Note: All data sourced from publicly available information.

Kry has raised €516M from investors like Accel, Index Ventures, Creandum, and Project A Ventures. It was valued at $2B in its last funding round, with an estimated valuation/revenue multiple of 11x. The valuations of telehealth and digitally-led primary health companies soared in 2020 as COVID forced patients and doctors to consult digitally. In 2020, telehealth companies had a revenue multiple of 17.9x and digitally-led primary health companies 8.1x. However, these companies lost value as COVID subsided, with telehealth companies losing 70% market cap over 2021. Today, public telehealth companies trade at an average of a 1.8x revenue multiple.

Note: The telehealth companies cohort includes Babylon Health, Accolade, Teladoc, Amwell, Hims & Hers, LifeMD, UpHealth, Talkspace, Ontrak, and Dialogue Health. The healthcare clinics cohort includes Oak Street Health, OneMedical, InnovAge, Care Max, Cano Health, TerveyStalo, and Agilon Health.

To evaluate Kry's potential future value, we've developed scenarios based on different growth trajectories and revenue multiples through 2028. These projections consider market dynamics in the telehealth sector, industry consolidation trends, and varying levels of market penetration across Kry's operating regions.

Kry's current revenue of $228M represents moderate growth of 12.41% from 2022, showing a notable deceleration from previous years' expansion as the company prioritizes profitability across geographies. This more sustainable growth trajectory aligns with broader market normalization in the telehealth sector post-COVID.

Given Kry's current revenue of $228M, valuations span from $228M at a conservative 1x multiple to $5.7B at 25x. While public telehealth companies now trade at 1.8x revenue, Kry's hybrid model and European market position could justify higher multiples in line with its last private valuation.

Revenue projections show potential outcomes ranging from $286M at 1% growth to $675M at 30% growth by 2028, reflecting varying scenarios of market penetration and expansion success. The most conservative path represents modest growth while the aggressive scenario would mean nearly tripling current revenue.

Based on various growth trajectories and multiples, 2028 valuations range from $286M at the most conservative scenario (1% growth, 1x multiple) to $16.9B in an aggressive case (30% growth, 25x multiple), reflecting the wide spectrum of potential outcomes depending on Kry's execution and market conditions.

To refine our analysis, we've developed three core scenarios examining Kry's potential trajectories. These cases factor in key variables including market penetration rates, regulatory environments, competitive dynamics, and shifting healthcare delivery models across Kry's European operations.

Even in the bear case, Kry maintains moderate 10% growth with a 5.5x multiple, reflecting continued but tempered expansion. The bull case of 25% growth and 8.5x multiple would require successful execution across markets, while the base case represents a balanced trajectory between these extremes.

Our bear, base, and bull cases for Kry reflect varying scenarios of market expansion and profitability achievement across European markets

The uncertainty around these three cases depends primarily on Kry's ability to expand beyond Sweden, maintain competitiveness against local players, achieve profitability targets, and successfully execute its hybrid strategy of telehealth, physical clinics, and SaaS offerings across European markets.

These final valuations present a range of potential outcomes for Kry through 2028. The bear case projects a valuation of $2.1B, while the base case reaches $3.1B and the bull case at $5.0B would establish Kry as a leading European digital healthcare platform.