Kinnevik AB (publ) ("Kinnevik") today announced that it has invested USD 41m in Livongo Health Inc. ("Livongo"), leading a USD 105m funding round and increasing its ownership to 8%. Livongo is a US based consumer digital health company empowering people with chronic conditions to live better and healthier lives.
Georgi Ganev, CEO of Kinnevik, commented:
"We are excited to lead the funding round in Livongo and to increase our ownership in the company. Since our first investment a year ago, Livongo has grown its member base by 2.5 times and reinforced its position as a leader in chronic conditions, starting with diabetes and hypertension. We have set out to focus our private portfolio and to identify the winners, and the investment in Livongo is an important step in executing our strategy in this area."
Glen Tullman, Chief Executive Officer of Livongo, noted:
"The societal cost of chronic health conditions is staggering in the US and worldwide. This can be addressed - and Livongo is showing the way. The new science in health and healthcare is based on understanding consumers and meeting them exactly where they are. Livongo empowers members with useful and actionable information that leads to measurably better clinical results. Today's financing furthers our ability to make our mission a reality. We are very pleased to have the continued support of Kinnevik for this exciting phase of our journey."
Livongo empowers people with chronic conditions to live better and healthier lives. The company reduces the daily burdens of people living with chronic conditions, starting with diabetes and hypertension, by driving behavior change through the combination of consumer health technology, personalized recommendations, and real-time support at the point of impact.
Proceeds from the funding round will support rapid market growth, continued investment in data science, deeper integration with clients and partners, and the development of Livongo's proprietary platform.
For further information, visit www.kinnevik.com or contact:
Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email [email protected]
Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to build digital businesses that provide more and better choice. We do this by working in partnership with talented founders and management teams to create, develop and invest in fast growing businesses in developed and emerging markets. We believe in delivering both shareholder and social value by building companies that contribute positively to society. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik's shares are listed on Nasdaq Stockholm's list for large cap companies under the ticker codes KINV A and KINV B.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kinnevik via Globenewswire