Kinnevik Results Presentation Deck
Q1 WAS A QUARTER OF MARKET VOLATILITY AND UNCERTAINTY DURING
WHICH WE REMAINED FOCUSED ON EXECUTING ON OUR 2023 PRIORITIES
Spring Health
Enveda
Note:
Teladoc
Livongo®
Agreena
EQUALITY
GROUP
EQUILE/P
MAKE A DIFFERENCE AND A RETURN
Key Events of The Quarter
Q1 2023
NAV of SEK 55.5bn or 198 per share, up 5% in Q1 2023 and down 18% from
Q1 2022. Fair value of unlisted investments up 4% in the quarter through
SEK 0.8bn in follow-ons and a small write-up of underlying valuations
Invested USD 50m into Spring Health, redoubling our investment in one of our
highest conviction, strongest performing businesses. The company has grown
revenues by 7x since our first investment in late 2021, and is now funded to
break-even with a path to reach cash flow profitability in 2024
Enveda, a biotechnology company tackling drug discovery through a nature-
based approach, added to our emerging portfolio within life sciences through a
USD 25m investment after quarter-end alongside our partner fund Dimension
Fully exited our Teladoc investment, realizing a >55% IRR since our first Livongo
investment in 2017 and releasing an incremental SEK 1.0bn of which 0.8bn
redeployed into Spring Health and Enveda
Agreena raised EUR 46m in new financing in the quarter, having scaled its
activities by 10x since our first investment and expanded its geographic
footprint to cover 16 European countries
Net Asset Value adjusted for Other Net Assets / Liabilities
Again recognized for our leadership within diversity, equity and inclusion
being the leading investor in the Honordex Inclusive Index Report 2023, and
ranking as the only investor among Equileap's top companies in Sweden for
gender equality, and the 2nd ranked globally for our equal parental leave policy
Net Asset Value
• Public, Private, Net Cash / (Debt), SEKbn
67.9
5.0
32.6
31.0
Q1 2022
Investments
0.8
52.9
10.4
14.6
28.8
Q4 2022
Investment Activity
Q1 2023, SEKbn
55.5
(1.0)
10.5
15.8
29.9
Q1 2023
Divestments Net Investments
(0.2)
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