Kinnevik announces USD50m participation in funding round of Babylon Holdings.

M2 EQUITYBITES-August 5, 2019-Kinnevik announces USD50m participation in funding round of Babylon Holdings

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Swedish investment company Kinnevik AB (STO:KINVB) announced on Friday that it will participate with a USD50m investment in a fundraise of up to USD500m by Babylon Holdings Limited (Babylon), a digital healthcare service company combining mobile technology and artificial intelligence with medical expertise.

After the first close of the raise of USD400m, Kinnevik said it expects to own 16.2% of Babylon on a fully diluted basis.

Also, assuming a final close of the raise of USD500m, Kinnevik is expected to own 15% in Babylon on a fully diluted basis. This USD500m raise corresponds to a post-money valuation of USD2.0bn.

Kinnevik had first invested in Babylon in January 2016 and since then Babylon has created a unique end-to-end platform that has the capability to provide AI-driven health services and virtual medical consultations, complemented by traditional face-to-face consultations.

It is expected that this funding round will enable Babylon to further deliver on its growth and innovation strategy and the proceeds will support the advancement of its suite of products and pioneering AI technology while increasing its global footprint, particularly in the US.

Kinnevik's participation in the funding round includes the conversion of USD19m in previously provided financing prior to 30 June 2019.

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