Kinnevik
Stockholm, SwedenKinnevik is a Stockholm-based investment company founded in 1936 and listed on Nasdaq Stockholm that today deploys permanent balance-sheet capital as an active minority owner of a direct portfolio of unlisted growth-technology companies, concentrated in software and health and bio, with legacy holdings in consumer marketplaces and climate.
Kinnevik is a Stockholm growth equity firm with €3.2B AUM, 36 active companies and 5 exits.
Sector breakdown
41 companiesGeography breakdown
11 geographiesKey facts
Recent exits
Kinnevik exited VillageMD in 2024 after 5 years.
Kinnevik sold Livongo to Teladoc Health in 2020 after 3 years.
Kinnevik took Global Fashion Group public in 2019 after 5 years.
Kinnevik exited Millicom in 2019 after 29 years.
Coverage notes
1 fund tracked, 41 portfolio companies (36 active · 5 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Kinnevik has raised, with its portfolio companies. Hand-checked from public filings.
KinnevikActiveGrowth199136 assets5 exitsGrowth1991 · 35yr–365
Unrealized
36 held| Company | Entry |
|---|---|
| Agreena AgTech · Denmark | 2022 |
| Aira ClimateTech · Sweden | 2023 |
| Anterior HealthTech · US | 2025 |
| Betterment Fintech · US | 2016 |
| Breathe Battery Technologies ClimateTech · UK | 2025 |
| Cedar HealthTech · US | 2018 |
| Charm Industrial ClimateTech · US | 2023 |
| Cityblock Health HealthTech · US | 2020 |
| Encube Industrials · Sweden | 2025 |
| Enveda Biosciences Biotech · US | 2023 |
| HungryPanda FoodTech · UK | 2020 |
| Instabee Logistics · Sweden | 2018 |
| Job&Talent HR Tech · Spain | 2021 |
| Kernel SaaS · UK | 2025 |
| Mathem E-commerce · Sweden | 2018 |
| Mews SaaS · Netherlands | 2022 |
| Nick's FoodTech · Sweden | 2021 |
| Nory SaaS · Ireland | 2025 |
| Oda E-commerce · Norway | 2021 |
| Omio Mobility · Germany | 2018 |
| Omnipresent HR Tech · UK | 2022 |
| Oviva HealthTech · Switzerland | 2025 |
| Pelago HealthTech · US | 2021 |
| Pleo Fintech · Denmark | 2018 |
| SafetyWing InsurTech · US | 2022 |
| Solugen ClimateTech · US | 2022 |
| Spring Health HealthTech · US | 2021 |
| Stegra ClimateTech · Sweden | 2022 |
| Strand Therapeutics Biotech · US | 2025 |
| Superb SaaS · Denmark | 2021 |
| Tandem Health HealthTech · Sweden | 2025 |
| Transcarent HealthTech · US | 2022 |
| TravelPerk SaaS · Spain | 2018 |
| Vay Mobility · Germany | 2021 |
| Vivino E-commerce · US | 2021 |
| Wordsmith AI LegalTech · UK | 2025 |
Realized
5 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Global Fashion Group E-commerce · Luxembourg | 2014 | 2019 | IPO | – | – |
| Livongo HealthTech · US | 2017 | 2020 | Trade Sale | Teladoc Health | – |
| Millicom Telecom · Luxembourg | 1990 | 2019 | – | – | – |
| VillageMD HealthTech · US | 2019 | 2024 | – | – | – |
| Zalando E-commerce · Germany | 2010 | 2014 | IPO | – | – |
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.
Frequently asked questions
- What investment strategy does Kinnevik focus on?
- Kinnevik focuses on Growth, VC strategies in the private equity space.
- How many portfolio companies does Kinnevik have?
- Kinnevik has 36 active portfolio companies and 5 completed exits and 1 fund tracked on GP Intel.
- Where is Kinnevik headquartered?
- Kinnevik is headquartered in Stockholm, Sweden.
- What is Kinnevik's assets under management?
- Kinnevik manages approximately €3.2B in assets under management.
- When was Kinnevik founded?
- Kinnevik was founded in 1936.
- What sectors does Kinnevik invest in?
- Kinnevik invests across Healthcare, Software, Consumer, Energy.
- What are Kinnevik's recent exits?
- Recent realized exits by Kinnevik include: Livongo (2020) to Teladoc Health.
Similar firms
Other private equity firms tracked on GP Intel.
