Kry Public-Source Startup Diligence Report
Proceed only with focused financial, regulatory, customer-contract, clinical-quality, data-privacy and cap-table diligence; public evidence supports the category and operating footprint but not an investment-grade view of revenue quality or risk-adjusted valuation.
Kry Public-Source Startup Diligence Report
Kry is a credible late-stage private digital-health unicorn candidate with strong public evidence of care-delivery scale, venture backing and European healthcare-system positioning, but the public record leaves financial quality, current valuation, healthcare regulatory exposure, customer concentration and clinical/data controls unresolved.
Public evidence verifies funding and usage scale but not audited statements, revenue quality, margins, cash, debt, backlog, or AR aging.
Diligence request: Request audited financial statements, monthly management accounts, revenue by product/channel/geography, gross margin, cash, debt, backlog, AR aging, and runway.
Kry/Livi operates clinical care across public and private channels and is subject to healthcare regulators, reimbursement policies, CQC expectations, and country-specific telehealth rules.
Diligence request: Obtain jurisdiction-by-jurisdiction regulatory matrix, reimbursement contracts, inspection reports, incident logs, and counsel memo.
Digital consultations, prescriptions, clinics, and clinician productivity expose the company to quality, safety, staffing, and reputational risks.
Diligence request: Request clinical governance policies, quality metrics, adverse-event logs, professional-credentialing files, complaint trends, and regulator correspondence.
BankID login, app-based consultations, prescriptions, and health records imply sensitive identity and health-data processing.
Diligence request: Request DPIAs, security certifications, penetration tests, data-flow maps, subprocessors, retention policies, breach logs, and health-data legal opinions.
Livi positions NHS services, private insurers, employers, and regional public healthcare systems as key channels, but revenue mix and customer concentration are not public.
Diligence request: Request top-customer schedule, payer/partner contracts, renewal history, revenue concentration, and churn/cohort data.
The $2B unicorn valuation dates to April 2021 and CB Insights reports $730.99M raised, but current investor marks, preferences, debt, and dilution are not public.
Diligence request: Request current 409A/fair-value analysis, cap table, investor marks, financing documents, debt instruments, warrants, and secondary transaction history.
CB Insights lists multiple telehealth, booking, digital-care, and symptom-assessment competitors, while pricing and reimbursement are region-dependent.
Diligence request: Request win/loss data, market-share analysis, pricing benchmarks, CAC/payback, renewal rates, and competitor displacement evidence.
Public evidence identifies founder/governance headlines but not the full current leadership roster, board rights, compensation, incentives, or turnover.
Diligence request: Request current org chart, board minutes, executive bios, employment agreements, equity plans, attrition reports, and succession plan.
Public evidence verifies Kry as a private unicorn candidate with a $2B 2021 valuation and $730.99M total raised, but audited financials, cash, debt, revenue quality, cap table and current valuation are not public.
not publicly verifiable confidence: high
No public audited statements, management accounts, product/channel/geography revenue splits, backlog or AR aging were found; public evidence supports funding and operating-scale signals only.
| metric | public value | verification status | diligence request |
|---|---|---|---|
| Revenue / ARR / gross margin | Not disclosed; CB profile revenue field is gated/placeholder | not_publicly_verifiable | Audited revenue, ARR, GM, revenue recognition, backlog, AR aging |
| Appointments | 14M appointments on Kry and Livi pages | partially_verified company-authored metric | Definition, period, unique patients, paid vs free, country/product split |
| Clinics | 34 clinics on Kry homepage; 54 physical clinics on Livi About | partially_verified; reconcile scope/date/brand | Clinic list, ownership/leases, utilization, profitability, closures/openings |
| App rating | 4.9 app rating / constant App rating | partially_verified company-authored metric | Store-country split, volume, negative reviews, rating trend |
Operating metrics are not substitutes for financial statements or cohort economics.
not publicly verifiable confidence: high
Growth drivers include digital appointments, physical clinics and public/private partner channels, but forecasts, assumptions and capital expenditure plans are not public.
partially verified confidence: medium
Public sources identify major investors and total raised but not ownership, options, warrants, notes, debt, off-balance-sheet obligations or security preferences.
| stakeholder | public position | diligence caveat | priority |
|---|---|---|---|
| Index Ventures / Creandum / Accel | Named unicorn-list investors | Ownership, liquidation preference, pro rata, board, and consent rights private | high |
| Project A Ventures and other investors | Named in CB Insights investor FAQ | Full investor list and security class not public | medium |
| Founders / employees | Founder Johannes Schildt named; employee option pool not public | Fully diluted ownership and incentive plan require company records | high |
| Debt / warrants / off-balance-sheet obligations | No public schedule found | Debt and contingent liabilities not_publicly_verifiable | high |
A cap table, financing ledger, and debt schedule are mandatory follow-ups.
partially verified confidence: high
CB Insights provides a $2B 2021 valuation anchor and $730.99M total raised, while tax, revenue-recognition policy, current marks and financing terms remain private.
| date | event | amount or value | participants | verification status |
|---|---|---|---|---|
| 2015 | Company founded | Not a financing event | Johannes Schildt / founding team per Livi About | verified by company-owned source |
| 2021-04-27 | CB Insights unicorn-list valuation | $2B valuation | Index Ventures, Creandum, Accel named on unicorn list | verified as public database value; current valuation not_publicly_verifiable |
| Current CB profile | Total funding disclosed by profile | $730.99M raised | Leading European Tech Scaleups, Index Ventures, Creandum, Accel, Project A Ventures and others | verified as public profile; terms not_publicly_verifiable |
| 2022 EU-Startups article attempt | Third-party financing article not usable | Not used | N/A | unverified; source returned 404 |
Public data does not disclose securities, preferences, ownership, cash, or debt.
Public materials support a broad digital-first and physical-clinic healthcare model, but product economics, clinical outcomes, security architecture and roadmap evidence require private diligence.
partially verified confidence: high
Public sources verify a broad digital-and-physical healthcare offering, including app chat/video, clinics, prescriptions, professional services and partner solutions, but product-level economics and clinical outcomes are private.
| product or service | audience | public evidence | diligence gap |
|---|---|---|---|
| App chat and video consultations | Patients needing primary/urgent digital care | Kry homepage and CB profile describe chat/video consultations | Utilization, clinical outcomes, reimbursement and safety metrics |
| Physical clinics | Patients requiring in-person care | Kry and Livi pages disclose clinics and physical-care access | Clinic economics, leases, staffing, and country-level profitability |
| Professional services | Doctors, nurses, psychologists, physiotherapists and patients | Kry homepage lists care professionals; CB profile lists medical advice, psychological support and physiotherapy | Credentialing, productivity, availability, complaint and incident history |
| Prescription renewal and follow-up care | Patients needing continuing care | Kry homepage describes prescription renewals, follow-up appointments and proactive care | Prescribing safeguards, controlled-substance policies, audits and regulator correspondence |
The breadth increases both cross-sell potential and clinical/regulatory diligence burden.
| pricing area | public signal | risk or dependency | needed evidence |
|---|---|---|---|
| Digital care | Price based on registered region | Regional reimbursement and patient co-pay policy | Rate cards, reimbursement contracts and realized net revenue |
| Clinic care | Price based on clinic region | Clinic staffing, lease and utilization economics | Clinic P&L, lease commitments, utilization and margin by site |
| NHS / insurer / employer channels | Livi lists NHS, insurer and employer solutions | Contract-specific pricing and service levels | MSAs, SLAs, renewal dates, minimum commitments and penalties |
No public list price, realized reimbursement, CAC, or payback data was found.
Customer evidence is strongest for broad patient, NHS, insurer, employer and clinical-network segments, but customer revenue concentration and contract economics are not public.
partially verified confidence: medium
Public sources identify user and customer categories, but not top-15 customers, usage by application or product ownership/timing by customer.
| segment | public evidence | likely use case | missing information |
|---|---|---|---|
| Patients / consumers | 14M appointments and app care claims | Primary, urgent, follow-up, prescription and proactive care | Paid cohorts, retention, NPS, complaint rate, country split |
| NHS / UK public healthcare partners | Over 2,500 NHS partners and 1M UK appointments | Capacity extension and digital GP services | Contract list, revenue contribution, renewal and performance metrics |
| Private health insurers and employers | Listed as UK partner channels | Member/employee healthcare access | Named customers, ACV, churn, claims economics, service levels |
No customer revenue schedule or top-15 customer list is public.
partially verified confidence: medium
Livi/Kry publicly emphasizes NHS, insurer, employer and clinical-professional relationships, but contract terms and economics are private.
| relationship | nature | public evidence | diligence gap |
|---|---|---|---|
| NHS services / ICS / ICBs / GP practices | Public-payer/provider channel | Livi About and homepage partner language | Contracts, economics, renewal, CQC and service-level obligations |
| Private health insurers | Private payer channel | Livi About and homepage list private medical insurers | Named insurers, rates, claims savings, member utilization |
| Healthcare professionals | Clinical supply network | 5,000 healthcare professionals; doctors/nurses/psychologists/physiotherapists | Credentialing, retention, productivity and contractor/employee classification |
Relationship economics and contract terms are non-public.
not publicly verifiable confidence: high
Revenue by customer and any customer above 5 percent of revenue are not publicly disclosed.
not publicly verifiable confidence: high
No significant severed relationships were found in reviewed public sources, but absence of evidence is not a clearance.
partially verified confidence: medium
Public dependencies include BankID, clinical workforce, app/video infrastructure and clinics, but supplier names, purchase commitments and concentration are private.
| dependency | role | public signal | risk or request |
|---|---|---|---|
| BankID identity | Patient login/identity verification | Kry homepage says users log in with BankID | Request identity-provider agreements, uptime, data-processing and fallback controls |
| Clinical workforce | Care delivery supply | Kry/Livi disclose doctors, nurses, psychologists, physiotherapists and 5,000 professionals | Credentialing, staffing ratios, compensation, contractor compliance, retention |
| Cloud/app/video/medical-record infrastructure | Digital care delivery | App, chat, video and appointment workflows are public; vendors not named | Request architecture, subprocessor list, uptime, security reports and vendor concentration |
Supplier names and contract economics are mostly not publicly verifiable.
Kry competes in a crowded European digital-health market where integration with clinics and public/private partners may differentiate the company, but win/loss, pricing and market share are private.
partially verified confidence: medium
Kry competes in a crowded digital-health market against appointment platforms, telehealth operators and symptom-assessment providers; differentiation rests on integrated digital-plus-clinic care and partner channels.
| competitor | segment | overlap | differentiator or risk |
|---|---|---|---|
| Doctolib | Healthcare booking and care platform | Scheduling, patient access and healthcare-provider workflows | Large European healthcare platform creates scale and provider-network competition |
| Docplanner Group | Doctor discovery/booking and practice tools | Patient-doctor connection and practice management | Marketplace and SaaS model may compete for provider/customer attention |
| Ada Health | Symptom assessment / digital health guidance | Digital triage and guidance | Software-led triage may pressure front-door engagement |
| HealthHero / Doktor.se / Dr.Dropin | European telehealth and digital primary care | Digital consultations and regional care delivery | Local reimbursement and provider relationships can be hard to displace |
Competitive positioning requires market share, pricing, and win/loss evidence.
| axis | kry position | competitor pressure | evidence or gap |
|---|---|---|---|
| Integrated digital + clinic care | Strong public claim with clinics plus app | Moderate to high depending on country | Kry/Livi metrics public; country-specific economics private |
| Public-payer partnerships | Strong UK positioning | High due to procurement/reimbursement constraints | NHS partner claim public; contract economics private |
| Price/reimbursement flexibility | Region-dependent pricing | High | Public pricing basis only; realized rates private |
| Brand/app experience | 4.9 app rating claim and 14M appointments | Medium | Ratings, retention and acquisition costs require app-store/cohort analysis |
Qualitative scoring should be replaced with win/loss and market-share data.
Go-to-market evidence shows direct app, clinic, NHS/public payer, insurer and employer channels; sales productivity, marketing ROI and budget sufficiency remain private.
partially verified confidence: medium
Public GTM channels include direct patient app, clinics, NHS/public payers, private insurers and employers, with positioning around access, convenience and partner capacity.
| channel | geography | public evidence | gap |
|---|---|---|---|
| Direct patient app | Sweden and broader Kry markets | Kry app, BankID login and appointment booking | CAC, conversion, retention, paid/free mix |
| Physical clinics | Kry/Livi countries | 34/54 clinic claims | Clinic P&L and site-level performance |
| NHS public payers and GP networks | United Kingdom | NHS/ICS/ICB/GP federation/PCN positioning | Contract schedule, revenue mix and renewal terms |
| Private insurers and employers | United Kingdom and possibly other markets | Livi lists private insurers and employers | Named customer list, ACV and churn |
Channel economics are not public.
not publicly verifiable confidence: high
Major-customer status and trends are not publicly available beyond partner-channel claims.
partially verified confidence: medium
New business appears to originate from patient app access, clinic network, public healthcare partnerships, insurers and employers, but lead sources and conversion are private.
not publicly verifiable confidence: high
Sales force productivity, compensation, quotas, cycle length and hiring plans were not publicly disclosed.
| signal | public value | interpretation | diligence request |
|---|---|---|---|
| Healthcare innovation recognition | Kry news index headline says ranked as one of world's most innovative healthtech companies by Time | Brand/PR signal, not a commercial KPI | Provide article, award criteria, lead impact and PR conversion data |
| Best 2024 results headline | Kry news index says best results to date | Positive operating signal but details not reviewed | Provide 2024 audited financials and KPI bridge |
| Sales productivity | Not public | Enterprise/public-payer GTM likely contract-driven | Provide pipeline, quota, sales cycle, win rate, CAC and payback |
Marketing and sales productivity claims remain largely private.
not publicly verifiable confidence: high
Ability to implement marketing plans with budget cannot be assessed from public evidence because budget, CAC, sales productivity and runway are private.
R&D evidence is limited to public product workflows and care-model claims; technical architecture, spend, release schedule, clinical validation and security evidence are private.
partially verified confidence: medium
Public R&D signals include app, video/chat, BankID, care-routing and partner platforms, but the R&D org, spend and technical architecture are private.
| area | public signal | why it matters | request |
|---|---|---|---|
| Product/engineering | App, video, chat, BankID login and care-routing workflows | Core digital platform reliability and privacy | Engineering org chart, architecture, uptime/SLO and security reports |
| Clinical operations / governance | 5,000 healthcare professionals and multi-specialty care model | Clinical quality and safety depends on operating model | Clinical governance, credentialing, adverse events and audit program |
| Care navigation | Livi says it directs patients to the right care setting | Triage quality affects outcomes, safety and payer ROI | Triage algorithms, validation, escalation policies and human oversight |
No technical architecture or R&D spend data was public.
partially verified confidence: medium
New product pipeline is visible only as broad care-navigation and platform claims; timing, development cost and critical technologies are private.
| pipeline item | status | public evidence | gap |
|---|---|---|---|
| Proactive care / ongoing health management | Publicly described workflow | Kry homepage says begin proactive care to feel your best | Roadmap, clinical protocols, reimbursement and outcomes evidence |
| Integrated primary-specialist care network | Strategic model | Livi About says connecting dots between primary and specialist care | Implementation status by country, referral economics and clinical governance |
| Digital platforms for partners | Commercially positioned | Livi About describes digital consultation platforms, clinical capacity, patient engagement tools and healthcare websites | Product roadmap, R&D cost, release timing and margin by module |
Pipeline evidence is product-marketing level only.
Public management evidence identifies founder and governance headlines, but full org chart, compensation, stock plans, headcount history and turnover are not public.
partially verified confidence: medium
A complete public organization chart was not found; public evidence identifies founder/governance headlines and broad functional areas only.
partially verified confidence: medium
Livi discloses 5,000 healthcare professionals but not total employee headcount, function/location history or projections.
| category | public signal | risk | request |
|---|---|---|---|
| Healthcare professionals | 5,000 healthcare professionals on Livi About | Availability, quality, credentialing and retention drive service capacity | Roster by country/function, employment classification, credentialing and utilization |
| Doctors/nurses/psychologists/physiotherapists | Kry homepage lists professional categories | Multi-disciplinary workforce increases compliance complexity | Function-level headcount, compensation, scheduling and complaints |
| Employee turnover / relations | Not public in reviewed sources | Clinical and engineering turnover could impair continuity and quality | Two-year attrition, regretted attrition, employee-relations matters and hiring plan |
Headcount totals outside healthcare professionals were not publicly verified.
partially verified confidence: medium
Founder Johannes Schildt is publicly identified, but full senior-management biographies and tenure are not visible in reviewed sources.
| name or role | public role | source signal | diligence gap |
|---|---|---|---|
| Johannes Schildt | Founder; news-index headline says appointed chairman of the board | Livi About founder reference and Kry news index | Current executive/board role, ownership and time commitment |
| Kalle Conneryd Lundgren | Named in news-index headline about Swedish government appointment to improve healthcare efficiency | Kry news index | Current company role, responsibilities, conflicts and succession plan |
| Other senior management | Not fully disclosed in reviewed sources | Company site did not provide complete leadership roster in retrieved pages | Current org chart, executive bios, board composition, compensation and employment agreements |
Leadership verification needs company and registry documents.
not publicly verifiable confidence: high
Compensation arrangements, benefits and key employment agreements were not publicly disclosed.
not publicly verifiable confidence: high
Incentive stock plans and equity grant schedules are not public.
not publicly verifiable confidence: high
No reliable public employee-relations problem schedule was found in reviewed sources.
not publicly verifiable confidence: high
Personnel turnover data and retention-benefit information for the last two years were not publicly disclosed.
Healthcare regulation, privacy, clinical quality, material contracts and litigation require counsel-led diligence; public sources provide CQC and Swedish scrutiny signals but not full legal schedules.
not publicly verifiable confidence: high
No reliable public schedule of pending lawsuits against Kry was found in reviewed sources.
not publicly verifiable confidence: high
No reliable public schedule of lawsuits initiated by Kry was found in reviewed sources.
partially verified confidence: medium
Environmental risk is likely limited by software/clinic operations, but employee safety, patient safety, privacy and clinic compliance are material and mostly private.
not publicly verifiable confidence: high
Material IP, trademark, copyright, patent, code ownership and license schedules were not found in public sources reviewed.
| area | public signal | diligence gap | priority |
|---|---|---|---|
| Software, app, data and brand IP | Kry/Livi digital platform and brand publicly visible | Patent/trademark/copyright schedule, code ownership, open-source and license review | high |
| Healthcare and payer contracts | NHS, insurer, employer and regional pricing/channel claims | Material contracts, SLAs, termination rights, reimbursement terms and indemnities | high |
| Privacy/security and sensitive health data | BankID, app/video consultations and prescription workflows | DPIAs, subprocessors, security certifications, breach logs, retention and lawful bases | high |
| Insurance coverage | Not public | Clinical negligence, cyber, D&O, E&O and general liability coverage | medium |
Legal diligence must include counsel-reviewed schedules and policies.
not publicly verifiable confidence: high
Insurance coverage and material exposures are not public.
not publicly verifiable confidence: high
Material contracts with payers, suppliers, clinicians, identity providers, cloud/video vendors and clinics are not public.
inconclusive confidence: medium
Livi pages claim CQC-regulated status and CQC Good; CB Insights profile surfaces Swedish online-doctor scrutiny headlines, but underlying articles and regulator files were not reviewed.
| matter | public status | evidence | request |
|---|---|---|---|
| Pending lawsuits against Kry | No reliable public docket schedule found in reviewed sources | Not publicly verifiable | Counsel litigation schedule, threatened claims, settlements and reserves |
| Lawsuits initiated by Kry | No reliable public docket schedule found in reviewed sources | Not publicly verifiable | Counsel schedule of offensive claims and IP/commercial disputes |
| Healthcare regulator / CQC | Livi homepage/About claim CQC Good and regulated-by CQC; underlying report not reviewed | Company-owned pages | CQC reports, regulator correspondence, incident logs, complaints and corrective actions |
| Swedish online-doctor scrutiny headlines | Diligence lead only; underlying articles not fetched | CB profile surfaced news headlines about tighter rules and Kry quality/bonus issues | Swedish counsel memo, reimbursement audits, quality-control documentation and management response |
No adverse matter is asserted as fact without underlying source review.
| ID | Claim | Status | Sources |
|---|---|---|---|
| EC-001 | CB Insights lists Kry as a Sweden/Stockholm healthcare unicorn with a $2B valuation and April 27, 2021 unicorn date. | verified high | SRC-001 |
| EC-002 | CB Insights profile identifies Kry as founded in 2015, alive, based in Stockholm, and having raised $730.99M. | verified high | SRC-002 |
| EC-003 | Kry provides digital and physical healthcare services including video consultations, medical advice, nurse consultations, psychological support, physiotherapy, prescriptions, and clinics. | verified high | SRC-002 |
| EC-004 | Kry homepage claims chat, video calls, clinics, doctors, nurses, psychologists, physiotherapists, 24/7 app availability, 34 clinics, 14M appointments, and 4.9 App Store rating. | partially verified medium | SRC-003 |
| EC-005 | Kry uses BankID login, appointment booking, video calls, clinic booking, follow-up appointments, prescription renewals, and proactive care flows. | verified high | SRC-003 |
| EC-006 | Livi About claims Kry/Livi is a leading digital-first healthcare provider with 14M appointments, 5,000 healthcare professionals, 54 physical clinics, and a 4.9 app rating. | partially verified medium | SRC-004 |
| EC-007 | Livi About states founder Johannes Schildt started Kry Livi in 2015 and that the group has delivered appointments across Sweden, Norway, France, and the UK. | verified high | SRC-004 |
| EC-008 | Livi About claims an integrated online-professional and clinic care model and says 80% of patients are helped within 23 minutes and 20% would have sought urgent care in the UK. | partially verified medium | SRC-004 |
| EC-009 | Livi About says Livi UK is the digital healthcare partner of choice for NHS services, private insurers, and employers, is rated Good by CQC, has delivered over 1M UK appointments, and supports over 2,500 NHS partners. | partially verified medium | SRC-004 |
| EC-010 | Livi homepage identifies Livi as part of KRY, run and owned by KRY International AB, and lists NHS public payers, patients, private insurers, and employers as channels. | verified high | SRC-005 |
| EC-011 | CB Insights names Doctolib, Docplanner, Ada Health, 98point6 Technologies, Ever Health, HealthTap, Jutro Medical, HealthHero, Dr.Dropin, and Doktor.se as Kry competitors or alternatives. | verified high | SRC-002 |
| EC-012 | CB Insights FAQ lists investors including Leading European Tech Scaleups, Index Ventures, Creandum, Accel, Project A Ventures, and others. | verified high | SRC-002 |
| EC-013 | Public sources reviewed did not disclose audited financial statements, revenue, ARR, gross margin, cash, burn, debt, backlog, AR aging, or customer revenue concentration. | not publicly verifiable high | SRC-002SRC-003SRC-004SRC-005 |
| EC-014 | Kry says digital-care and clinic prices are based on the registered region or clinic region. | verified medium | SRC-003 |
| EC-015 | CB Insights profile news links surface Swedish digital-doctor reimbursement/quality-control scrutiny and bonus-related headlines in 2026. | inconclusive low | SRC-002 |
| EC-016 | Kry news index shows recent public operating and governance updates including 2024 growth, a Swedish-government appointment for Kalle Conneryd Lundgren, and Johannes Schildt becoming board chair. | partially verified medium | SRC-006 |
| EC-017 | The attempted EU-Startups article fetch returned a 404 and was not used to verify financing terms. | unverified high | SRC-007 |
| ID | Publisher | Title | Accessed |
|---|---|---|---|
| SRC-001 | CB Insights | The Complete List Of Unicorn Companies | 2026-05-18 |
| SRC-002 | CB Insights | Kry company profile | 2026-05-18 |
| SRC-003 | Kry | Kry homepage | 2026-05-18 |
| SRC-004 | Kry / Livi | About Livi | 2026-05-18 |
| SRC-005 | Kry / Livi | Livi UK homepage | 2026-05-18 |
| SRC-006 | Kry | Kry news index | 2026-05-18 |
| SRC-007 | EU-Startups | EU-Startups Kry financing article fetch attempt | 2026-05-18 |
This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.