Kinnevik AB, has just invested USD12.5 million in Livongo Health Inc.
The company said the funding is a part of a USD52.5 m funding round for the California based consumer digital healthcare company helping people with diabetes to live healthier lives.
With the new funding round, Kinnevik said it will own 3.5% of Livongo after the funding round. The financing was co-led by Kinnevik and existing investor General Catalyst.
Livongo is a digital chronic care management platform that provides diabetes patients with a personalized, end-to-end service, from measurement of blood glucose levels to real-time, contextual feedback and access to live coaching by certified diabetes educators. Diabetes is one of the largest chronic diseases in the world affecting more than 400 million people. Livongo is helping more than 25,000 patients manage their diabetes and counts almost 15% of Fortune 100 companies amongst its fast growing client base.
Joakim Andersson, Interim CEO of Kinnevik, commented: “Livongo is our second investment in healthcare, a sector where we see the opportunity for technology-enabled platforms to deliver better outcomes at more affordable prices. Diabetes is a large, growing and life-long condition that requires a comprehensive approach to address patient needs. We have been impressed by Livongo’s platform and their impact on the US diabetes market to date, and are delighted to partner with the team to build a global leader in chronic care management over the long-term.”
Kinnevik AB is the second largest tech startup investor in Africa with major interest in Konga and other Rocket Internet startups such as Global Fashion Group, Home24 and Linio.