Babylon to reach unicorn status thanks to Saudi $550m investment

UK startup Babylon Healthcare will reach unicorn status thanks to Saudi Arabia’s Public Investment Fund which invested $550m and will attempt to expand into the US and Asia.

The investment helped the company reach a value of over $1.0bn, Babylon said in a statement Friday.

Ali Parsa, Babylon’s founder said: “We have seen significant demand from partners across the US and Asia. While the burden of healthcare is global, the solutions have to be localized to meet the specific needs and culture of each country.”

Babylon was founded in 2013 and gives its software users a general healthcare diagnostic.

In addition to Saudi Arabia’s PIF, investors include existing backers Kinnevik AB and Vostok New Ventures which are providing $129m, with room for a further $102m to be invested.

US healthcare giant Centene Corporation is also said to be investing tens of millions of pounds in the British startup.

The Missouri-based health company will inject $50m (£41m) into the tech firm as part of a fresh funding round, Sky News reported.

The investment forms part of the funding round led by Saudi Arabia’s sovereign wealth fund.

German reinsurer Munich Re, which will provide a $7m cash injection, will be the firm’s third new investor.