Company
Description
Year of initial investments
Current stage
Since 2005 Klarna has been on a mission to accelerate commerce with consumer needs at the heart of it. With over 118 million global active users and 3.4 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 966,000 global retailers integrate Klarna’s innovative technology and marketing solutions to drive growth and loyalty, including H&M, Saks, Sephora, Macy’s, Ikea, Expedia Group, Nike and Airbnb.
8 077 551 758* SEK
* Mainly through the integration of wholly owned Double Sunday AB, see press release (2025-10-30).
Founded: 2005
Flat invested: 2021
Sebastian Siemiatkowski (CEO)
Niklas Adalberth
Victor Jacobsson
Defensor is a Nordic industrial group focused on developing the next generation of the defense industry through long-term thinking, innovation, and entrepreneurial drive. At a time when the world is characterized by increasing uncertainty and forces that threaten freedom and security are growing stronger, our mission is to build capabilities that protect both nations and individuals. Defensor brings together a new generation of defense companies – founded and run by entrepreneurs and passionate individuals who have worked during a period when only the most competent and persistent have been able to survive. These companies combine long-term organic growth and profitability with modern working methods, high adaptability, and a responsiveness that is appreciated by customers. A common idea has emerged among these players: to join forces. To combine the speed and innovative power of entrepreneur-driven companies with the resources and endurance of a larger industrial group. Together, we can handle larger orders, build shared expertise, create industrial synergies, and coordinate efforts to better meet our customers' needs. This also enables long-term investments that secure and scale up Nordic defense capabilities.
491 853 000 SEK
Flat invested: 2025
Max Jägerbring (CEO)
Martin Grund (Executive Chairman)
Daniel Denvell
Jonas Jägerbring
Stefan Fröman
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. Perplexity is backed by investors like IVP.
3 128 760 SEK
Founded: 2022
Flat invested: 2023
Aravind Srinivas (CEO)
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 Ventures among others.
7 476 746 SEK
Founded: 2016
Flat invested: 2013
Alexis Priftis (CEO) & Fredrik Hamilton (board member)
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
* Flat invested in the company through a Special Purpose Vehicle (“SPV”).
Founded: 2022
Flat invested: 2024
Winston Weinberg (CEO)
Gabriel Pereyra
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 (CEO)
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 (Founder & Chairman)
34 343 602* SEK
* Flat invested in the company through an 'AI portfolio' consisting of four US-based AI companies, which was announced on 2025-01-21.
Founded: 2024
Flat invested: 2024
Jony Ive
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. Investors include, among others, Vulcan Capital and Alumni Ventures Group.
18 030 682 SEK
Founded: 2015
Flat invested: 2021
Akanksha Hazari (CEO)
The company develops advanced AI code models that are used to automate code generation and improve AI models, with the aim of achieving safe Artificial General Intelligence (“AGI”). Prominent investors in Magic include Sequoia Capital, CapitalG and angel investors such as Daniel Gross, Nat Friedman, Elad Gid and Eric Schmidt, among others.
8 530 784 SEK
Founded: 2022
Flat invested: 2024
Eric Steinberger (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 (CEO)
Peter Brand
Opal is a San Francisco-based technology and design company that wants to go beyond cameras, and aims to develop and integrate AI into future hardware products. OpenAI has invested 60 million dollars in the business, and in addition to OpenAI, Opal is also backed by the Founders Fund and the founders of Instagram, YouTube, Twitch & Airbnb.
10 749 053 SEK
Founded: 2020
Flat invested: 2024
Veeraj Chugh (CEO)
Stefan Sohlstrom
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.
18 052 057* SEK
* Flat invested in the company through a Special Purpose Vehicle (“SPV”).
Founded: 2024
Flat invested: 2024
Karol Hausmann (CEO) among others
Pieces is an AI tool for developers with the goal of giving the user's computer its own memory by capturing, structuring and linking all relevant work context, such as code, documents and chats, to build and manage both real-time and long-term memory. Among the company's prominent investors is Drive Capital, a US VC fund run by Chris Olsen, former partner at Sequoia. Since its founding in 2020 by CEO Tsavo Knott, Mack Myers, and Mark Widman, Pieces has targeted developers of all levels who want to increase productivity and automatically capture important context in their work.
9 638 620 SEK
Founded: 2020
Flat invested: 2025
Tsavo Knott (CEO)
Mack Myers
Mark Widman
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 January 2026, SpaceX has launched +600 rockets, of which +560 have landed successfully and +520 have been successfully reused. SpaceX also offers internet services through satellites via its brand Starlink.
17 603 736* SEK
* Flat invested in the company through a Special Purpose Vehicle (“SPV”).
Founded: 2002
Flat invested: 2024
Elon Musk (CEO)
10 863 750* SEK
* Flat invested in the company through a Special Purpose Vehicle (“SPV”).
Founded: 2023
Flat invested: 2024
Elon Musk (CEO)
Brindlechute - Operating systems for the tourism and travel industry
CDLP - Fashion house based on innovative materials
Getir - Tech- and hyper-fast delivery company
Kry - Physical and digital healthcare provider
Project Europe - Fund for early stage investments in Europe's most promising companies
Nexos.ai - AI-orchestration 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 (partially exited)
Talentium - AI-powered recruitment platform
TrueAccord - Debt management platform for consumers
Uniplaces - Platform for booking accommodation
Truecaller - Exited in Feb 2025 (link to press release)
In February 2025, Flat announced it had divested all its 525,000 shares in Truecaller to a value of approx. 41.5 MSEK, in addition to approx. 2.2 MSEK recieved through dividends, resulting in a total profit of 32.2 MSEK since Flat's IPO.
Value at Flat IPO (Oct 2021): 11.5 MSEK
Total proceeds at exit: 43.7 MSEK
Return: 32.2 MSEK / 3.8x MOIC / +51% IRR
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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. 12.8 MSEK 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. 17.6 MSEK.
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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