Michael Kurlancheek

We take a significant step towards achieving Skagi’s AuM targets with the acquisiton of Íslensk verðbréf Skagi ÍSLENSK VERÐBRÉF hf. (Icelandic securities)

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From today's article in Berlingske: "If you're a founder or visionary, you must firmly believe in what you're doing. If everyone could see what you see, it wouldn't be so innovative." When we founded Mono Solutions in 2007, the B2B SaaS model faced a lot of skepticism. Back then, software was installed on servers – the cloud was barely a concept. Thanks to the visionary insight of my co-founder David Højelsen, we persevered. This belief is also the inspiration behind "Ugly Duckling Ventures" – supporting those 'ugly ducklings' destined to become beautiful swans. #startups #venture #vc #uglyducklingventures

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In March, as a visiting delegation of Swedish investors and bankers passed through China’s factories and shipyards for the first time since the pandemic, what they witnessed was a shock to their systems. Across the mainland, where Sweden’s manufacturers have a long-standing presence, competition from Chinese firms was “ferocious”, even “monstrous”, according to Mattias Sundling, chief equity strategist at Handelsbanken. “The way they have caught up and developed in just two or three years was just stunning to us,” he said. “The cliched image of Chinese competition was one of cheap copies. I think the wake-up call for us when we were on this trip is that this is no longer the case.” From high school examinations to bubble tea franchises, intense domestic competition is pervasive across China. Now, as embodied in expanding electric-vehicle production, that sense of competition poses a growing challenge to international businesses. An air of collaboration, especially at foreign companies now largely staffed by Chinese nationals, has not disappeared. But it is now accompanied by mounting competitive pressure. “The general take is if you are not a premium product, you are getting absolutely hammered,” said Sundling. Governments in the US and Europe have focused heavily on the need to “de-risk” supply chains away from China after Russia’s invasion of Ukraine and border closures under the pandemic. But the more competitive the mainland becomes, the harder it is for international industrial players to leave. Both old and new industrial companies repeatedly emphasize the need to be in China for research purposes as well as to access its vast market. If competition with Chinese companies rises further, so will political scrutiny of China’s relationship with international trade. But, across Europe and the US, businesses are already rushing to upgrade their understanding of the nature of that competition. Source : Financial Times

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Social impact financing and the impact ecosystem is growing. Reach out and connect with Anne Smith Petersen and Diana Scalise if you want to learn more about their new impact investment foundation C4IF: "Capital 4 Impact Foundation is a social impact investment foundation, working through the global network of Plan International. We unlock private sector capital by mitigating risks and we leverage our presence and partnerships to bring social impact to scale while creating return on investment. We invite you to be more than an investor; be a changemaker."

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Excited to announce that our portfolio company Joyweek is expanding its product offering and strengthening its position in Sweden by acquiring three add-ons to the group, creating a new division focusing on facility management for real estate as well.

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DNB Bank ASA acquires Carnegie – DNB Markets changes name to DNB Carnegie   DNB is acquiring Carnegie from the private equity firm Altor. To reflect the strategic importance of the transaction, DNB Markets will be globally renamed DNB Carnegie, with both companies’ strong reputations and cultures continuing under the unified brand. Our CEO, Alexander Opstad, will lead the new business going forward. Carnegie’s current CEO, Tony Elofsson, will become the CEO of the subsidiary in Sweden, Finland and Denmark where the business will formally be named DNB Carnegie Investment Banking AB.   Carnegie is today a leading Nordic investment bank and asset manager with 850 employees, generating 56 percent of its revenue from investment services and 44 percent from asset management. DNB and Carnegie have the shared ambition to build a leading player across the Nordic region in investment banking, securities brokerage and research, private banking and asset management.   DNB Markets and Carnegie complement each other in many ways and can be described as a perfect fit. With the acquisition, we will be able to offer our customers even better solutions and a full range of products. The transaction is subject to regulatory approvals. Business as usual until expected closing in 2025.   Read more here: https://lnkd.in/dpt6UKrQ

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We are happy to announce Tesi's most valuable exit in its history: M-Files. Tesi has been the only Finnish institutional investor in M-Files since the company’s first financing round in 2013. During Tesi’s ownership, the company has succeeded in acquiring more growth capital several times, its turnover has increased more than tenfold, and operations have turned profitable. Tesi owns ca. 10% of the company’s equity and the exit is the largest in its history in terms of euros. “Tesi's participation with a significant investment in M-Files’ first financing round in 2013 was very important and enabled the financing round to take place. Since then, Tesi has supported the growth of M-Files through board work and has brought stability to the ownership base. From M-Files’ point of view, Tesi’s investment in the company has achieved all of its goals,” continues M-Files founder and CEO Antti Nivala. M-Files Corporation (“M-Files”), the leader in knowledge work automation, today announced it has entered into a definitive agreement for a majority recapitalization investment led by Haveli Investments, an Austin, TX based technology-focused private equity firm, and Bregal Milestone, a European software private equity firm. Founder & CEO Antti Nivala continues as a significant minority shareholder together with the company’s leadership team and employees. #exit #vc #growth #investment #software #Saas #PE

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Q1 2024 was yet another quarter of strong results, as net sales grew by 33.3% to SEK 253.4m and EBITDA by 37.3% to SEK 119.7m compared to last year. The growth is driven by more property sellers choosing to maximise their marketing on Hemnet through investing in Hemnet Premium, as well as 11 % more property listings compared to last year. 2024 has started with a number of welcomed positive signals on the property market with not only more listings on Hemnet, but also more transactions, higher prices as well as increasing price expectations from consumers. We look forward to a spring with hopefully continued, perhaps growing, activity and to continuing helping Swedish property buyers and sellers to increase their chances of a successful home sale https://lnkd.in/dUgkJaCE

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The challenge of growth is a challenge of energy. According to Copenhagen Economics, Population and GDP per capita are likely to grow by 20% and 90%, respectively by 2040.  Demand for energy services would grow by 50% or more, driven by urbanisation, industrialization, infrastructure build-out, and a growing global middle class. Energy intensity will continue to improve by up to 75% by 2040, driven by ongoing structural shifts to less energy intensive economic activity and improving technology. In spite of that, energy demand will still increase by 30-60% if developments follow the trends seen in the past. The current energy system is highly carbon intensive : coal, oil, and natural gas provide 85% of all energy.   To meet these challenges, the « all or nothing » scenarios are for no use. Fossil fuels won’t be replaced overnight. The economy will then have to combine for a long time an optimized utilization of fossil fuels with a fast growing H2 adoption.  #energytransition #growth #H2

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Discover the power of diversification through alternative investments. From real estate and private equity to hedge funds and commodities, alternative investments can offer unique opportunities for growth and risk management. Read our insights article https://lnkd.in/gdSCmBat on how these investment strategies can help you achieve a balanced and resilient portfolio. #WRISE #FamilyOffice #InvestmentInsights

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The positive development in Nordic cleantech investments continued in Q2-2024. When comparing Q2-2024 to the same period last year we saw a slight increase in total investment amounts. The 852 mEUR invested this quarter is comparable to both Q2 and Q1 of last year exceeding the levels seen in those first two quarters which amounted to 738 mEUR and 623 mEUR, respectively. The report is once again made by the Nordic CleanTech Coalition backed by Breakthrough Energy . In PSV DeepTech we are happy to be part of the coalition and support the awareness of the potential in Nordic green technology companies. Reach out if you want to talk about the green transition and the Nordic potential. #cleantech #deeptech #investments Magnus Agerström Laura Fostinone Eva Andersson Marianne Hyltoft Jakob Rybak-Andersen Søren Jessen Nielsen Agnethe Leonora Hjarnø Boysen Jacob Graves Beck

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From monitoring fund manager changes to managing your time based on relative action, Petter Hedborg, CEO of Modular Finance, shares five dynamic strategies to enhance investor targeting for your current stakeholders. Read the article in full here:

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"Go big or go home!" There are other ways of building good, profitable businesses. Venture capital is not a one size fits all. Especially not in food. 🦄 🦓 🐪 Christian von Essen asked about my thoughts on Smallhold's Post Mortem for Impact Loop. (I told him to watch the "WeCrashed" series, it's hilarious and totally cringe for everyone who ever worked in VC/startups) 🤑 We need capital going towards sustainability, agrifood system change, regeneration, circularity, etc.. But what type of capital? What timing? Seems like crash is imminent if we apply the old models of building the new, in the same unsustainable way... How do we scale better, without burning out founders on the way? I'm interested to have this conversation. Who else? 🙋‍♀️

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The Nordic region was the most active European startup ecosystem, attracting €5.8B ($6.2B) in Q1, followed by France and the Benelux region with €3.4B ($3.6B). Relevance: Swedish green steel producer H2 Green Steel’s €4.75B ($5B) funding round was the largest round to close this quarter in Europe. After two years of retreat, non-traditional investors increased their dealmaking, participating in 721 deals worth €13.5B ($14.4B), representing 37% of the total deal value. The increase in VC funding came despite a tepid exit environment, with only 215 VC-backed exits reported in Q1 worth €1.9B ($2B). 47 funds collectively raised about €4.6B ($4.9B) from investors in the first quarter of this year, putting it on track to surpass last year’s tally. #investment #VentureCapitalists #fundraising #funding #fundmanagers #Generalpartners #limitedpartners #USFunds #familyoffices #EUfunds #institutionalcapital #GPs #LPs #VCs #familyoffices #hedgefunds

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We are very excited to announce the second edition of Techarena Zero, an international tech and sustainability event on October 23 in Stockholm! This is our most ambitious effort to date to create a forum and platform for bringing together leaders from different industries to discuss solutions and opportunities in the sustainable transition. 700 decision makers including business leaders, entrepreneurs, investors, politicians, and experts will gather to network, get inspired, and discuss ways to ZERO some of the biggest  challenges to society. The event features: ▪️ A solution-oriented stage program ▪️ Digital platform for pre-booking meetings and matchmaking ▪️ Engaging round-table discussions ▪️ Exhibition ▪️ Side events  ▪️ Networking mingle “We have seen a high demand for business driven sustainability topics on our stages and our last year's ZERO event was vastly overbooked. Therefore, we decided to make this year's event much bigger, with a clear strategy to continue growing the platform and community in the coming years.. Our goal is to showcase that there are great successes and opportunities in the shift towards ZERO. We will bring international leaders that can be learned from and inspire the participants,” says Omid Ekhlasi, CEO and Founder of Techarenan. The event is supported by the The Swedish Institute (SI), The city of Stockholm, and Teknikföretagen (Technology Industries of Sweden) amongst others. The ambition is to join forces to create one of the most relevant platforms and international arenas for sustainability and tech in Europe, and to bring together participants from different parts of the world. #sustainability #sustainbilityevent #technology #tech #techarena #sustainabledevelopment 🗓️ October 23, 2024 📍 Nacka Strand, Stockholm Secure your spot at https://lnkd.in/gwmcwfah

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🌟 Antler Nordics portfolio company Arkion announces a $4 million funding round 🌟 Antler has supported Arkion (formerly Skyqraft) from Day 0, from the time they joined our Nordic Founder Residency program. We are really excited about the great company. Awesome work so far from Louise Gauffin, David Wickström and team. Arkion recently achieved some truly impressive milestones, including closing several key client accounts in the US and Europe, tripling revenue, and achieving over 80% AI coverage of faults in distribution grids. Arkion delivers energy asset analytics through scalable, AI-powered asset intelligence, for a power grid that’s ready for an electrified future. With energy consumption poised to double by 2045, the resilience and modernization of grid infrastructure are necessary in shaping a net-zero future. Swift, precise, and sustainable inspections of energy infrastructure are imperative for getting the grid ready for this global transition. Round was led by Subvenio Invest with Neptunia Invest and Antler participating. 🚀 #Antler #AI #PowerGrids #Sustainability #Arkion

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10 years ago, on 21 November 2014, #LIFCO AB(PUBL) was introduced on Nasdaq Stockholm. I had learned about the company 18 months earlier in April 2013 from an article: “Carl Bennets private juvel” – Carl Bennet’s private jewel. And what a jewel! The IPO price was set at 18,6 (adjusted for a 2021 split). My fair value was close to 30. It was therefore prudent to treble the IPO allocation on the first trading day at 22. Mr. Bennet’s own valuation in the article was at least 6 billion SEK; at the introductory price it was 8,4 billion SEK. The market cap today with a share price of 308 is 140 billion SEK. Stable organic growth, substantial increase in the EBITA margin and free cash flow plus an impressive quality in M&A led to multiple expansion on significantly higher earnings and with still a strong balance sheet. I have always included M&A in my valuation in contrast to sell side analysts. It confirmed and still confirms my own long-term investment in Lifco. That is true compounding!   Lifco stayed a top 5 position in the Equity fund that I managed, I&T Aktier, from the day of the IPO until I left at the end of 2023. It was indeed a strong contributor to my long-term outperformance in fund.   If you invest long-term in stocks you will see large drawdowns from time to time. Also, in Lifco; the most significant minus 35% in 2022. A premise accepted only by few in my close working network at the time – But it was a good opportunity to add to the position. Lifco continued the strong operating performance, and the share recovered impressively. My long experience tells me that strong companies led by highly capable leaders with viable and value-creating strategies will always come back and continue to prosper. Lifco is a prime example of this.

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September 04 2024 – 5 Notable Articles To Read Article: CVC Joins Investor Group Backing Swedish Property Manager Odevo Takeaway: According to a statement confirming an earlier report by Bloomberg News, the private equity firm will partner with a group of investors led by Fidelio Capital and that the transaction values Odevo at over $3B. Source: Bloomberg Link: https://lnkd.in/dWyCY2cr Article: SAS - Scandinavian Airlines Emerges From Chapter 11 With Fresh Capital, New Chair Takeaway: SAS appoints Danish businessman Kare Schultz as chairman of the board, concluding a two-year process with a streamlined fleet and new investments. Source: Bloomberg News Link: https://lnkd.in/d_jZXQ75 Article: Coinbase’s Alumni Network Boosts Its Blockchain Ambitions Takeaway: Coinbase has emerged as a launchpad for crypto founders, providing early funding to about 40 companies started by former employees. This alumni network has become increasingly vital as the company seeks to expand beyond crypto trading. Source: The Information Link: https://lnkd.in/dNbN94EU Article: Shenzhen and Dubai pledge to increase cross-border ETF investing Takeaway: The Shenzhen Stock Exchange and Dubai Financial Market have signed a MoU to enhance cross-border investment between China and the United Arab Emirates, with a focus on exchange-traded funds. Source: Financial Times Link: https://lnkd.in/de8KmCaw Article: Foreign investors pull out of frothy Indian equity market Takeaway: In August, foreign institutional investors became net sellers of India-listed shares, with net outflows exceeding $1B, according to data from Bloomberg and the Securities and Exchange Board of India. Year-to-date inflows reached $2.6B, significantly lower than the $22B recorded last year. Source: Financial Times Link: https://lnkd.in/dH3txRTz #news #business #research #blockchain

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“AP2 remains convinced that private equity and venture capital will continue to deliver superior returns through a long-term approach with strong governance and a strong focus on innovation and growth. Given the inherent characteristics of PE and VC, there is ample room for further growth and development.” Anders Stromblad of Swedish state pension fund Andra AP-fonden (AP2) discusses the strengths of the asset class in our exclusive series of articles from members of our LP Council ➡️ https://lnkd.in/gWZ4E3NC #PrivateEquity #VentureCapital #infrastructure #investors #LP #LPs #limitedpartners

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