Kinnevik

Distilling our health & bio journey 💊 We have been fortunate to partner with some of the most inspiring entrepreneurs in health & bio in our time investing in the space. Glen Tullman at Livongo and subsequently Transcarent, April Koh and Adam Chekroud at Spring Health, Toyin Ajayi at Cityblock Health, Chris Gibson at Recursion and Viswa Colluru, PhD at Enveda to name a few. Livongo’s sale to Teladoc in 2020 remains the largest exit in healthtech to date and our first investment in 2016 in many ways represented the inception of our healthcare investing practice. At the Capital Markets Day, Christian Scherrer took a step back and presented a synopsis of our journey building health & bio into Kinnevik’s largest sector by NAV exposure. Newsletter subscribers were the first to read this article - link to sign up in the comments section below so you don't miss out next time. Christian's article is also linked below. Cc. Ala Alenazi Maria-Helen Maras Andrey Simeonov

Mews wins the Best Property Management System at the HotelTechAwards for the second year running! The HotelTechAwards are the most prestigious awards in the industry and are determined by a combination of factors including customer reviews, partner recommendations, integrations and global reach. This year, Mews received a 100 HT Score, the highest possible result, and the same score it achieved in 2024. Congratulations to Richard Valtr, Matthijs Welle and the rest of the Mews team. Read more from the Mews team here: https://lnkd.in/eq6XH7a4

Transcarent has entered into a definitive agreement to acquire Accolade (NASDAQ:ACCD), a leader in health advocacy, expert medical opinions, and primary care.  Members will have one place to go for their health and care needs, resulting in a better experience, higher-quality care, and lower costs for Members, the companies who employ them, and the payers that support them. Congratulations to Glen Tullman and the rest of the Transcarent team! Read more in the PR linked below. cc. Christian Scherrer

Congratulations to portfolio company Recursion, who announced two investigational oncology drugs have received key regulatory approvals to advance into clinical trials. These are: 🌟REC-4539 – A potential best-in-class LSD1 inhibitor for small-cell lung cancer (SCLC) and other indications, has received FDA IND clearance for a Phase 1/2 trial 🌟REC-3565 – A potential best-in-class MALT1 inhibitor for B-cell malignancies, has been approved by the UK MHRA for a Phase 1 trial We're proud to support Recursion as they continue to make strides in the world of AI-driven drug discovery. cc. Chris Gibson, Ala Alenazi, Christian Scherrer

Pleo has been one of Europe's most important software companies in the past decade, and we're proud to have been part of its journey since leading the Series A round in 2018. For nearly six years, our Operating Partner Andreas Bernstrom has served as Chairman of Pleo's board. In this piece from the archives, he shares insights into what has driven Pleo's remarkable success. https://lnkd.in/e5fjM_5d

2024 saw us divest our final stake in Tele2 to Iliad, the last hurdle in our mission to becoming a growth investor. But what does this mean in reality? 🌟 Focus on core companies driving immediate returns, high-potential ventures poised for breakthrough growth, and a broader growth portfolio 🌟 Streamline our investing across three sectors: Health & Bio (tackling global health challenges), Software (driving digital transformation) and Climate Tech (supporting the energy transition and green supply chains) 🌟 Narrowing down on our USP and why we win: combining the agility of venture capital, the deep pockets of a growth fund and the stability of a family-backed holding company Looking ahead to 2030, our ambition is clear: to be Europe’s premier growth investor, with the portfolio, sector expertise and vision to match. Check out a write up from Samuel Sjöström linked in the comments below about this journey; also linked is a piece by Anna Adlarson which looks at how our history, extended time horizons and network makes us the investor to partner with.

2024 was punctuated by significant fundraising milestones in our software portfolio 😍 In January 2024, TravelPerk announced a USD 104m round led by Softbank. We have been on this company's incredible journey with Avi Meir since 2018 and were delighted to double down in this round. TravelPerk has redefined the corporate travel landscape. -- In March 2024, Mews closed a USD 110m round led by Kinnevik. This was the second time we led a Mews round, with other existing investors participating including Goldman Sachs. We first invested in Matthijs Welle, Richard Valtr and team in 2022, and the company has since become the *leading* platform for hospitality. -- We can't wait to see how these companies continue to grow from strength to strength in 2025 and beyond. Check out links in the comments section below for more on our investment theses around TravelPerk and Mews. Linked also is press coverage from the time.

As we are in holiday season and are eagerly counting down the days to 2025, let us revisit one of our most loved articles of 2024, 'How AI and Big Tech are transforming Biotech.' In this piece, Ala Alenazi looks at how drug discovery has been redefined by a collaboration between AI and Big Tech, addressing challenges in data, compute power and algorithms. Our portfolio companies, Recursion and Enveda, are at the forefront of this transformation, partnering with NVIDIA and Microsoft to advance healthcare innovation. Link to piece in the comments section below.

Reflecting on 2024 at Kinnevik 🎈 This year marked a pivotal chapter in our journey as a growth-focused investment firm. Here are some of the standout moments that shaped 2024: 🚀 Strategic Transformation We sold our remaining stake in Tele2 to iliad. This move underscores our commitment to investing in and scaling the next generation of transformative businesses. 👥 Strengthening Our Team We welcomed exceptional individuals who bring fresh perspectives and expertise: New Board Members: Maria Redin, Claes Glassell, Hans Ploos van Amstel and Jan Berntsson New Talent: Ala Alenazi (Investment Manager), Lucinda Palmer (Investment Associate), Isabella Momente (Executive Assistant), Christopher Perry (Legal Secondee), Caspar Barrie (Communications & Brand Manager), Amanda Hillström (LUMA 39) and Filippa Lambert (CFO Trainee) 📈 Milestones Across Our Portfolio Our core companies have delivered remarkable achievements: Spring Health: Secured USD 100m in funding, led by Generation Investment Management TravelPerk: Closed a USD 104m round, led by SoftBank Investment Advisers Mews: Raised USD 110m to accelerate growth led by us Recursion: Acquired Exscientia, one of the biggest M&A deals in 2024, advancing breakthroughs in AI-powered drug discovery Enveda: Announced USD 130m Series C co-led by us and FPV Ventures Aira: Completed an extension round from existing investors Temasek, Altor Equity Partners 🎤 Showcasing Our Vision on the Global Stage Our team contributed to critical conversations at leading industry events: Tatiana Shalalvand at Slush Maria-Helen Maras at HLTH Europe Anna Adlarson at TechBBQ 🏆 Hosting Our Events We brought together visionary entrepreneurs and industry leaders at our flagship events: Capital Markets Day Founders Summit CPO Summit Young Talents Program We wish you all the best over the holiday season and look forward to seeing you in 2025. Georgi Ganev, Anna Stenberg, Natalie Hugh Tydeman, Christian Scherrer, Akhil Chainwala, Torun Litzen, Samuel Sjöström

Chief People and Platform Officer, Anna Stenberg, had the pleasure of speaking at Breakit's Growth Day last week in Stockholm. Anna talked about how to successfully build and scale effective organizations and high-performing teams through rapid growth alongside Lisa Karlsson Bruzelius and Camilla Tullberg Wengholm. Thank you for having us!