Kinnevik AB (publ) ("Kinnevik") today announced that it has invested USD 12.5m as part of a USD 52.5m funding round in Livongo Health Inc. ("Livongo"), a California based consumer digital healthcare company helping people with diabetes to live healthier lives. Kinnevik will own 3.5% of Livongo after the funding round.
The financing was co-led by Kinnevik and existing investor General Catalyst.
Livongo is a digital chronic care management platform that provides diabetes patients with a personalized, end-to-end service, from measurement of blood glucose levels to real-time, contextual feedback and access to live coaching by certified diabetes educators. Diabetes is one of the largest chronic diseases in the world affecting more than 400 million people. Livongo is helping more than 25,000 patients manage their diabetes and counts almost 15% of Fortune 100 companies amongst its fast growing client base.
Joakim Andersson, Interim CEO of Kinnevik, commented: "Livongo is our second investment in healthcare, a sector where we see the opportunity for technology-enabled platforms to deliver better outcomes at more affordable prices. Diabetes is a large, growing and life-long condition that requires a comprehensive approach to address patient needs. We have been impressed by Livongo's platform and their impact on the US diabetes market to date, and are delighted to partner with the team to build a global leader in chronic care management over the long-term."
For further information, visit www.kinnevik.com or contact:
Torun Litzén, Director Investor Relations
Phone +46 (0)8 562 000 83
Mobile +46 (0)70 762 00 83
Kinnevik is an industry focused investment company with an entrepreneurial spirit at its heart. 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.