Kinnevik AB (publ) (“Kinnevik”), today announced that it has invested USD 75m in VillageMD, a leading US based provider of primary care and a pioneer in the delivery of value-based care. Kinnevik led the USD 100m Series B and will own 10% of VillageMD after the funding round.
VillageMD enables physicians to move towards a primary care-led, risk-bearing clinical model that produces high quality care for patients and strong economic value to physicians. The company was founded in 2013 and has grown to serve more than 2,500 physicians across eight markets in the US. The company cares for approximately 500,000 lives and oversees over USD 3 billion in total medical spend in value-based contracts. VillageMD has a track record in reducing medical spend, improving health and achieving high patient satisfaction.
Kinnevik’s CEO, Georgi Ganev commented: “We are delighted to lead the funding round in VillageMD, a company focused on delivering healthier patients, happier physicians and better outcomes. We have been impressed by the company’s technology, operational and clinical support capabilities, as well as its robust business model. We see VillageMD, our fourth investment in healthcare, as highly complementary to our existing portfolio given its ability to influence a population’s entire healthcare spend. We look forward to supporting VillageMD as the company continues to grow the business.”
Tim Barry, co-founder and CEO of VillageMD, noted: “As we continue to transform and disrupt the healthcare system, we want partners who embrace our mission of changing US health care for the better. We are proud to partner with Kinnevik, who are fully aligned with our ambition to impact more patients and improve the quality of care in our country. We are very excited to have them on board in this next phase in our journey.”
VillageMD will use the funding from the capital raise to expand its primary care footprint in existing and new markets and enhance docOS, its market-leading healthcare operating system. It will also grow its Village Medical brand and scale its Village Medical home care offering.
For further information, visit www.kinnevik.com or contact:
Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to build the digital consumer businesses that provide more and better choice. We do this by working in partnership with talented founders and management teams to create, invest in and lead fast growing businesses in developed and emerging markets. We believe in delivering both shareholder and social value by building well governed companies that contribute positively to society. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.