Kinnevik: Interim report 1 January – 30 September 2021
”We continue to strengthen and build out our growth portfolio at a rapid pace to maintain the momentum of our strategic transformation, and note the interest of founders and investors to partner with us. This is a significant recognition of our ability to identify the businesses of tomorrow and be their preferred investor as they grow and shape a re-imagined everyday.”
Georgi Ganev, CEO of Kinnevik
Key Strategic Highlights
- Betterment raised USD 160m in a funding round to accelerate the record growth the company has delivered year-to-date across its B2C and B2B offering, leading to a significant uplift in valuation
- Cityblock raised additional capital to extend its reach and battle health inequities for a fast-growing member population, at a valuation twice as high as the round in March this year
- Babylon reaffirmed its 2021 and 2022 growth guidance and secured USD 200m in sustainability-linked financing as it nears completion of its SPAC merger transaction
- We strengthened our Growth Portfolio materially through four new investments – Spring Health and Quit Genius in specialised virtual-enabled healthcare, leading embedded insurance enabler Sure, and the Nordic challenger bank Lunar
- Tele2 and Deutsche Telekom agreed to sell its Netherlands joint venture, and Tele2's board intend to propose an extraordinary dividend that strengthens our financial position by more than SEK 2bn
- The value of our private profolio grew by SEK 4.5bn, driven by net revaluations of SEK 2.2bn and new investments of SEK 2.3bn
Investment Management Activities
- We invested SEK 2,266m in the quarter, including four new companies:
- SEK 861m into Spring Health
- SEK 506m into Lunar
- SEK 435m into Sure
- SEK 259m into Quit Genius
- NAV of SEK 75.8bn (SEK 273 per share), down SEK 0.3bn or 0.4% in the quarter and up SEK 13.3bn or 21.3% year-on-year
- Net cash position of SEK 1.8bn, corresponding to 2.4% of portfolio value by quarter-end
Events After the Quarter
- In October, we announced our commitment to sell a minimum USD 340m stake in VillageMD to Walgreens Boots Alliance as the two companies extend their partnership
- Kinnevik was awarded the Allbright prize, being named the company on Nasdaq Stockholm that shows the strongest results in gender equality
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/pubtg4fi
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.
UK: +44 3333000804
US: +1 6319131422
SE: +46 856642651
Confirmation code: 36768668#
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 20 October 2021.
For further information, visit www.kinnevik.com or contact:
Torun Litzén, Director Corporate Communications
Phone +46 (0)70 762 00 50
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.