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The following is a corrected version of a previous press release, containing an attachment that was missing from the original publication.
Katalysen Ventures AB (publ) hereby publishes the report for the First Quarter 2024. The full report is available immediately as an attached document, and on the company's website. Below is a summary of the report.
- Number of ventures in portfolio at end of period: 26 (25)
- Estimated portfolio market value at end of period: 160 MSEK (149 MSEK)
- Cash resources in bank at end of period: 1.2 MSEK (1.3 MSEK)
General Financial KPIs:
Key Figures (Group*, TSEK) Q1 2024 Q1 2023 2023-01-01
2023-12-31
Net sales 0 14 1 013
Profit after financial items -3 561 -6 247 -52 244
Balance sheet total 67 307 98 901 64 528
Solidity, % 92.0% 94.6% 86.2%
Earnings per share -0.51 -0.94 -7.55
Number of outstanding shares 6 924 185 6 675 209 6 924 185
Key Figures (Parent*, TSEK) Q1 2024 Q1 2023 2023-01-01
2023-12-31
Net sales 0 14 1013
Profit after financial items -2 595 -4 380 -47 323
Balance sheet total 70 014 99 061 66 249
Solidity, % 97.7% 97.9% 92.1%
Earnings per share -0.37 -0.66 -6.83
Number of outstanding shares 6 924 185 6 675 209 6 924 185
Important events during the period:
2024-01-23: Katalysen announced a partnership with professional asset
valuation firm Leonh to ensure more precise portfolio valuations.
01-30: Katalysen announced the successful closure of a 10MSEK directed share
issue to strategic, long-term investors. 667'169 new shares were issued at a
subscription price of SEK 15 per share corresponding to a discount of
approximately 13% compared to the the volume-weighted average price (VWAP) for
the KAV share over the period 2023-12-29 to 2024-01-30. The total value of the
share issue is approximately SEK 10 million before transaction costs. Total
transaction costs were estimated at SEK 25'000.
02-01: Katalysen announced that its shares are now traded over Nasdaq INET,
following Spotlight Stock Market's transition to Nasdaq's trading platform.
This gives banks and brokers easier access to trade the Katalysen share, also
outside of Sweden.
02-20: Katalysen published its year-end report for 2023
03-05: Katalysen announced increases in its ownership in InvitePeople and
ConexBird. Katalysen became a 15% equity shareholder in InvitePeople, with an
option to acquire an additional 4% of outstanding shares, and a 13% equity
shareholder in ConexBird.
03-12: Katalysen published lessons learned from five years of venture
development. The full text is available on the company's website.
03-14: Katalysen announced the acquisition of all material assets of
German healthtech company Smart4Diagnostics, while retaining
Smart4Diagnostic's highly talented and dedicated team. This was done through
the newly founded company S4DX GmbH ("S4DX"), which became the latest venture
to join Katalysen's portfolio of European early-stage innovation through
Venture Targeter 3.
03-22: Katalysen formally announced the launch of the new Venture Targeter
investment framework following two proof-of-concept transactions.
03-28: Katalysen published a notice for the company's 2024 AGM.
Important events after the period:
04-09: Katalysen announced an investor roadshow with stops in Stockholm, Geneva, and Vienna, starting May 2.
04-15: Katalysen portfolio venture Payer Financial Services AB filed for bankruptcy.
04-16: Katalysen published a revised 2024Q4 report following the bankruptcy declaration by Payer Financial Services AB.
04-19: Katalysen announced its role as Co-Founder in SKB.vc.
04-25: Katalysen held its 2024 AGM. Among other things, the AGM adopted the accounts, re-elected members to the Board of Directors of the company, and adopted a resolution to authorize the Board to decide on new share/warrant issues.
04-26: Katalysen published its Annual Report for 2023.
Recent additions to the portfolio:
Name Sector Time of Estimated value Estimated return on
Initial created for investment for
Investment Katalysen Katalysen
QuTEM AB Medtech 2023Q4 SEK 20.6 M 9.5X
S4DX GmbH Medtech 2024Q1 SEK 9.2 M 8.9X
VT2 Fintech work in
progress
VT4 Fintech work in
progress
Report from CEO Peter Almberg
Katalysen now transitions into a next phase as a company. In March 2024, we published "Lessons Learned from Five Years of Venture Development," which summarized the wealth of data and experience we've accumulated since the founding of Katalysen. Three of the most important lessons learned include;Collaboration works and is critical for success.
Having shared interests is critical for success.
It is easier for a small team of venture developers to create significant value in a venture when focus is placed on removing barriers to growth (not on establishing pre-requisites for growth).
During Q1, we have been very busy implementing these lessons learned in our day-to-day operations across Katalysen. The result is not a shift, but rather a doubling down on how we approach investing, with a continued focus on collaboration and deal structuring.
With this in mind, and supported by the execution of two "proof-of-concept" transactions in the Q4-Q1 period, we are proud to formally introduce a new investment framework in our financial toolbox: the Venture Targeter Framework ("VTF").
The Venture Targeter Framework ("VTF")
VTF exemplifies how we are introducing lessons learned across our organization, and signals our entry into a new era of venture development, characterized by enhanced collaboration and strategic investment structuring. In short, through VTF we can pool a variety of resources in a special purpose vehicle, which in turn invests into an opportunity.
See the note on page 28 for a full introduction to this framework, which allows Katalysen to better;Respond to market & value creation opportunities.
Enrich our portfolio with high-potential companies.
Combine and incentivize diverse stakeholders in the development of these companies.
And ultimately provide a convenient and highly attractive platform helping local and global investors to access early-stage innovation.
Market and external investor interest in the Venture Targeter Framework has been even greater than expected. Investors recognize the value and suitability of the VTF approach, especially in the current market climate. Katalysen not only generates value for itself, but also for the entire chain of stakeholders involved in these transactions.
In other news
The market still presents significant challenges, and the Payer Group filed for bankruptcy after the quarter. Note that the Payer Group was already written down to SEK 0 in Katalysen's Annual Report for 2023 and revised 2023 Q4 report. With this exception, we judge that the portfolio is growing stronger by the week.
With regards to our deal pipeline, we are currently looking at a number of opportunities using the same VTF approach. Two of these transactions have progressed further, both within fintech, and we hope to be able to provide you with further updates on these transactions soon.
We are also pleased to announce that Katalysen has co-founded SKB.vc, a venture that aims to bridge Japanese early-stage innovation with global market opportunities. Being led by Tobias Mathiasen, COO of Katalysen, SKB.vc is partnering with some of Japan's largest innovation stakeholders to establish a new seed-stage fund in Japan.
In conclusion, we're excited about the progress we've made during the quarter, and the opportunities that lie ahead. We feel confident that we are onto something fantastic with this "second phase" of venture development, and we remain committed to driving innovation and growth in global early-stage ecosystems. Thank you for your continued support!
This disclosure contains information that Katalysen Ventures AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 21-05-2024 09:25 CET.