Katalysen Ventures publishes report for the First Quarter 2024
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.
KPIs:
- 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 Initial Investment | Estimated value created for Katalysen | Estimated return on investment for 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 08:10 CET.