+82%

est. 2Y upside i

HealthcareSeries B

Neko Health is a Swedish health-tech company co-founded in 2018 by Hjalmar Nilsonne and Daniel Ek. Neko's vision is to create a healthcare system that can help people stay healthy through preventive measures and early detection. This requires completely reimagining the patient's experience and incorporating the latest advances in sensors and AI.

Rank

#953

Sector

HealthTech

Est. Liquidity

~4Y

Data Quality

Data: High

Neko Health presents a strong upside opportunity driven by its innovative AI-powered preventative health scans, massive market potential, and recent 6x surge in scan volume, alongside its strategic US expansion.

Last updated: March 10, 2026

Bull (35%)+250%

Neko Health successfully executes its aggressive US expansion, with its New York City location exceeding expectations and rapid adoption across new markets. Leveraging its proprietary AI and strong brand, Neko achieves a significant increase in scan volume and revenue, reaching over $200M ARR by 2028, justifying a premium valuation of $6.3B (3.5x current valuation) as a leader in preventative health-tech.

Base (30%)+50%

Neko Health continues its growth trajectory, expanding steadily in existing European markets and achieving moderate penetration in the US. While revenue grows to approximately $100M by 2028, the valuation multiple compresses slightly from current levels, leading to a $2.7B valuation (1.5x current valuation) as the company matures and faces ongoing competitive pressures.

Bear (35%)-60%

Neko Health faces significant regulatory hurdles and slower-than-anticipated adoption in the highly competitive US market. Incumbents or well-funded competitors gain market share, leading to slower revenue growth (below $50M by 2028) and a substantial valuation correction to $0.72B (0.4x current valuation), significantly impacting common stock value due to existing liquidation preferences.

Est. time to liquidity~4.0 years

Preference Stack Risk

high

Funding Intensity

18%

Investors hold $325M in liquidation preferences ahead of common stock, representing 18.1% of the current $1.8B valuation.

Dilution Risk

high

As a Series B company with high capital intensity and ambitious US expansion plans, Neko Health will likely require additional funding rounds, leading to further dilution for existing equity holders.

Secondary Liquidity

limited

While Neko Health is not publicly traded, accredited investors may find limited opportunities to buy or sell shares on secondary marketplaces like EquityZen or Accumeo, though market activity is currently low.

Questions to Ask at the Interview

Strategic questions based on Neko's data — designed to show you've done your homework.

  • 1

    “Given the extremely high current valuation multiple relative to reported revenue, how does Neko Health plan to demonstrate the necessary revenue growth and profitability to justify this valuation to future investors, especially as you expand into the US?”

  • 2

    “With large healthcare incumbents like UnitedHealth and CVS Health, and well-funded competitors such as Prenuvo and Ezra, how will Neko Health maintain its competitive moat and differentiate its offering in the US market?”

  • 3

    “Considering the Series B funding and high capital intensity, what is the anticipated timeline for a liquidity event (IPO or acquisition) for employees, and how is the company managing potential future dilution?”

Community

Valuation Sentiment

Our model estimates +82% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.