Babylon Health, an international UK-based digital health subscription provider, has announced its USD550 million investment to cover chronic conditions, and expansion into the US and Asia. This is the largest ever fundraising in the European or US digital health sector and values Babylon Health at over USD2 billion.

The raise brought in a series of new strategic partners for Babylon. PIF, one of the world's largest sovereign funds; one of the largest US health insurers; ERGO Fund of global reinsurer Munich Re (FWB:MUV2); and existing Babylon shareholders Kinnevik AB (STO:KINV:B) and Vostok New Ventures (STO:VNV-SDB), committed over USD450 million (which includes an option for one party to invest an addition USD50 million to be exercised at a later date), with the remainder expected to be closed shortly.

The Taylor Wessing team representing Babylon in the investment was led by corporate technology partner, Josef Fuss and also included partners Angus Finnegan, Anna Humphrey and Graham Samuel-Gibbon, associates Sam Holdsworth, Liz Rhodes and Jean-David Behlow, and trainee solicitors Jessica Aston and Lucy Sharples. The Taylor Wessing team worked in partnership with Wilson Sonsini Goodrich and Rosati (WSGR), whose team was led by partner Megan Baier.