Kinnevik
chief executive review dear shareholders in the first quarter we made headway on our priorities we invested capital to accrete ownership in spring health and and financed these investments by exiting our remaining in ending the quarter with a net cash position remain ing above the market backdrop continued to be volatile exacerbated by distress in the banking sector impacting the financial ecosystem our growth companies form part of the impact on and our 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 first quarter our net asset value amounted to or per share at the end of the first quarter up by or percent from the end of the fair value of our unlisted assets increased by to through a percent write up and in follow on investments the within virtual and value based care contributed positively on the back of continued strong performance and supportive market multiples whereas some of our more consumer facing experienced some incremental softness in consumer spending causing slight downward revisions on short term revenue growth and thereby valuations comparing the start of the quarter with its end gives the impression of stable and positive public equity markets howe volatility during the quarter was high with continued stock market turbulence in reaction to indicators exacerbated by instability in the banking system market indices appreciated by percent but this was to a large extent driven by the large tech giants the weighted average share price development in our private portfolio peer universe was more muted at just over percent while growth and venture capital markets remained slow in the first quarter six of our successfully completed funding rounds three of them were led by existing investors and three by new investors all funding rounds were ted at valuations around or above our assessed underlying valuations in the previous quarter with a headline valuation difference of almost percent on average maximizing the impact of our highest conviction we led the most recent funding round in spring health with a investment and an additional secondary purchase from an early stage investor stepping up our to one of the shining stars in our portfolio spring health ambition is to reshape mental into treatments tailored to each individual using big data and machine learning the company has shown impressive traction growing revenue by more than since our first investment in and is funded to break even after this round we are excited to support founders and as they continue to set a new standard in mental for employers and health plans we took the opportunity to increase our stake in in their funding round in the quarter basing our conviction on the company strong growth and the urgency of investing to combat climate change since our initial investment about a year ago the team has exceeded our already high expectations in their pursuit to push and support the shift to regenerative agriculture soil sequestration was high lighted in the latest report as one of the solutions with the highest potential to contribute towards global net zero emissions combined with other benefits such as enhanced and better water quality regenerative farming is one of the most powerful levers available today in the fight against climate change reallocating capital within funding new investments and maintaining an attractive port folio distribution by reallocating capital is a fundamental part of our strategy in the quarter we fully exited our investment the first truly significant full exit from our younger growth portfolio realizing a percent since our first investment in six years ago this gain alone has financed our investments into new businesses since including companies such as spring health and recursion as well as the latest addition to our portfolio is a company unravelling pounds in nature that can be used to discover new drugs after quarter end we invested into the business alongside our partner fund dimension adding to our ging cluster of life sciences investments was founded by a in cellular and molecular biology who is deeply passionate about bringing life changing drugs to | Kinnevik
Company
Deck Type
Sector
Industry
Deck date
April 2023
Slide
4 of 45
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