Swedish startup Neko Health, co-founded by Spotify founder Daniel Ek, has raised $260 million in a Series B funding round, valuing the health tech company at $1.8 billion as it prepares to enter the U.S. market.
The capital will also support Neko’s diagnostic development, potential acquisitions, and the opening of additional clinics, according to TechCrunch, which first reported the funding news. Neko has already made progress in one area, acquiring an unnamed startup that develops sensors to enhance its data capture, the publication noted.
Lightspeed Venture Partners led the round, with participation from General Catalyst, O.G. Venture Partners, Rosello, Lakestar and Atomico. The funding follows the startup’s $65 million Series A last summer.
As the saying goes, timing is everything – and Neko is confident it has found the solution to longstanding challenges in the traditional medical world by focusing on early detection and preventative measures with a high-tech approach.
“We’re at the beginning of a big shift of the healthcare market, from reactive to proactive, driven both by technological advancements and growing consumer demand,” Neko Health CEO and co-founder Hjalmar Nilsonne said. “In the coming years, Neko will continue to bring incredible innovations to the market to find and prevent disease before it has a chance to develop.”
Those who visit a Neko Health clinic undergo a non-invasive biomarker and body scan, £299 (~$374) which captures millions of internal and external health data points within minutes, checking everything from moles to blood sugar levels and heart health. Following the scan, patients then consult with a doctor, who may make recommendations for lifestyle modifications or suggest additional testing. The entire experience takes about an hour and gives health consumers a way to track their health over time.
After its official launch in early 2023, Neko Health scans quickly sold out. Even now, the health tech startup’s waitlist hovers at over 100,000 people, with 10,000 scans completed since its launch. On average, 80% of Neko Health members book and prepay a scan for the following year after their appointment at its two clinics in London and Stockholm.
