Kinnevik Results Presentation Deck
OUR TELADOC EXIT REALIZES A >55% IRR INVESTMENT, WITH GAINS REALLOCATED
INTO NEW CARE DELIVERY MODELS AND OUR ENTRY INTO LIFE SCIENCES
I
In Q1, we exited our remaining stake in Teladoc
This is the first significant full exit in the Growth Portfolio generating a
>55% IRR on an aggregate SEK 1.4bn investment over a six-year
tenure starting with our Livongo investment in 2017
Of SEK 5.4bn in total proceeds, we have redeployed 4.6bn into a
number of new businesses with a current carrying value of 7.0bn -
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Rotating Out Of Teladoc
Capital Reallocation in Healthcare
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value-based care innovator Cityblock focused on the underserved
Medicaid population;
next-generation care delivery businesses such as Spring Health and
Transcarent (led by Livongo's founder Glen Tullman); and
more novel drug discovery businesses such as Recursion and Enveda,
leveraging our partner fund Dimension
Going forward, we remain focused on three areas of investment within
healthcare -
1. technology-enabled care delivery companies such as Cityblock, Spring
Health and Transcarent;
II. software healthcare enablers such as Cedar; and
III. life sciences businesses such as Enveda and Recursion
2017 First Investment
: Livong
1.4bn
Nasdac
Total Invested Capital (SEK)
>55%
2020
2021
2022
2022
2023
Inception IRR
cityblock
Spring Health
transcarent
RECURSION
Enveda
o Quit Genius
P Parsley
The return on our Livongo/Teladoc investment has financed our capital deployment into new Healthcare businesses
over 2020-23, maintaining a center of gravity in the venture and growth section of the business maturity S-curve
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