Why we invested in Kry?
Healthtech has been booming for the past few years for all the obvious reasons. But many think it’s the change was bound to happen sooner or later, Covid just put the service innovation and supportive legislation on fast forward. The evolution and adoption of digital health tools and service models, ranging from appointment logistics and virtual care to at-home testing kits and hybrid care models, has the potential to make healthcare more accessible and affordable.
The investors have realized this enormous potential, with healthtech investments reaching nearly $40 billion in 2021, doubling for the second year in a row. In just a few years, eHealth solutions are well established both in the medical community, as well as in the minds of the patients. For example, telehealth usage has stabilized at a 38x higher level than before the pandemic.
Swedish digital health startup Kry, which translates to “in good health,” is the biggest eHealth platform in Europe. Kry offers a 24/7 software platform and smartphone app for connecting patients and providers via video and instant messaging consultations.
They make medical assistance more available, especially to people living in the countryside or for patients who have difficulty travelling long distances. In addition to Sweden, Kry, known as Livi in the rest of Europe, also operates in Norway, UK, France and Germany. Most of Kry’s clinicians also have specialist training and can provide healthcare in 30 different languages.
Since 2015, Kry has conducted over 6 million patient meetings, with a whopping 98% customer satisfaction. When the pandemic hit, Kry stepped up and offered their services to doctors for free and has steadily doubled their turnover and appointment count every year.
Unlike most of its competitors, they’ve also acquired physical clinics and can offer a truly sustainable hybrid care model. Kry says that the future of healthcare is neither digital nor physical, but a combination of the two.
Kry’s focus has always been on solving inefficiencies in healthcare delivery and striving for a more proactive and preventive healthcare system where resources are used in the best possible way. Their advanced administration technology also means that clinicians can spend more time on the patient and less time on administration. It is claimed that digital doctor’s visit is 4 time cheaper than a physical visit accordingly. Therefore it’s good to seek digital care when possible and physical care only when necessary.
Kry is an excellent example of how to shift medical to digital. No wonder, it’s been pedicted to become the next European decacorn. We wish them all the luck in building the medical way of future.
