Kinnevik: Interim report 1 January – 30 June 2021
“With the Zalando distribution completed, we continue our pivot and strengthen our strategic focus on younger digital innovators that aim to reimagine everyday lives while generating sustainable returns over the long-term.”
Georgi Ganev, CEO of Kinnevik
Key Strategic Highlights
- We distributed our Zalando investment to our shareholders
- Babylon will become a public company through merging with the SPAC Alkuri Global Acquisition Corp.
- Pleo raised USD 150m in a funding round that firmly places the company among Europe’s leading fintech players
- We increased our valuation of Budbee materially, reflective of continued strong operational performance and investor appetite for last-mile e-commerce delivery businesses
- We led a EUR 12m funding round in Superb, the first all-in-one guest experience management platform for restaurants
- We invested USD 23m into Parsley Health, a holistic virtual-first consumer subscription service which offers personalised doctor-led care and support for chronic conditions for women
- Our NAV was impacted by negative share price development in Teladoc
- Women now make up 38% of our investment team
- Kinnevik was awarded a green light by the Haga Initiative, a business network that strives to reduce the sector’s climate impact
Investment Management Activities
- We invested SEK 734m in the quarter, including:
- SEK 227m into Pleo
- SEK 149m into Mathem
- SEK 191m into Parsley Health
- SEK 81m into Superb
Financial Position
- NAV of SEK 76.2bn (SEK 274 per share), up SEK 12.6bn or 11% in the quarter
- Net cash position of SEK 4.3bn, including SEK 563m in dividends from Tele2 received in early July, corresponding to 6% of portfolio value by quarter-end
Events After the Quarter
- In July we invested USD 49m into Lunar, the leading Nordic challenger bank, alongside our former Zalando partners Heartland
A conference call will be held today at 10.00 CEST to present the results. The presentation will be held in English and also be made available via audiocast on Kinnevik’s website, www.kinnevik.com.
Link to the audiocast: https://edge.media-server.com/mmc/p/r43dvxoq
Those who wish to participate in the conference call are welcome to dial-in on the below numbers. To ensure that you are connected to the conference call, please dial in and register your attendance a few minutes before the conference call begins.
Dial-in numbers:
UK: +44 3333000804
US: +1 6319131422
SE: +46 856642651
Confirmation code: 95597845#
This is information that Kinnevik AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 08.00 CEST on 12 July 2021.
For further information, visit www.kinnevik.com or contact:
Torun Litzén, Director Corporate Communications
Phone +46 (0)70 762 00 50
Email [email protected]
Kinnevik’s ambition is to be Europe’s leading listed growth investor, and we back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthtech, consumer services, foodtech and fintech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe, with a focus on the Nordics, and in the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.
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