Kry acquires Swedish telehealth rival Min Doktor

What's the deal? Kry has agreed to acquire Min Doktor, a Swedish digital healthcare rival, the companies announced in November. Terms were not disclosed. Both firms offer digital primary healthcare to Swedish patients.

The financials: Min Doktor posted record revenue of about US$48.4M in 2025, with earnings before depreciation of US$3.26M — its first profitable full year. It is 49% owned by Apotek HjärtatDealroom has a profile for this one. Try Dealroom →, part of ICA GruppenDealroom has a profile for this one. Try Dealroom →.

Why now? Kry reported its first operating profit for 2025, though growth slowed, marking a shift away from growth at any cost. Both companies entering the deal in better financial shape strengthens scale in a maturing telehealth market and reduces duplicated competition.

What's the endgame? Kry is expanding beyond digital consultations into physical and broader care, including recent Swedish clinic acquisitions. "Through keyword advertising" aside, the two see aligned ambitions. "Together we have greater power to realise them," said Jonas Vig, chief executive officer of Min Doktor (translated from Swedish).

What could go wrong? The two firms have a competitive history. In April 2025, the Swedish Competition Authority fined Min Doktor US$785.7K for a 2020 agreement with Kry, Doktor.se, and Doktor24 to limit advertising on each other's brand names in Google Search. Kry received immunity for reporting the arrangement.

Monika Magnusson, chief executive officer of Apotek Hjärtat and chair of Min Doktor's board, called the deal "a natural next step" to develop the partnership "with an even larger care provider" (translated from Swedish).

The signal: Consolidation is reaching Sweden's telehealth sector as early players turn profitable and larger platforms absorb rivals. Combining two newly profitable operators points to a market shifting from land-grab growth to scale and sustainability.

Read more: breakit.se

Image credit: Min Doktor