Kinnevik

About Kinnevik

Kinnevik is a Swedish listed long-term growth investor with SEK 36.2 billion of net asset value as of December 2024 (approximately €3.2 billion / $3.3 billion) plus SEK 10.9 billion of net cash, headquartered in Stockholm and listed on Nasdaq Stockholm large cap (KINV A and KINV B). The firm was founded in 1936 as AB Industriförvaltnings Kinnevik by the Stenbeck, Klingspor and von Horn families, and remains historically Stenbeck-family anchored with a 90 year heritage as a permanent capital listed investment vehicle.

Investment thesis

Kinnevik deploys balance-sheet capital directly into late-stage venture and growth equity investments across private and listed scaling companies, with sector focus spanning healthcare (digital health), software (SaaS, fintech), marketplaces and climate tech. Geographic deployment is anchored in Europe and North America with selective historical emerging markets allocations. The platform holds just over 20 larger investments rather than fund structures, with 5 core companies (Spring Health, TravelPerk, Pleo, Cityblock, Mews) representing approximately 53% of portfolio NAV. The permanent capital model provides patient growth-stage capital unconstrained by typical fund-life timing.

Recent activity

Recent realised exits include telecom (2024 full Tele2 divestment to iliad/NJJ completed in three steps, SEK 12.9 billion). Recent acquisitions include healthcare and digital health (2024 follow-on Spring Health), travel and software (2024 follow-on TravelPerk) and fintech (2024 follow-on Pleo), with SEK 3.6 billion invested across 2024 (77% in focus companies). The platform continues active capital deployment across the 20-plus portfolio with concentrated focus on the five core companies. Detailed buyer names and multiple data available on Pro at €29/month.