Joint Academy, which connects patients with chronic joint pain with physical therapists, said existing investors H&M Chairman Karl-Johan Persson and venture capital firm Alfven & Didrikson also participated in the round.
Joint Academy, which is present in Sweden, Britain and the United States, said it planned to use the funds to expand in Europe and the U.S. market.
"Joint Academy exemplifies the kind of company we support. A digital healthcare initiative such as this can be of great support to the traditional healthcare system," Kinnevik CEO Georgi Ganev said in a statement.
Including the latest financing round, Joint Academy has raised $34.2 million to date.
Since being founded in 2014, Joint Academy has connected 25,000 patients who suffer from chronic hip and knee pain with licensed physical therapists through its app.
(Reporting by Helena Soderpalm; editing by Niklas Pollard)