Stockholm-based healthtech startup Neko Health has raised a substantial $260 million in Series B funding, valuing the company at $1.8 billion post-money. This significant investment, led by Lightspeed Venture Partners, will enable Neko to break into new markets, develop its diagnostics, and open more clinics to meet the growing demand for its preventative healthcare services.

The funding round, which also saw participation from General Catalyst, O.G. Venture Partners, Rosello, Lakestar, and Atomico, comes at a time when the healthcare industry is shifting its focus towards preventative care. Neko Health's innovative approach, which combines proprietary hardware and software with a unique clinic experience, has resonated with consumers, resulting in a waitlist of over 100,000 people.

Neko Health's CEO and co-founder, Hjalmar Nilsonne, expressed his excitement about the funding, stating that it will allow the company to "double down and really increase our investments in making the product better, which is ultimately about solving some of the core problems in healthcare." The company plans to use the capital to expand its services to new markets, including the U.S., where it has already seen significant interest, with a large portion of its waitlist coming from outside of Europe.

Neko Health's preventative healthcare approach involves a comprehensive, hour-long exam at one of its clinics, which generates millions of health data points. The exam includes checks for skin cancer, metabolic syndrome, stroke, heart attack, diabetes, and more, providing customers with a detailed understanding of their health and recommendations for follow-ups. The company has already scanned and evaluated 10,000 patients to date in its clinics in Stockholm and London.

The startup's growth is a testament to the rising demand for preventative healthcare, which is driven by the need to offset the costs of handling chronic and complex conditions in aging populations. Neko Health's vertically-integrated approach, which involves designing and manufacturing its own medical devices and software, sets it apart from traditional healthcare providers and positions it for long-term success.

Neko Health's co-founder, Daniel Ek, who also co-founded Spotify, initially seeded the company with funding from his investment firm, Prima Materia. Although Prima Materia is not participating in this latest funding round, Ek's involvement has been instrumental in shaping Neko Health's vision and approach.

Looking ahead, Neko Health plans to focus on research and development, with a goal of updating its medical hardware and software on a yearly cadence. The company aims to introduce new parameters to measure and offer different tiers of service at varying price points. Nilsonne likened Neko Health's current body scan to the "iPod moment," suggesting that it is just the beginning of a journey towards creating incredibly affordable, high-quality preventative diagnostics.

The funding round will also give Neko Health a chance to differentiate itself from other players in the preventative healthcare space, such as Zoi in France and Aware in Germany, as well as public health services like the NHS's Health Check in the U.K. With its significant valuation and growing customer base, Neko Health is poised to make a meaningful impact on the healthcare industry in the years to come.