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An integrated part of our business model

We believe that sustainability creates real long-term value and builds better businesses

Kinnevik’s bespoke approach, focused on creating real business value, sets us apart from other investors and is a deciding factor for founders to partner with us. We create significant positive impact by being active owners and allocating capital towards solving the most pressing challenges globally. Kinnevik focuses on four topics that are material to us and our stakeholders:

These topics reflect where we can have the most significant impact on people, the planet and prosperity. They have been identified through interactive stakeholder dialogues, Board and management discussions, peer benchmarking and industry best practices.

Sustainability Targets

Active Ownership

Maximise positive impact and implement ambitious ESG strategies across the portfolio

  • 5 percentage point improvement in annual average ESG score across the portfolio
    In 2022, the annual average ESG score increased by 10 percentage points on a comparative basis.

Climate Impact

Meaningfully reduce our greenhouse gas emissions and contribute to global net zero

  • Reduce greenhouse gas emission intensity in Kinnevik’s portfolio by 50% in 2030, with 2020 as base year (scope 3 category 15 Investments)
    In 2022, the six companies in Kinnevik’s portfolio that report on emissions (35% of portfolio value by 31 December 2022) decreased their emissions intensity by 14% year-over-year, thus exceeding our annual target of 7%. More information about methodology and included companies is available in our Climate Progress Report.
  • Reduce greenhouse gas emissions from Kinnevik’s operations by 50% in 2030 and by 90% in 2050, with 2019 as base year (scope 1-3 excluding category 15 Investments)
    Emissions from Kinnevik’s operations were 510 tonnes CO2e in 2019 and 326 in 2022, a decrease of 36%.

Diversity, Equity & Inclusion

Contribute to a more diverse, equitable and inclusive world

  • Annually improve the Inclusion Score in Kinnevik’s internal inclusion survey
    In 2022, we achieved a score of 76.9, a 0.2% decrease compared to last year likely due to an increased participation rate from 80% to 95%.
  • 10% of new capital to be invested in female founded or female led companies
    Per year-end 2022, on a two-year rolling basis, 17% of Kinnevik’s investments into new companies was invested in female founded or led companies. Since May 2019, the share is 16%.
  • Make follow-on investments only in companies that make sufficient progress in relation to DEI
    All potential follow-on investments are evaluated on DEI (diversity, equity and inclusion) performance as part of the EIC process. During 2022, 94% of portfolio companies have made progress on DEI in relation to their own relevant needs.
  • Achieve annual incremental progress across portfolio on relevant DEI efforts
    Per year-end 2022, 59% of portfolio companies have implemented DEI data collection processes (target 40%), 74% have a relevant DEI strategy (target 30%) and 74% have set DEI targets (target 30%).

For 2023, Kinnevik’s DEI targets include the 10% Female Capital Allocation (target 2), the No Follow-On Policy (target 3) and the Portfolio Progress target with new higher target levels (target 4).

Corporate Governance

Ensure sound business conduct structures and strong financial robustness

Sound corporate governance structures forms the basis of Kinnevik’s sustainability efforts. We work actively to uphold the highest ethical standards, compliance and business conduct, both on a Kinnevik level and in relation to our portfolio.

Sustainability Report 2022

This report covers the sustainability strategy, performance and target fulfilment for Kinnevik and our portfolio in 2022.


Climate Progress Report 2022

In this report we follow up on the fulfilment of Kinnevik's GHG emissions intensity target for the portfolio.TO REPORT

Kinnevik is a signatory of the UN Global Compact. The Sustainability Report serves as our annual Communication on Progress to the UN Global Compact, containing our implementation of its principles on human rights, labour, environment and anticorruption. Kinnevik also recognises the special importance of international standards on responsible business conduct, such as the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights. The Sustainability Report contains our most recent disclosures in accordance with the Task Force on Climate-related Financial Disclosures (TCFD).

Supporting our Companies

Watch the video with our sustainability team describing how they actively support our companies in building integrated and value-adding sustainability strategies

Read more

Stakeholder Dialogue

Process for Identifying Material Topics

In 2022 Kinnevik conducted an updated materiality analysis with the aim of identifying our material topics from a double materiality perspective. To verify our results, we held a structured dialogue with our key stakeholder groups: shareholders, sell-side analysts, portfolio companies, the Kinnevik Board and the Kinnevik team. The identified material topics have been discussed and agreed in Kinnevik’s management team and by the Board of Directors. The Board bears the ultimate responsibility for the materiality analysis.

Summary of Findings from Stakeholder Dialogues

One of the most important topics raised across stakeholder groups is Kinnevik’s role in creating real positive impact through our portfolio. As an investor, we have a unique position to create impact through our capital allocation and the active support we offer companies. Our stakeholders think we should invest in companies with a strong mission and support them in crystallising their positive impact on the world. Our portfolio companies and shareholders in particular want us to focus on implementing strong ESG strategies in our companies, establishing a social licence to operate, and integrating it into companies’ core business strategies. It is critical to be bespoke and support each company individually in ways that create business value.

A topic raised by shareholders, sell-side analysis and employees in particular is Kinnevik’s ability to attract and retain top talent, which is broadly seen as a key success factor. This requires offering the right incentives, and a culture and way of operating that resonate with people’s personal beliefs. While we have already made strong impact on DEI related to gender, stakeholders believe we have more work to do on ethnicity and other aspects of diversity.

Climate and decarbonisation was highlighted by all stakeholder groups as the most pressing challenge facing humanity globally and investing to combat climate change can be a real differentiator for Kinnevik. 

Our Board and sell-side analysts particularly highlighted the importance of implementing sound governance structures in our, often early-stage, companies. Employment conditions, human rights, anti-discrimination and broader business ethics should also remain a high priority for Kinnevik.

Portfolio KPIs 2022

The portfolio KPIs are representations of our companies' sustainability performance and a tool to measure progress. The KPIs are derived from our annual assessment of the portfolio companies based on the Kinnevik Standards. The KPIs are shown in percent of portfolio value at the end of the year.


Measures greenhouse gas emissions in Scope 1, 2 and 3


Has set time-based D&I targets and KPIs


Has implemented a Code of Conduct