Min Doktor, the Malmö-based pioneer of Swedish digital healthcare, is being acquired by Stockholm rival Kry. The buyer acquires all shares in the company, with sellers including Apotek Hjärtat, which controls just over 70 percent of the shares, and private equity firm EQT, which holds around 25 percent. The price has not been disclosed, but according to the company service Eivora, Min Doktor was valued at 2.1 billion kronor, approximately €183 million. As payment, the sellers receive shares in Kry.
Min Doktor was founded in Malmö in 2013 and was the first digital primary care provider in Sweden. But the pioneer has been overtaken by its Stockholm competitor: last year, Min Doktor had a turn over of €35 million, with a bottom-line profit of €1 million, while Kry had a turn-over of €218 million, although still at a loss. Min Doktor has raised a total of around €105 million in venture capital over the years.
“Min Doktor and Kry have each been driven by the desire to make good healthcare more accessible. It has become clear how well our visions of the healthcare of the future align, and together we have greater strength to realise them. By combining our competence, experience, technology, and infrastructure, we can continue to develop Swedish healthcare and make a difference for more patients,”
said Jonas Vig, CEO of Min Doktor.
From First Mover to Part of a Larger Whole
Min Doktor was the company that proved patients would see a doctor digitally, years before the pandemic made it mainstream. But being first did not translate into being biggest. Kry, founded in 2015, expanded aggressively from digital consultations into physical primary care, specialist care, and occupational health, becoming one of Europe’s largest healthcare providers, while Min Doktor remained the smaller, profitable player.
“We’ve spent years tackling many of the same challenges from different directions, with a shared belief that healthcare can be better and more accessible. Now we get to work on that together. I’m incredibly proud of the Min Doktor team and everything we’re building, from digital healthcare and primary care centers, to vaccination clinics across Sweden,”
said Jonas Vig
With the acquisition, Min Doktor becomes part of a Swedish network of more than 150 physical healthcare locations.
“Together, we’re building something much more powerful than a collection of clinics or a healthcare app: an integrated healthcare infrastructure that can deliver the right care, in the right place, at a lower cost,”
said Kry founder Johannes Schildt.
In connection with the transaction, Apotek Hjärtat and Kry have also signed a collaboration agreement, and Apotek Hjärtat will also join as shareholder of Kry, together with EQT, and Swedbank Robur.
“The new collaboration with a market-leading partner gives us the opportunity to build on our health offering and develop it with both existing and new solutions,”
said Monika Magnusson, CEO of Apotek Hjärtat.
