Kinnevik's net asset value drops by 9 percent in 2023

Kinnevik’s net asset value (NAV) of 48.2 billion Swedish krona or 171 Swedish krona per share, declined 2.6 billion Swedish krona or 5 percent in the fourth quarter and 4.7 billion Swedish krona or 9 percent in the full-year.

The company’s net cash position was 7.9 billion Swedish krona, corresponding to 19 percent of portfolio value by year-end.

The company said that in 2024, Kinnevik enters a new phase focused more on portfolio concentration driven increasingly by investee operational performance. The company expects 3 to 5 billion Swedish krona in net investments per annum on average over the next three years.

”2023 was a challenging year. Several of our companies did not meet our performance expectations, which is reflected in the weak development of our net asset value during the year,” said Georgi Ganev, CEO of Kinnevik in a statement,

In January, TravelPerk announced a 104 million dollars equity funding round led by new investor SoftBank. Kinnevik also invested further in the company through an anchor investment in the second quarter 2023 as part of this round. Aira completed a financing round of 145 million euros, upsized from the initial 85 million euros target, supported by a co-leading investment from Kinnevik partner Temasek.

Kinnevik invested 363 million Swedish krona in the quarter, including 138 million Swedish krona into Oda/Mathem and 96 million Swedish krona into Pleo. During full-year 2023, Kinnevik invested 4.9 billion Swedish krona in aggregate, focused on follow-on investments into the highest conviction companies with a 1.5 billion Swedish krona into secondary equity.