Neko Health: Revolutionizing Preventative Healthcare
Stockholm-based startup, Neko Health, is making significant strides in the healthcare industry by focusing on preventative health diagnostics. With consumers increasingly interested in understanding and managing their health proactively, Neko has captured the attention of investors, securing a substantial $260 million in Series B funding. This investment values the company at an impressive $1.8 billion post-money.
Capitalizing on Demand: Expanding Horizons
Neko plans to utilize this fresh capital to expand its reach into new markets, including the United States, enhance its diagnostic capabilities through potential acquisitions, and establish more clinics to meet growing demand. The company’s waitlist has soared to over 100,000 people, doubling from just a few months ago. To date, Neko has provided diagnostic services to 10,000 patients across its clinics in Stockholm and London.
“It’s very clear that there’s incredible demand for a different way of thinking about health care,”
— Hjalmar Nilsonne, CEO and Co-founder of Neko Health
Breaking Into the U.S. Market
Nilsonne emphasized the strategic importance of entering the U.S. market, given its substantial portion of Neko’s waitlist. “Of course, we want to come to the U.S. We think there’s a lot we could contribute to the ecosystem here,” he mentioned during an interview from New York. Lightspeed Venture Partners led this funding round, with participation from General Catalyst, O.G. Venture Partners, Rosello, Lakestar, and Atomico.
A Shift in Healthcare Focus: Preventative Measures
The surge in funding aligns with a broader shift in global healthcare towards preventative measures. By identifying health issues early, healthcare systems aim to manage costs associated with chronic conditions in aging populations. In tandem with this trend is the growing integration of technology into healthcare practices. From artificial intelligence to advanced diagnostic tools, these innovations are reshaping patient-doctor interactions and diagnostics.
Neko Health’s offerings include clinic visits that provide an hour-long examination using proprietary hardware and software for £300. This comprehensive check-up generates millions of health data points and includes screenings for skin cancer risk factors as well as assessments for metabolic syndrome indicators like waist circumference and blood pressure.
Nurturing Long-term Relationships with Patients
Neko reports that 80% of its customers have pre-booked follow-up appointments for the next year, underscoring the value patients find in these proactive health evaluations. Despite its roots in climate tech and a serendipitous start via Twitter conversations between co-founders Daniel Ek (also co-founder of Spotify) and Nilsonne, Neko has effectively captured consumer interest.
Innovating Healthcare with Technology
Neko’s vertically integrated approach allows it to design both medical devices and software used in its clinics. Nilsonne notes that most primary care ECG machines are about 15 years old; by contrast, Neko updates its technology annually. “The body scan today is kind of the iPod moment for Neko,” he explained. Just as the iPod was a precursor to Apple’s handheld devices revolutionizing tech consumption, Neko aims to redefine preventative diagnostics easily accessible to all.
A Bright Future Ahead
The recent funding will enable Neko to enhance its product offerings further while distinguishing itself from competitors like Zoiin France and Aware in Germany. It also positions Neko distinctively compared to public health initiatives like the NHS Health Check program in the UK.
“The funding round will allow us to double down and really increase our investments in making the product better.”
— Hjalmar Nilsonne
With Lightspeed partner Bejul Somaia joining Neko’s board as part of this funding round, Neko Health continues its journey towards revolutionizing healthcare diagnostics globally.
