as a virtual medical centre, allowing patients to have a video consultation with a KRY-employed healthcare professional via their mobile phone or tablet, rather than a physical appointment.
KRY aims to supplement traditional healthcare systems with an on-demand (paid) service for patients, who require fast and convenient access to a doctor when they don’t need a full physical examination. At present the company serves more than 1% of all primary healthcare in Sweden, employing over 200 doctors. It has more than 100,000 users across Sweden, Norway, and Spain. With the current raised capital, KRY plans to accelerate European expansion but it didn’t reveal which countries it will launch in next.
Johannes Schildt, KRY CEO and co-founder, said, “KRY is built by patients, for patients. Our main priority is always to build a service that allows patients equal access to healthcare on their own terms. We welcome Accel who share a great ambition for healthcare to be revolutionised across Europe.”
How does it work?
A patient just needs to download the app and select a time for a video based appointment. Prior to the appointment, the patient describes their symptoms in writing, uploads relevant pictures, and responds to symptom-specific questions. At the scheduled time, the doctor calls the patient through the app to start the video consultation. During the video call, patients may receive prescriptions for medication, advice, referral to a specialist, or lab or home tests with a follow-up appointment. Prescribed medication and home tests can then be delivered straight to the patient’s home within two hours. A 15-minutes of video conferences cost around 299 Swedish Krona per session, which is equivalent to £27/$35.
Last year the Swedish health startup has raised a €6.1 million seed funding from Index Ventures (London and SF) and Creandum (Stockholm) and Project A (Berlin).