First Venture

About First Venture

First Venture Sweden AB is a Stockholm-headquartered listed investment company trading on Nasdaq First North Growth Market under ticker FIRST B since 2 July 2021, providing public-market investors with diversified exposure to growth-stage Swedish technology, health and sustainability companies. The company was founded in 2017 and conducted its IPO at SEK 9.75 per share, raising approximately SEK 245 million with an over-allotment option that brought total IPO proceeds to circa SEK 270 million. Net asset value stood at SEK 186.5 million (approximately €16 million) at end-2024, equivalent to SEK 3.53 per share. First Venture operates as a publicly listed evergreen investment company without a fund-vehicle structure, with all capital sourced from public-market shareholders rather than external limited partners. The firm does not charge management fees and bears its operating costs at the company level.

Investment thesis

First Venture's investment thesis targets Swedish and selectively Nordic growth companies in three core themes: technology covering software, deep tech and digitalisation, health covering medtech, biotech and healthtech, and sustainability covering cleantech, sustainable consumption and the circular economy. The firm pursues active ownership at pre-IPO and post-IPO growth stages, typically deploying SEK 1 million to SEK 50 million in equity per transaction into companies with maximum enterprise values up to approximately SEK 500 million. Both listed and unlisted positions sit on the balance sheet, allowing First Venture flexibility to follow companies from venture stage through public-market listing. Value creation centres on board-level engagement, capital allocation discipline and follow-on capacity from balance-sheet liquidity. As a listed evergreen vehicle, the firm functions partly as a permanent-capital venture investor and partly as a publicly traded holding company providing diversified Nordic growth exposure.

Recent activity

2024 activity was mixed. Significant deep-tech investments were made in Cloudbackend and Xios3 during Q4 2024, in software (2024) and deep tech (2024) respectively. Tribonex was supported via participation in a seed round in software (2024). The major event of the year was the announced asset sale by listed portfolio holding Sprint Bioscience in biotech (2024). A comprehensive portfolio revaluation led to net write-downs on unlisted holdings, with Cling Systems and Verduro written down to zero in cleantech (2024) and industrial tech (2024) respectively. The firm continues to pursue Nordic growth-stage exposure across its three core themes. Detailed buyer names and multiple data available on Pro at €49/month.