Kinnevik
virtual care our virtual care businesses deliver specialized care services through virtual channels and leverage technology such as to improve the care outcomes for their users our previous company pioneered the model and our current companies are disrupting the virtual care incumbents such as and our businesses are selling to employers and insurers and have a high share of recurring revenues but as companies they require higher costs for servicing the end user of their products than business may do the appropriate public market for valuing our virtual care businesses is therefore high growth businesses and technology businesses that share our investments structurally lower gross margins in the percent area in the first quarter we led a funding round in spring health with a investment at a post money valuation the balance of the round was funded by other existing investors and we also invested an additional into secondary equity raising capital from existing investors allowed spring health to remain focused on continuing to deliver on expectations rather than on catering to an unacquainted investor diligence requests and allowed us to accrete ownership in one of our performing businesses in our portfolio at a balanced valuation the fair value of our aggregate investment largely corresponds to the valuation that the company was ascribed in the funding round spring health has grown its revenues since our late investment by more than on an basis and on an basis meanwhile during the same period our revenue multiple has contracted by almost percent through the recent funding round we believe the business is funded to break even and on track to reach cash flow profitability in one of our more early stage virtual care businesses parsley health also raised new capital in the quarter in a funding round led by a us investment firm founded by the founders of we participated in the round with a investment and our assessed fair value is at a slight discount to the valuation that the funding round was concluded at revenue and revenue growth key public as at quarter end unlisted portfolio weight fair value change interim report | Kinnevik
Company
Deck Type
Deck date
April 2023
Slide
31 of 45
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