Venture capital firm
Kinnevik portfolio
kinnevik.comKinnevik is a venture capital firm based in Stockholm, Sweden, founded in 1936. It has invested in 55 venture-backed companies across 76 funding rounds on VCMC, and led 35 of those rounds. 4 of them were in the last 12 months.
55
Venture-backed companies
in its portfolio on VCMC
76
Funding rounds
led 35
4
Last 12 months
rounds, Oct 2025 to Sep 2026
21
With a disclosed valuation
of 55 companies
$70.6B
Combined value of its private companies
the whole companies, not what Kinnevik owns
53 private companies Kinnevik has backed have a VCMC valuation; together they are worth $70.6B. That is the value of the whole companies, not what Kinnevik owns. Stegra is 23% of the total. 2 companies it backed have since been acquired and are not included. How VCMC values companies.
Values cover private companies only; public companies are not included.
Portfolio
Kinnevik's most valuable portfolio companies
The 10 most valuable private companies Kinnevik has backed, by VCMC's valuation. Values cover private companies only; public companies are not included.
- 1 Stegra Scrap Metals, Stockholm $16.4B range $11.2B – $24.8B Joined at Growth, 2023
- 2 Spring Health Psychologists & Counseling Services, New York $4.9B range $2.5B – $5.7B Led at Seed, 2018
- 3 Tech Companies, New York $4.8B range $404M – $5.5B Led at Series B, 2018
- 4 Perk Travel Agencies, Birmingham $3.7B range $2.2B – $4.3B Led at Series C, 2018
- 5 Perk Tech Companies, Boston $3.6B range $1.6B – $4.2B Led at Series C, 2018
- 6 Transcarent Health Care Services, Denver $3.5B range $2.4B – $4.1B Led at Series C, 2022
- 7 Psychologists & Counseling Services, Zurich $3.2B range $1.7B – $5.2B Led at Series D, 2026
- 8 Enveda Biotechnology, Boulder $2.0B range $1.7B – $3.0B Led at Series C, 2024
- 9 Groceries Delivery, New York $2.0B range $252M – $5.2B Joined at Series B, 2012
- 10 Heating & Air Conditioning $1.8B range $1.1B – $2.6B Led at Series B, 2024
Portfolio
Full Kinnevik portfolio (55 companies)
55 companies. Load more shows the rest.
| # | Last round | History | Range | Trend | Grade | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Stegra Scrap Metals · since Growth, 2023 | Growth Equity Jun 2026 $1.59B | $16.4B | $11.2B – $24.8B | $17.5B (+6%) | $1.7B | 0% | 821 | up | B | |
| 2 | Job&Talent Tech Companies · led at Series E, 2021 | Series F Apr 2025 $103M | $1.8B | $972M – $2.1B | $1.6B (-9%) | $218M | 30% | 4,015 | flat | B | |
| 3 | Perk Tech Companies · led at Series C, 2018 | Debt Sep 2026 $34M | $3.6B | $1.6B – $4.2B | $3.5B (-1%) | $402M | 4% | 49 | flat | B | |
| 4 | Solugen Chemicals · led at Series D, 2022 | Growth Equity Mar 2026 $50M | $584M | $369M – $917M | $570M (-2%) | $55.5M | 26% | 136 | flat | B | |
| 5 | Cityblock Health Health Care Services · since Series C, 2020 | Series E Aug 2026 $116M | $1.5B | $953M – $2.7B | $1.8B (+18%) | $207M | 20% | 845 | flat | B | |
| 6 | Enveda Biotechnology · led at Series C, 2024 | Series E Sep 2026 $311M | $2.0B | $1.7B – $3.0B | $2.6B (+27%) | $286M | 0% | 381 | up | A | |
| 7 | Omio Travel Agencies · led at Growth, 2018 | Other Jul 2026 $10M | $725M | $60.4M – $1.8B | $670M (-7%) | $158M | 7% | 441 | flat | D | |
| 8 | Perk Travel Agencies · led at Series C, 2018 | Debt Jun 2026 $300M | $3.7B | $2.2B – $4.3B | $3.7B (0%) | $449M | 0% | 2,155 | up | B | |
| 9 | Mews Tech Companies · led at Series C, 2022 | Growth Equity Mar 2025 $75M | $861M | $417M – $1.3B | $861M (0%) | $84.5M | 0% | 1,519 | up | B | |
| 10 | VillageMD Clinics - Surgeons & Physicians · led at Series B, 2019 | Growth Equity Jul 2020 $275M | $590M | $193M – $2.1B | $590M (0%) | $271M | 82% | 1,644 | down | D | |
| 11 | Spring Health Psychologists & Counseling Services · led at Seed, 2018 | Series E Jul 2024 $100M | $4.9B | $2.5B – $5.7B | $4.9B (-1%) | $541M | 0% | 3,898 | up | B | |
| 12 | Transcarent Health Care Services · led at Series C, 2022 | Series D May 2024 $126M | $3.5B | $2.4B – $4.1B | $2.9B (-19%) | $390M | 0% | 956 | growing | A | |
| 13 | Tech Companies · since Series A, 2022 | Series A Jul 2022 $25M | $80.4M | $22.0M – $332M | $66.4M (-17%) | $52.6M | 71% | 39 | down | D | |
| 14 | Tech Companies · led at Series B, 2025 | Series B May 2025 $21M | $107M | $63.3M – $201M | $67.5M (-37%) | $22.9M | 97% | 49 | shrinking | B | |
| 15 | Tech Companies · since Series A, 2023 | Series A May 2023 $11M | $132M | $12.6M – $191M | $121M (-8%) | $19.6M | 0% | 101 | flat | D | |
| 16 | Tech Companies · since Series A, 2021 | Series A Jun 2021 $15M | $64.3M | $5.83M – $206M | $57.9M (-10%) | $25.2M | 35% | 100 | flat | D | |
| 17 | Tech Companies · led at Series A, 2025 | Series A Sep 2025 $9.0M | $87.8M | $31.6M – $134M | $87.8M (0%) | $13.4M | 0% | 53 | up | C | |
| 18 | Tech Companies · led at Series B, 2018 | Series D Mar 2021 $200M | $4.8B | $404M – $5.5B | $4.6B (-3%) | $664M | 0% | 815 | flat | D | |
| 19 | Heating & Air Conditioning · led at Series B, 2024 | Growth Equity Aug 2025 $174M | $1.8B | $1.1B – $2.6B | $1.7B (-6%) | $185M | 15% | 661 | flat | B | |
| 20 | Psychologists & Counseling Services · led at Series D, 2026 | Series D Jan 2026 $220M | $3.2B | $1.7B – $5.2B | $3.4B (+8%) | $411M | 0% | 944 | growing | B | |
| 21 | Investment Consultants & Financial Advisors · led at Series E, 2016 | Debt Sep 2021 $100M | $1.1B | $171M – $1.7B | $1.1B (-5%) | $186M | 0% | 676 | up | D | |
| 22 | Tech Companies · led at Series A, 2018 | Debt May 2024 $42M | $812M | $188M – $3.3B | $712M (-12%) | $368M | 65% | 930 | down | D | |
| 23 | Banks & ATMs · since Series D, 2022 | Growth Equity Jan 2026 $55M | $600M | $398M – $872M | $595M (-1%) | $61.0M | 12% | 622 | up | B | |
| 24 | Food delivery · led at Series C, 2020 | Series D Dec 2021 $130M | $1.3B | $78.2M – $2.1B | $1.2B (-6%) | $208M | 0% | 683 | flat | D | |
| 25 | Biotechnology · led at Series B, 2025 | Series B Aug 2025 $153M | $1.6B | $747M – $2.3B | $1.6B (-1%) | $178M | 4% | 124 | up | B | |
| 26 | Wine Shops & Wineries · led at Series D, 2021 | Series D Feb 2021 $155M | $1.2B | $101M – $2.8B | $1.2B (-2%) | $294M | 11% | 287 | flat | D | |
| 27 | Online Marketplace · led at Series H+, 2015 | Debt Jul 2019 $2.9M | $850M | $86.9M – $1.1B | $850M (0%) | $164M | 9% | 1,988 | flat | D | |
| 28 | Car Rental · since Series B, 2021 | Growth Equity Nov 2025 $60M | $729M | $439M – $1.1B | $736M (+1%) | $72.2M | 0% | 222 | up | B | |
| 29 | Groceries · since Growth, 2022 | Growth Equity Dec 2022 $151M | $308M | $52.4M – $400M | $292M (-5%) | $37.3M | 10% | 888 | flat | D | |
| 30 | Groceries Delivery · since Series B, 2012 | Series E Sep 2015 $85M | $2.0B | $252M – $5.2B | $2.0B (0%) | $415M | 54% | 17,112 | flat | D | |
| 31 | Aerospace and Defence · since Seed, 2021 | Series B Apr 2025 $100M | $828M | $313M – $1.2B | $802M (-3%) | $95.7M | 10% | 78 | flat | C | |
| 32 | Employment Agencies & HR Consulting · led at Series B, 2022 | Series B Mar 2022 $120M | $41.5M | $22.3M – $133M | $36.7M (-11%) | $60.5M | 97% | 117 | shrinking | C | |
| 33 | Tech Companies · led at Series C, 2021 | Series C Oct 2021 $100M | $824M | $66.4M – $961M | $757M (-8%) | $109M | 1% | 489 | flat | D | |
| 34 | Real Estate Rental · since Series C, 2023 | Growth Equity Sep 2024 $44M | $294M | $146M – $615M | $165M (-44%) | $44.0M | 79% | 140 | down | C | |
| 35 | Rehab & Addiction - Centers & Therapists · since Series C, 2020 | Growth Equity Sep 2021 $75M | $396M | $31.6M – $817M | $390M (-2%) | $57.3M | 8% | 238 | flat | D | |
| 36 | Chemicals · since Series B, 2023 | Series B Jun 2023 $100M | $1.2B | $197M – $1.8B | $1.2B (-4%) | $136M | 0% | 110 | up | D | |
| 37 | Food delivery · since Series A, 2013 | Acquisition Dec 2016 | $418M acquired 2016 | $120M – $594M | – | – | 0% | – | unknown | C | |
| 38 | Snack Foods · led at Series C, 2021 | Series C Oct 2021 $100M | $1.1B | $116M – $2.0B | $1.0B (-4%) | $170M | 0% | 224 | up | D | |
| 39 | Groceries · since Growth, 2020 | Growth Equity Feb 2020 $52M | $122M | $25.1M – $281M | $122M (0%) | $31.2M | 60% | 644 | flat | D | |
| 40 | Environmental Engineering Services · led at Series A, 2022 | Series B Mar 2023 $50M | $104M | $41.1M – $540M | $64.1M (-38%) | $51.5M | 97% | 158 | down | D | |
| 41 | Tech Companies · since Growth, 2012 | Growth Equity May 2012 $75M | $668M | $51.5M – $1.1B | $668M (0%) | $82.5M | 0% | 5,364 | up | D | |
| 42 | Banks & ATMs · led at Series B, 2018 | Series B Sep 2018 $60M | $210M | $20.1M – $477M | $210M (0%) | $51.3M | 33% | 190 | unknown | D | |
| 43 | Tech Companies · led at Series B, 2025 | Series B Sep 2025 $37M | $369M | $176M – $524M | $369M (0%) | $44.3M | 0% | 129 | growing | B | |
| 44 | Software Development Services · since Series B, 2026 | Series B Feb 2026 $40M | $370M | $198M – $597M | $421M (+14%) | $46.3M | 0% | 63 | up | B | |
| 45 | Tech Companies · led at Series A, 2025 | Series A Jun 2025 $50M | $487M | $201M – $691M | $487M (0%) | $74.3M | 0% | 211 | growing | C | |
| 46 | Rehab & Addiction - Centers & Therapists · since Series C, 2024 | Series C Mar 2024 $58M | $479M | $183M – $1.0B | $276M (-42%) | $76.0M | 50% | 176 | up | C | |
| 47 | Online Marketplace · since Growth, 2016 | Growth Equity Sep 2016 $55M | $5.01M | $0 – $5.01M | $5.01M (0%) | – | 100% | 862 | flat | dead | |
| 48 | Real Estate Rental · led at Series D, 2020 | Series D Sep 2020 $50M | $187M | $27.2M – $821M | $186M (-1%) | $86.8M | 46% | 166 | flat | D | |
| 49 | Insurance - Agents, Carriers & Brokers · led at Series B, 2022 | Series B Apr 2022 $35M | $288M | $22.9M – $487M | $287M (0%) | $38.3M | 3% | 184 | up | D | |
| 50 | Food delivery · since Growth, 2022 | Growth Equity May 2022 $42M | $438M | $71.2M – $828M | $420M (-4%) | $78.6M | 26% | 320 | flat | D |
Valuation: VCMC's valuation with its range, from a low to a high scenario; a company with no valuation shows a dash, one acquired after its last round its last value as a private company.
Activity
How Kinnevik invests: stages, industries and countries
Most of its rounds are Series C and later (63%). Its companies span 26 industries, most in Tech Companies, Food delivery and Banks & ATMs, across 14 countries.
Rounds by stage
- Seed 3
- Series A 10
- Series B 15
- Series C and later 48
Investments by industry
- Tech Companies 18
- Food delivery 3
- Banks & ATMs 2
- Biotechnology 2
- Chemicals 2
- Groceries 2
- Health Care Services 2
- Online Marketplace 2
Investments by country
- United States 24
- Sweden 8
- United Kingdom 5
- Denmark 4
- Germany 3
- Netherlands 2
Recent rounds
Kinnevik's latest investments
Kinnevik's most recent funding rounds, newest first. 4 rounds in the last 12 months.
- Enveda Series E $311M 23 Sep 2026
- Series B $40M 1 Feb 2026
- Series D, led $220M 22 Jan 2026
- Seed, led $23M 16 Oct 2025
- Series B, led $37M 16 Sep 2025
- Series A, led $9.0M 9 Sep 2025
- Enveda Series D $150M 4 Sep 2025
- Growth, led $174M 11 Aug 2025
- Series B, led $153M 7 Aug 2025
- Series A, led $50M 30 Jun 2025
Co-investors
Kinnevik's top co-investors
The investors that most often join the same rounds as Kinnevik. General Catalyst leads, with 9 rounds together.
- General Catalyst 9 rounds together
- Temasek 7 rounds together
- 7 rounds together
- Atomico 6 rounds together
- HV Capital 5 rounds together
- 5 rounds together
- 5 rounds together
- Thrive Capital 5 rounds together
- 5 rounds together
- Sequoia Capital 4 rounds together
About
About Kinnevik
Kinnevik AB is a Swedish investment company that operates as a growth investor, active owner, and operational partner for technology-enabled businesses in Europe and the United States. The company invests in sectors such as healthcare, software, climate technology, and marketplaces, with a focus on AI-driven drug discovery, clean energy, and sustainable manufacturing. Kinnevik also manages a portfolio of larger companies and is involved in strategic investments in Swedish industries, including agriculture, candy, forestry, and media. The company is publicly traded on Nasdaq Stockholm and is committed to sustainability and social responsibility.
Description from Veridion's company data.
- Founded
- 1936
- Based in
- Stockholm, Sweden
- Team
- 58 people, -18% in a year
- Type
- Venture capital firm
Focus markets
- Healthcare
- Software
- Climate Tech
- Financial Services
- Agriculture
- Forestry
- Media
What Kinnevik offers
- Growth Investment Services
- Operational Value Creation Services
- Healthcare Sector Investment Services
- Software Sector Investment Services
- Climate Tech Investment Services
- AI-Driven Drug Discovery Investment Services
- Clean Energy Investment Services
- Sustainable Manufacturing Investment Services
Questions
Kinnevik: frequently asked questions
How many companies has Kinnevik invested in?
55 venture-backed companies on VCMC, across 76 funding rounds.
What are Kinnevik's most valuable private companies?
Stegra ($16.4B), Spring Health ($4.9B), Cedar ($4.8B), by VCMC's valuation.
What was Kinnevik's latest investment?
Enveda, a Series E round in Sep 2026 of $311M.
Which stages does Kinnevik invest in?
Kinnevik invests most often at Series C and later (48 rounds), followed by Series B (15) and Series A (10). It has also joined 3 seed rounds.
What is Kinnevik's portfolio worth?
Its private companies with a VCMC valuation are worth $70.6B together. That is the sum of the companies' values, not what Kinnevik owns.
Who does Kinnevik invest alongside?
General Catalyst (9 rounds), Temasek (7 rounds), Creandum (7 rounds).