Spotify co-founder's health-tech venture Neko raises $260M at $1.B valuation
What's the story
Neko Health, a Swedish health-tech start-up co-founded by Spotify's Daniel Ek, has raised an impressive $260 million in a Series B funding round.
The investment, which was led by Lightspeed Venture Partners, also saw participation from General Catalyst, O.G. Venture Partners, Rosello, Lakestar and Atomico.
The latest infusion of capital has increased Neko's post-money valuation to a whopping $1.8 billion.
Growth strategy
Neko's expansion plans fueled by funding
The newly acquired funds will be used to expand Neko's operations into new markets, primarily the US.
The company also plans to enhance its diagnostic capabilities and establish more clinics in response to increasing demand.
With a waitlist of over 100,000 people (up from 40,000 a few months ago), Neko has already scanned and evaluated over 10,000 patients in Stockholm and London.
Service model
Neko's innovative approach to healthcare
Neko provides a one-of-a-kind health assessment service at its clinics.
For £300, customers are examined for an hour with proprietary hardware and software that produces "millions of health data points."
The detailed check-up involves detection of skin abnormalities, measurement of vital parameters such as blood pressure and cholesterol levels, and assessment of risk factors for different diseases.
After examination, customers get a consultation with a doctor who recommends necessary follow-ups.
Evolution
Neko's journey and future prospects
Neko was founded in 2018 by Ek and Hjalmar Nilsonne after they discussed the state of healthcare in a conversation on Twitter.
Though they aren't from the medical field, the duo spent six years working on Neko's unique approach.
Now, the company is focused on R&D for its medical hardware and software and plans to release updates every year.
"The funding round will allow us to double down and really increase our investments in making the product better," said Nilsonne.