Kinnevik reports 27 percent decline in 2022 net asset value

Kinnevik reported NAV of 52.9 billion Swedish krona or 189 Swedish krona per share, down 5.1 billion Swedish krona or 9 percent in the fourth quarter and down 19.5 billion Swedish krona or 27 percent for the full year.

The company’s net cash position was 10.4 billion Swedish krona, corresponding to 24 percent of portfolio value by year-end.

”Inflation and increasing interest rates have led to a steep decline in investor risk appetite after two years of abundance. This has particularly affected valuations of growth companies, and had a significant negative impact on Kinnevik’s net asset value in 2022. With measures taken to improve profitability and prolong runways, our companies are entering 2023 with more resilient financial plans,” said Georgi Ganev, CEO of Kinnevik in a statement.

During the year under review, Kinnevik led a private placement of 843 million Swedish krona in Recursion, a clinical-stage biotechnology company industrialising drug discovery, and invested 436 million Swedish krona in Mews, a hospitality management system designed to simplify and automate all operations for modern hoteliers and their guests.

With an investment of 275 million Swedish krona in H2 Green Steel, the Swedish venture aiming to produce green steel in a fully integrated, digitised and circular plant, was added to Kinnevik’s emerging portfolio within climate tech.

Oda raised 1.5 billion Norwegian Krone in new capital from new investors, with 471 million Swedish krona participation from Kinnevik, as it continues its geographic expansion.