Kinnevik reports 5 percent increase in Q1 net asset value

In the first quarter, Kinnevik reported a net asset value (NAV) of 55.5 billion Swedish krona or 198 Swedish krona per share, up 2.6 billion Swedish krona or 5 percent.

The company’s net cash position was 10.5 billion Swedish krona, corresponding to 23 percent of quarter-end portfolio value.

”In the first quarter, we made headway on our 2023 priorities. We invested significant capital to accrete ownership in Spring Health and Agreena and financed these investments by exiting our remaining shareholding in Teladoc – ending the quarter with a net cash position remaining above 10 billion Swedish krona,” said Georgi Ganev, CEO of Kinnevik AB in a statement.

“The market backdrop continued to be volatile, exacerbated by distress in the banking sector, impacting the financial ecosystem of our growth companies. The impact on Kinnevik and our investees was limited, but the events serve as an important reminder of the fragility of current markets and the importance of financial resilience in these uncertain times,”added Ganev.

During the quarter under review, the company led Spring Health’s most recent funding round, participated in Agreena’s funding round, and exited Teladoc, realising an IRR exceeding 55 percent since its first Livongo investment in 2017, releasing an incremental 1 billion Swedish krona in the quarter.

Kinnevik invested 814 million Swedish krona in the quarter, including 523 million Swedish krona into Spring Health, 119 million Swedish krona into Agreena and 104 million Swedish krona into Parsley Health and released 1,020 million Swedish krona by exiting remaining Teladoc investment.

After the end of the first quarter, Enveda, a biotechnology company tackling drug discovery through a nature-based approach, was added to the company’s emerging cluster of life sciences investments with a 25 million dollars investment in April.