Neko, the body-scanning startup co-founded by Spotify’s Daniel Ek, has raised $260 million in a Series B funding round, valuing the company at $1.8 billion. The Stockholm-based startup aims to expand its preventative healthcare services across Europe and the US. The fresh capital will be used to open more clinics and develop Neko’s diagnostic technology.
CEO Hjalmar Nilsonne revealed that the company has acquired a startup developing advanced sensors to enhance its data capture capabilities. Launched in 2018, Neko has seen growth and has a waitlist of over 100,000 people. The company has scanned and evaluated around 10,000 patients in its Stockholm and London clinics.
Nilsonne emphasized the high demand for Neko’s services and plans to establish a presence in the US, which has the largest number of people on Neko’s waitlist outside of Europe. We think there’s a lot we could contribute to the ecosystem here, made possible by this funding round,” he said. The Series B round was led by Lightspeed Venture Partners, with participation from existing investors including General Catalyst, O.G. Venture Partners, Rosello, Lakestar, and Atomico.
This follows a $65 million investment in 2023 from Lakestar, Atomico, General Catalyst, and Prima Materia—Daniel Ek’s investment firm.
Neko expands with Series B funding
Neko’s £300 clinic experience involves an hour-long exam using proprietary hardware and software to collect millions of health data points.
Parameters such as skin marks, waist circumference, blood sugar, cholesterol levels, and heart rate are measured to assess risks for conditions like skin cancer, metabolic syndrome, stroke, heart attack, and diabetes. The exam includes a doctor consultation and follow-up recommendations. Nilsonne noted that about 80% of customers have rebooked appointments for the following year, showing customer satisfaction and the utility of Neko’s preventative approach.
Neko plans to continue research and development on medical hardware and software, aiming for yearly updates and potentially different service tiers. Nilsonne compared their current product to the iPod’s early days, envisioning a journey where Neko will continually improve its diagnostics, making them more affordable and comprehensive. The funding will accelerate product development and help Neko distance itself from other players in the preventative healthcare space.
Lightspeed partner Bejul Somaia will join Neko’s board as part of this funding round. This funding round comes as the healthcare landscape shifts, with an increasing focus on preventative measures and the infusion of technology into medical diagnostics and patient care. Neko is positioning itself at the forefront of this transformative wave.
