”The first quarter of 2022 was turbulent. Russia’s invasion of Ukraine, which Kinnevik strongly condemns, is causing massive human suffering and dislocation and will have long lasting effects on human lives and global relations. Kinnevik has limited exposure to the directly affected areas, and our focus is on ensuring the safety of our investee’s employees in the region. In the private markets, we see a a pressure on valuations having an impact on our portfolio. However, despite the new macropolitical and financial reality, it is our firm belief that quality companies with innovative customer propositions will continue to grow and create value.”
Georgi Ganev, CEO of Kinnevik
Key Strategic Highlights
- We doubled-down on our investment theme ’the future of work’ through two new investments – Omnipresent, a SaaS-based employment partner, and SafetyWing, a workforce insurance provider
- Transcarent, the first comprehensive health and care experience company for self-insured employers, was added to the portfolio
- We led a funding round in Agreena, supporting farmers’ transition to regenerative agriculture practices through the voluntary carbon offset market
- Follow-on investments were concluded in Lunar, Common and Joint Academy
- Private market valuations are increasingly coming in line with public market levels, putting short-term pressure on our net asset value but creating long-term opportunities as the pendulum shifts in favor of active, hands-on investors with long investment horizons
- Kinnevik ranked first in the VC category of Equality Group’s international ”Equality, Diversity and Inclusion 2022 Private Equity & Venture Capital Index”
Investment Management Activities
- We invested SEK 1,658m in the quarter, including:
- SEK 546m into Transcarent
- SEK 377m into Omnipresent
- SEK 211m into Lunar
- SEK 177m into SafetyWing
- SEK 127m into Agreena
- We continued to reallocate capital within our growth portfolio by releasing SEK 1.0bn from Teladoc, adding to the SEK 2.2bn released last quarter
Financial Position
- NAV of SEK 67.9bn (SEK 244 per share), down SEK 4.5bn or 6% in the quarter
- Net cash position of SEK 5.0bn, corresponding to 7.8% of portfolio value by quarter-end
- Pro forma net cash position of SEK 8.1bn after dividends from Tele2 to be received in May
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/oq7e39pi
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 3333 000 804
US: +1 631 913 1422
SE: +46 8 566 426 51
Confirmation code: 43894016#