December 11, 2023

cat healthThe health tech startup co-founded by Spotify co-founder Daniel Ek has raised 60 million euros ($65 million) in its first external funding round.

The Series A round was led by Lakestar, with participation from Atomico and General Catalyst.

Founded in Sweden in 2018 by Ek and Ek Harma NilssonNeko Health came out of stealth back in February with the lofty promise of providing preventive healthcare through AI software-powered full-body scans that help doctors detect skin conditions including cancer, cardiovascular disease, diabetes and other metabolic syndromes .

Each scan takes about 10 minutes and costs 250 euros, followed by an on-site consultation and interpretation of the results, according to the company.

Neko Health Scan

Neko Health Scan Image Source: Cat Health

The Stockholm-based company claims it has a team of 35 doctors, researchers and technicians spread across Europe, and there is a waiting list for people seeking full-body scans at its first Stockholm clinic.

“Health care costs are spiraling out of control – and we believe preventive health will be the key to reversing this trend,” Neko Health CEO Hjalmar Nilsonne said in a statement. “Today’s physicians don’t have the time or resources to focus on Prevention. This leads to many health problems being ignored until they become very serious, causing a lot of suffering and putting a lot of pressure on the healthcare system.”

unhealthy silence

Perhaps what’s most notable about Neko at this juncture is its aversion to questions, especially against the backdrop of high-profile health tech companies like Theranos falling out of favor after making bold, baseless claims. Indeed, Neko Health, which declined to give any interviews when it was formally launched earlier this year, stuck to that stance today when it announced its first institutional investment.

Regardless, Neko Health has amassed a pretty impressive roster of investors in the US and Europe, collectively backing companies like Spotify, AirBnb, Snap, and Hubspot. As a result of the investment, Lakestar and Atomico founders Klaus Hommels and Niklas Zennstr√∂m will join Neko’s board of directors together with the two Neko founders.

The company said it would use the fresh cash infusion to accelerate its expansion plans, including opening more clinics in Europe and investing in research and development, clinical studies and hiring.