Kinnevik participates with USD 50 million in Babylon’s funding round
Kinnevik AB (publ) (“Kinnevik”), today announced that it will participate with a USD 50m investment in a fundraise of up to USD 500m by Babylon Holdings Limited (“Babylon”), the digital healthcare service company combining mobile tech and artificial intelligence with medical expertise. After the first close of the raise of USD 400m, Kinnevik is expected to own 16.2 per cent of Babylon on a fully diluted basis. Assuming a final close of the raise of USD 500m, Kinnevik is expected to own 15.0 per cent in Babylon on a fully diluted basis. The USD 500m raise corresponds to a post-money valuation of USD 2.0bn.
Kinnevik first invested in Babylon in January 2016, and since then the company has created a unique end-to-end platform that has the capability to provide AI-driven health services and virtual medical consultations, complemented by traditional face-to-face consultations. The funding round will enable Babylon to further deliver on its growth and innovation strategy and the proceeds will support the advancement of its suite of products and pioneering AI technology while increasing its global footprint, particularly in the United States.
Kinnevik’s participation in the funding round includes the conversion of USD 19m in previously provided financing prior to 30 June 2019.
Kinnevik’s CEO, Georgi Ganev commented: “We are delighted to welcome new strategic and financial partners into Babylon and are pleased that they recognize the company’s growth potential which we have been enthusiastic about since our first investment in early 2016. We are looking forward to entering this next chapter in Babylon’s journey, and to continuing to support them in their mission to put accessible and affordable healthcare into the hands of everyone on earth. “
This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 01.00 CET on 2 August 2019.
For further information, visit www.kinnevik.com or contact:
Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50