Neko Health Secures $260 Million Investment, Targets U.S. Market Expansion

Neko Health, the Stockholm-based health-tech startup, has raised $260 million in a Series B funding round, boosting its valuation to $1.8 billion. With a mission to transform preventive healthcare, the company plans to utilize the funding to expand its operations into the U.S., enhance its proprietary diagnostic technology, and open additional clinics to meet growing demand.

Neko Health Secures $260 Million Investment, Targets U.S. Market Expansion
Neko Health Secures $260 Million Investment, Targets U.S. Market Expansion

Neko Health, the Stockholm-based health-tech startup, has raised $260 million in a Series B funding round, boosting its valuation to $1.8 billion. With a mission to transform preventive healthcare, the company plans to utilize the funding to expand its operations into the U.S., enhance its proprietary diagnostic technology, and open additional clinics to meet growing demand. Currently, the company has over 100,000 individuals on its waitlist, a significant increase from 40,000 just months ago, and has served 10,000 patients across its clinics in Stockholm and London.

Speaking from New York, Neko Health CEO and co-founder Hjalmar Nilsonne emphasized the importance of entering the U.S. market. “Of course, we want to come to the U.S. We think there’s a lot we could contribute to the ecosystem here, made possible by this funding round,” he noted. He explained that the majority of people on the waitlist outside Europe are from the U.S., reinforcing its strategic importance for the company’s next phase of growth.

The funding round was led by Lightspeed Venture Partners, with additional participation from existing backers General Catalyst, O.G. Venture Partners, Rosello, Lakestar, and Atomico. This follows a $65 million Series A round in 2023, which included investments from Lakestar, Atomico, General Catalyst, and Prima Materia, the investment firm co-founded by Spotify’s Daniel Ek, who is also Neko Health’s co-founder. Prima Materia previously seeded the startup but did not participate in the latest round.

Neko Health’s approach to healthcare focuses on preventive diagnostics through advanced technology. For approximately £300, customers receive a one-hour health assessment at one of the company’s state-of-the-art clinics. This process involves generating millions of health data points using proprietary hardware and software. The scans assess various health parameters, including skin abnormalities, waist circumference, blood pressure, cholesterol levels, and other indicators, to evaluate risks for conditions like skin cancer, metabolic syndrome, stroke, and diabetes. Each visit includes a consultation with a doctor, and 80% of customers have already rebooked appointments for the following year.

Neko Health CEO and co-founder Hjalmar Nilsonne

The startup’s vertically integrated model is a significant departure from traditional healthcare approaches. “The average ECG machine in primary care is 15 years old, meaning the software is 15 years old,” said Nilsonne. “We have a completely different model where we’re vertically integrated, meaning we make these devices, we make the software, and we have the clinic.” With this model, the company aims to improve its offerings annually by adding more diagnostic parameters and potentially introducing tiered pricing options to make its services more accessible.

Describing the current stage of Neko Health, Nilsonne compared it to an early milestone in consumer technology: “The body scan today is kind of the iPod moment for Neko. The iPod was an iconic product that people loved, and that was exciting. But no one today is using an iPod.” He added that the company views this as the start of a long-term journey to deliver “incredibly affordable, high-quality preventative diagnostics.”

The funding will also help the company position itself against competitors such as Zoi in France and Aware in Germany, while distinguishing its offering from public health services like the NHS Health Check in the UK. As part of the latest funding round, Lightspeed Venture PartnersBejul Somaia will join Neko Health’s board, underscoring the firm’s commitment to advancing Neko Health’s mission of reshaping preventive healthcare on a global scale.