Babylon Health goes into administration

Telemedicine startup Babylon Health has begun an insolvency process for its UK business.

Earlier this month, Babylon filed a Chapter 7 bankruptcy petition for its US subsidiary while shutting down operations in the country after a planned merger with AlbaCore and MindMaze collapsed.

Babylon’s UK arm, which provides doctor appointments to private and National Health Service patients, has been sold to US firm eMed Healthcare. Terms of the deal weren’t disclosed.

Founded in 2013, Babylon raised over $1 billion across equity and debt. One notable backer is Munich Re.

In 2021, it reached a deal to go public in the US via a SPAC merger at an initial valuation of $4.2 billion. In 2022, the company reported a net loss of $221 million.

Bottom Line: In one word – karma.