Kinnevik has invested more this year than originally expected at the beginning of 2021. The company now expects that the investments will add up to as much as SEK 6 billion for the year.
Georgi Ganev states in the firm’s third quarter report that they have invested more than what was originally planned from the beginning of the year, both in terms of number of companies and capital invested. “There are several reasons for the increased rate. The first is that the current market situation has attracted companies to raise capital even though their balance sheet may not require it, which creates more opportunities for us as investors “, writes Kinnevik’s CEO Georgi Ganev in the report.
Ganev also believes that the company’s “track record” and successes with other portfolio companies have resonated.
Kinnevik’s original forecast was a total of SEK 2.3-4.6 billion invested. During the third quarter alone, Kinnevik invested almost SEK 2.3 billion. A large portion of that amount went into Spring Health and Lunar .
The value of Kinnevik’s private portfolio increased by almost SEK 4.5 billion driven by changes in value in existing portfolio companies of net SEK 2.2 billion, with the largest contribution coming from Betterment and Cityblock.