The digital healthcare company Babylon has secured a sustainability-related investment of up to US $ 200 million from the strategic investment company Albacore Capital Group.
Together with already committed PIPE capital of 230 million US dollars (199 million euros) from institutional and strategic investors, Babylon now has access to approximately 775 million US dollars (671 million euros) of capital (before fees).
In June, Babylon announced plans to merge with a special purpose vehicle, Alkuri Global Acquisition Corp., by way of a $ 4.2 billion (€ 3.6 billion) merger. (SPAC) to go public. Million (€ 199 million) private placement from investors such as AMF Pensionsförsäkring and Palantir Technologies.
AlbaCore has upgraded its investment subject to the completion of the merger transaction, which is expected shortly after the shareholders’ meeting on October 20.
Upon completion of the merger, the new company will become Babylon Holdings Limited and will be listed on the New York Stock Exchange under the ticker symbol BBLN.
WHAT IT DOES
Babylon offers integrated, personalized healthcare through its digital first platform in combination with virtual clinical appointments.
Founded in 2013, Babylon began as a digital symptom triage checker before launching its NHS-backed GP at Hand service, which includes digital triage, online video visits, and personal care centers.
In 2020, the company launched its triage chatbot service in the United States and Babylon’s Rwandan-focused virtual nursing subsidiary, Babyl, entered into a 10-year partnership with the country’s government to bring digital health advice to everyone over 12 years of age place.
WHAT IT IS FOR
Babylon says the deal will provide more guaranteed capital to fund further expansion of its business operations and membership base.
MARKET SNAPSHOT
Earlier this year, Babylon sold its Canadian operations to former partner Telus Health under a license agreement valued at around $ 70 million.
In the UK, the NHS ‘eConsult digital triaging service recently closed a new £ 7m funding round to expand emergency and specialty care.
ON THE RECORD
Charlie Steel, Babylon’s Chief Financial Officer, said, “I am delighted that AlbaCore, with its consistent focus on environmental, social and governance (ESG) engagement, is investing in Babylon. ESG is central to Babylon’s mission to make quality health care accessible and affordable for everyone on earth. Whether we’re providing world-class healthcare to the underserved populations of rural America and Rwanda, or we’re committed to Tech Zero to reduce carbon emissions, as a team we constantly challenge ourselves to do more and better. “
Bill Ammons, Founding Partner and Portfolio Manager of AlbaCore Capital Group, said, “We are excited to announce this new partnership with Babylon to support its growth plans to make healthcare accessible and affordable for all.”
David Allen, Managing Partner and Chief Investment Officer of AlbaCore Capital Group, added: “As creators of innovative solutions, Babylon and AlbaCore are great partners. We recognize their proven ability to grow rapidly and deliver leading technology-based healthcare that is the foundation of our investment. “
