Kry
Kry runs app video doctor visits plus physical clinics across Sweden, Norway, UK, and France (as Livi).
The call
Kry holds regulatory ground across four countries but still loses money group-wide, leaving its equity story unresolved even as AI triage tools crowd its front door.
Kry is an online doctor service in Sweden, Germany, Spain, and France that books appointments and gets paid by national health systems and insurance companies. It is hard to copy because it has government contracts and medical licenses in place, which takes years to build, but it faces two real threats: AI chatbots like ChatGPT are getting better at initial patient screening for free, which could send fewer people to Kry's doctors, and big national health systems could simply replace Kry with their own in-house apps or switch to Teladoc if costs rise. The one thing that matters most is whether Kry finally turns a profit in 2025 and keeps its contracts when they come up for renewal, because being stuck at the same value ($2 billion) for four years with mounting cash burn is a warning sign.
Why
01
AI pressure: AI symptom checkers and triage bots (ChatGPT Health, Hippocratic AI). Free AI triage could replace the first-contact symptom check, leaving Kry to justify the paid consult step that follows it. Could AI do the core job? Only partly.
02
Bigger players: National health payers (NHS, Assurance Maladie, Swedish regions). These payers fund Kry through contracts but also run their own digital triage tools and can reprice or drop Kry at renewal. Could a giant copy it? Probably.
03
What protects it. Reimbursement contracts and clinical licensing built up over years in four countries, which a new AI-only entrant cannot get overnight.
What would change this call
Kry's full-year 2025 group EBITDA figure, due mid-2026. Shows whether Kry is closing toward profitability or stuck on flat trajectory.
Any new priced equity round vs. another convertible-debt raise. Indicates whether investors still value Kry above its flat ~$2B mark.
NHS or Assurance Maladie awarding a comparable reimbursement contract to an AI-native rival. Would show Kry's regulatory moat is porous to new entrants.
Any new priced equity round vs. another convertible-debt raise. Indicates whether investors still value Kry above its flat ~$2B mark.
NHS or Assurance Maladie awarding a comparable reimbursement contract to an AI-native rival. Would show Kry's regulatory moat is porous to new entrants.
Key numbers
- 2024 group revenue SEK 2.5bn, up 22% YoY
- 2024 EBITDA -SEK 505M, improved from -SEK 960M
- All four markets profitable at market level by end 2024
Named risks
- Group remains unprofitable overall despite market-level profitability claims, with EBITDA still -SEK 505M in 2024.
- Reimbursement contract churn, as shown by loss of Region Skane midwifery contract in March 2025.
- Flat $2B valuation since 2021 and shift to convertible debt financing in March 2024 signal cooling investor appetite.
- AI-native triage and symptom-checker tools commoditizing the free front-door layer of Kry's service.
- Integration risk from Hermelinen Group acquisition completed May 2025 via non-cash share issue.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Babylon Health | gaining on | Babylon collapsed into US insolvency and pivoted to UK-only specialist after 2023, per 2026-03-20 report |
| Doktor.se and Min Doktor | contesting | Fined alongside Kry in Sweden's 2025-04-08 Google-Ads brand-bidding cartel case; Kry self-reported |
| Teladoc Health | gaining on | Teladoc remains absent from European reimbursement contracts as of 2026, leaving Kry's core markets uncontested |
| Hippocratic AI | losing to | Hippocratic AI reached $3.5B valuation in Nov 2025 serving 50+ health systems with 115M+ interactions |
| ChatGPT Health and AI triage tools | losing to | UC San Diego self-triage bot hit 84% accuracy in April 2026, commoditizing free symptom-checking |
Questions people ask
- Is Kry profitable in 2026?
- Kry reported all four markets (Sweden, France, UK, Norway) profitable at market level by end of 2024, with group EBITDA improving to -SEK 505M in 2024 from -SEK 960M in 2023. Full group profitability has not yet been confirmed as of mid-2026, per Kry's own June 2025 release.
- Could AI replace Kry's core service?
- AI threatens Kry's free symptom-checker and triage layer, with UC San Diego's April 2026 self-triage bot hitting 84% accuracy, but AI cannot hold Kry's NHS, Assurance Maladie, or Swedish regional reimbursement contracts or malpractice liability, which require licensed clinicians and regulatory standing.
- Who is Kry's biggest competitor?
- Babylon Health was historically Kry/Livi's largest-funded rival but collapsed into US insolvency and a UK-only pivot after 2023. Domestically, Doktor.se and Min Doktor compete on similar terms in Sweden; Teladoc remains absent from European reimbursement markets as of 2026.
- How much funding has Kry raised and what is it worth?
- Kry has raised roughly $748.5M total since a 2016 seed round, including a $300M Series D at over $2B valuation in April 2021 and a $160M extension in July 2022. Its March 2024 financing was convertible debt of €20M, with valuation still estimated near $2B.
- Did Kry lose any government contracts recently?
- Yes, Region Skane in Sweden terminated its midwifery contract with Kry, announced March 31, 2025, per Kry's 2024 annual report. Kry's business model depends heavily on public reimbursement contracts with health systems like the NHS and France's Assurance Maladie.
- Is Kry using AI to cut costs?
- Kry's COO Kalle Conneryd Lundgren said in February 2024 that the company would not have reached market-level profitability as quickly without AI, crediting genAI with cutting administrative workload across its roughly 4,000-employee operation ahead of its 2024 profitability milestones.
Timeline
- 2026-07-26OpenAI faces lawsuit over ChatGPT Health feature alleging harmful medical advice
- 2025-06-24Kry reports 2024 group revenue SEK 2.5bn, EBITDA improved to -SEK 505M
- 2025-05Kry completes acquisition of Hermelinen Group, partly via non-cash share issue
- 2025-04-08Sweden fines Kry rivals for Google-Ads brand-bidding cartel; Kry self-reported and avoided penalty
- 2025-03-31Region Skane terminates midwifery contract with Kry
- 2024-12-06Founder Johannes Schildt becomes Chairman; COO Kalle Conneryd Lundgren named CEO
- 2024-03Kry raises €20M convertible debt from existing investors, valuation held near $2B
- 2024-02-28Kry says AI accelerated its path to profitability across all markets
- 2022-07-21Kry closes $160M Series D extension led by Teachers Venture Growth and P Capital Partners
- 2021-04-27Kry raises over $300M Series D at over $2B valuation, led by CPP Investments and Fidelity
Revision history
29 July 2026
First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Great healthcare for everyone
- Kry Stock Price, Valuation & News (2026-07-19)
- About
- Annual Report Covers 2024
- Valuation, Funding Rounds & Stock Price
- Kry secures $300m to expand virtual GP consultation services in Europe (2021-04-27)
- Kry completes fundraising of $160m (2022-07-21)
- Kry profitable in all markets (2024-02-28)
- Kry drives growth in 2024 with its best results to date (2025-06-24)
- Kry secures over US$300m investment
- About Livi
- Johannes Schildt Appointed as New Chairman (2024-12-06)