Company
Description
Year of initial investments
Current stage
OpenAI, the pioneering artificial intelligence research company that aims to develop and lead revolutionary AI technologies. Since the company was founded in 2015, it has been at the forefront of AI development, resulting in platforms such as ChatGPT and Dall-E, as well as a large number of collaborations with leading global companies where OpenAI has integrated its AI technology. OpenAI was founded in 2015 by a group of leading AI researchers and entrepreneurs, including current CEO Sam Altman, along with Elon Musk, Greg Brockman, Ilya Sutskever, among others. Its research is published in top academic journals and cited by thousands of other researchers, and has quickly become one of the most respected and influential organizations in artificial intelligence.
31 623 227 SEK
Founded: 2015
Flat invested: 2023
Sam Altman (CEO)
among others
Instabee was founded in 2022 after combining Budbee and Instabox - two leading last-mile delivery companies. Instabee is present in seven countries, serving thousands of online merchants, including ASOS, Zalando, Inditex and H&M. Instabee is on track to become the most admired European e-commerce enabler. Since the start, Instabee has focused on consumer-centric and sustainable solutions, offering deliveries to boxes and homes using muscle power, electricity, renewable diesel and biofuels. Through bespoke technical solutions, Instabee can guarantee optimal fill-rates and routing, minimizing any unnecessary transports. Instabee is backed by Kinnevik, Creades and EQT among others.
7 476 746 SEK
Founded: 2016
Flat invested: 2013
Alexis Priftis (CEO) & Fredrik Hamilton (board member)
Since 2005 Klarna has been on a mission to smooth commerce with consumer needs at the heart of it. With over 85 million global active Klarna users and 2.5 million transactions per day, Klarna’s fair, sustainable and AI-powered payment and shopping solutions are revolutionizing the way people shop and pay online and in-store, empowering consumers to shop smarter with greater confidence and convenience. More than 575,000 global retailers integrate Klarna’s innovative technology and marketing solutions to drive growth and loyalty, including Uber, H&M, Saks, Sephora, Macy’s, Ikea, Expedia Group, Nike and Airbnb.
93 873 902 SEK
Founded: 2005
Flat invested: 2021
Sebastian Siemiatkowski (CEO)
Niklas Adalberth
Victor Jacobsson
Truecaller is the leading global platform for verifying contacts and blocking unwanted communications. The app helps the user categorize the caller and warns the user of fraud attempts, spam or sales pushes, both through calls and text. The platform now has over 330 million active users, helping to make their communication experience safer and more efficient. Users can also use the app to look up numbers in Truecaller's vast identity database with half a billion downloads since launch and around 38 billion unwanted calls identified and blocked in 2021. Since 2021, the company is listed on Nasdaq Stockholm with Sequoia Capital as the largest investor, which like Flat invested early in the company.
600 600 SEK
Founded: 2009
Flat invested: 2013
Alan Mamedi (CEO)
Nami Zarringhalam
Harvey offers a generative AI platform for advanced professional services and has partnerships with several law firms as well as audit, advisory and private equity firms. In collaboration with OpenAI, they have developed foundation models to address their clients' most complex needs, pushing the boundaries of applied AI for professional services. Examples of firms using Harvey's AI tools include the global auditing giant PwC, the global law firm Allen & Overy and the law firm Vinge, one of the leading law firms in the Nordics.
10 295 830 SEK
Founded: 2022
Flat invested: 2024
Winston Weinberg (CEO)
Gabriel Pereyra
2 684 061 SEK
Founded: 2016
Flat invested: 2018
Andreas Palm (CEO)
Christian Larson
DeepL is a German based AI-company that has set itself the goal of eliminating language barriers worldwide by using artificial intelligence. DeepL offers multilingual automatic translation through its platform using AI neural machine learning that can be used via web browser, mobile app, browser extension or through integrated API. It also provides professional products for companies, business people and translators.
5 412 253 SEK
Founded: 2016
Flat invested: 2023
Jaroslaw Kutylowski
Figma offers an outstanding design tool that allows users to work interactively and simultaneously. The tool makes the design process faster and more efficient, while allowing users to see each other's contributions in real time. Through its licensing model, which works on various operating systems, the company has customers in prominent global companies such as Microsoft, Google, Oracle, Slack and Spotify and a large number of smaller entrepreneurial companies. The company's ownership list includes many prominent investors, such as Sequoia Capital and Andreessen Horowitz.
4 571 221 SEK
Founded: 2012
Flat invested: 2021
Dylan Field (CEO)
Evan Wallace
Hemla challenges the dinosaurs of home security, with the ambition to build the next generation security service. Hemla and the team have high ambitions and aim to set a new standard for security in both the physical and digital space. They want to redefine what security means by integrating AI technology and plan to launch their product in spring 2025. The company is run by the entrepreneurs behind the delivery company Budbee, later Instabee, with an extensive track record of challenging monopolies and slow-moving industries.
10 000 000 SEK
Founded: 2024
Flat invested: 2024
Fredrik Hamilton
Axel Möller
LoveLocal aims to digitize the USD 1.1 trillion local retail industry in India through its platform that enables local retailers to digitize their stores and thereby streamline their operations through increased insights and better customer relationships. For customers, the platform means, among other things, that they get an overview of their local supply and can shop more efficiently, whether in person or online. The company's list of owners includes Vulcan Capital and Alumni Ventures Group.
18 030 682 SEK
Founded: 2015
Flat invested: 2021
Akanksha Hazari (CEO)
Oden Technologies is a provider of AI-driven solutions, leveraging deep expertise to transform billions of complex manufacturing data points into action on the front-line. Process AI, Oden’s premier software offering, turns inexperienced operators into high performers in one click. With real-time prescriptive process recommendations and predicted outcomes served directly to operators, Process AI ensures front-line workers have the exact information they need — when they need it— to achieve peak production.
10 295 825 SEK
Founded: 2014
Flat invested: 2024
Willem Sundblad
Peter Brand
Perplexity is an alternative to traditional search engines, where you can directly pose your questions and receive concise, accurate answers backed up by a curated set of sources. It has a conversational interface, contextual awareness and personalization to learn your interests and preferences over time. Perplexity’s mission is to make searching for information online feel like you have a knowledgeable assistant guiding you, it is a powerful productivity and knowledge tool that can help you save time and energy with mundane tasks for a multitude of use cases.
3 128 760 SEK
Founded: 2022
Flat invested: 2023
Aravind Srinivas, Denis Yarats, Johnny Ho & Andy Konwinski
Pi is a US-based research company run by some of the world's most prominent researchers and professionals who have been instrumental in pioneering developments in AI and robotics. Their mission is to integrate AI into the physical world by combining large-scale language models (LLMs) with methods of controlling and instructing robots and physical machines.
6 328 298 SEK
Founded: 2024
Flat invested: 2024
Karol Hausmann (CEO) among others
4 882 744 SEK
Founded: 2019
Flat invested: 2022
Job van der Voort (CEO)
Marcelo Lebre
Since its founding by CEO Elon Musk, SpaceX has worked to revolutionize and lead the space industry with a strong focus on innovation and cost efficiency. As of October 2024, SpaceX has launched +390 rockets, of which +355 have landed successfully and +325 have been successfully reused. SpaceX also offers internet services through satellites via its brand Starlink.
17 603 736 SEK
Founded: 2002
Flat invested: 2024
Elon Musk (CEO)
10 863 750 SEK
Founded: 2023
Flat invested: 2024
Elon Musk (CEO)
Getir - Tech- and hyper-fast delivery company
Lyst - Global fashion search platform
Nylas - Software for productivity infrastructure
Omio - Travel planning platform
Pangaia - Material science fashion company
Prion - Platform for preschool activities
Quartr - Digital platform for IR-solutions
Steven - Shared economy platform
TrueAccord - Debt management platform for consumers
Uniplaces - Platform for booking accommodation
Flow Commerce - Exited in Feb 2023 (link to press release)
In November 2021, Flow announced a takeover bid from the listed company Global-e. The acquisition was paid partly in cash and partly in Global-e shares. Flat received approx. SEK 12.8 million in cash and sold all its shares in Global-e in February 2023, resulting in the holding in Flow has been divested for a total consideration of approx. SEK 17.6 million.
Value at Flat IPO (Oct 2021): 1.7 MSEK
Total proceeds at exit: 17.6 MSEK
Return: 15.9 MSEK / 10.4x MOIC / +6,800% IRR
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