Spotify Founder Daniel Ek’s Medical Technology Company Raises $65 Million

5 July, 2023

Neko Health, a medical technology company co-founded by Daniel Ek, said on Wednesday (July 5) it has raised 60 million euros ($65 million) from a group of outside investors led by European tech venture capitalist Klaus Hommels‘ Lakestar.

Founded in 2018 by Ek and Hjalmar Nilsonne, this is the first time the Swedish health-tech company has raised external capital. Atomico and General Catalyst also invested in the funding round, and Hommels and Atomico’s Niklas Zennstrom will get seats on Neko Health’s board.

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With scanning technology the company says can help in the early detection of skin cancer, diabetes and other diseases, Neko Health is among the “moonshot projects” that Spotify CEO and billionaire Ek has pledged to support in recent years.

In 2020, Ek said he would invest 1 billion euros ($1.085 billion) of his personal wealth in European technology companies. So far, he has made investments individually and through Prima Materia, the European investment company he co-founded with Shakil Khan in 2021.

Sweden-based Neko Health says it has developed preventative health scan technology that can help medical professionals detect cardiovascular disease, skin conditions and metabolic syndromes in roughly 10 minutes.

Launched in Stockholm earlier this year, Neko Health says it “sold out all the slots” for its 10-minute scans in two hours and has 10,000 people on its waitlist.

The scans cost roughly 250 euros ($271) and are followed up with an in-person medical consultation. The technology is currently only available in Sweden, but the company said part of the money raised will go toward expanding its reach.

“Doctors today just don’t have enough time or resources to focus on prevention. This leads to many health problems going unnoticed until they get really serious, causing a lot of pain and putting a massive strain on the healthcare system,” Neko Health CEO Nilsonne said in a statement. “This strong demand is what’s driving us to expand our horizons.”