Swedish tech investor, Kinnevik AB said it will be raising fresh funds for Babylon Holdings Limited.
Kinnevik has about 20% equity stakes in Babylon.
The company said it has started “preparations for a fundraise are ongoing and that the raise is in its final stage, but no agreement has been reached as of now.”
“Final terms will be announced if and when an agreement between the parties is signed, expected this week. If completed, the transaction will assign a pre-money valuation of Babylon in excess of USD 1 billion.”
Kinnevik did not disclose how much it plans to raise.