Press Releases

Financial position

• Net asset value amounted to 402 175 KSEK, corresponding to 8.20 SEK per share, a decrease of -2.4% per share for the quarter.
• Net cash amounted to 141 426 KSEK, corresponding to 35% of net asset value as of March 31, 2024.

The period January-March 2024

• Change in value of financial assets amounted to -10 442 KSEK (-25 066) and consist mainly of changes in the value of three major holdings: OpenAI +30,124 KSEK, Getir -28 779 KSEK and Instabee -18 067 KSEK.
• We also note a continued strong performance among our US-based AI holdings. For example, Perplexity, one of Flat's most recent investments of around 3 MSEK, recently completed a new capital round at more than double its valuation, just a few months after its last round in which Flat invested.
• Investments amounted to 20 592 KSEK (5 479).
• Operating expenses for the period amounted to 1 215 KSEK (1 624) corresponding to 1.19% of average NAV during the period, on an annual basis.
• Operating profit amounted to -11 657 KSEK (-26 690). The operating profit includes unrealized changes in value of -10 422 KSEK (-17 839).
• Profit after tax amounted to -10,584 KSEK (-25,785).
• Profit per share amounted to -0.22 SEK (-0.80).

Significant investments and divestments during the quarter

• Flat invested approx. 10 MSEK in the legal AI company Harvey through a SPV. Harvey has quickly become a distinguished generative AI platform for the professional services sector such as law and accounting firms with revenues more than tenfold since April 2023. The company completed a capital round in December 2023, together with prominent investors such as OpenAI Startup Fund, Sequoia Capital, Kleiner Perkins and Elad Gil. Flat’s investment through the SPV structure involves market-based management costs.
• Flat invested the equivalent of approx. 10 MSEK in the US-based Oden Technologies ("Oden"), a prominent data and AI company with a focus on the manufacturing industry. Flat invested through a Series B round of a total of approx. 300 MSEK, where the capital will primarily be used to accelerate Oden's AI venture. Flat invested alongside Nordstjernan Growth, which led the round, together with participation from the majority of previous investors such as Atomico and EQT Ventures as well as one of Oden's customers, INX International Inc.

Significant events during the quarter

• No other significant events during the quarter.

Significant events after the end of the quarter

• No significant events have occurred after the end of the quarter.

This text has been translated using DeepL.

Link to the report on the website:
https://www.flatcapital.com/en/investor-relations/

For further information, please contact:
Hanna Andreen, CEO, hw@flatcapital.com, +46 (0) 73 353 44 66
Antonio Melani, CFO, am@flatcapital.com,+46 (0) 72 221 81 32

Certified Adviser:
Flat Capital's Certified Adviser is Augment Partners AB, info@augment.se, +46 (0) 8 604 22 55

About Flat Capital:
Flat Capital is an investment company that focuses on growth stage companies with prominent entrepreneurs in leading positions and primarily makes investments through its network of world-class investors and entrepreneurs. The company was founded in 2013 by entrepreneurs Nina and Sebastian Siemiatkowski (founders and CEOs of Milkywire and Klarna, respectively) and is led by CEO Hanna Andreen together with an experienced board of directors. Examples of portfolio companies include Klarna, OpenAI, Instabee, Figma and DeepL. The company aims to provide long-term capital and is essentially a passive minority shareholder, while Flat Capital's experience and network are available to the extent the entrepreneur wishes. The aim is to facilitate successful company building and enable exposure to otherwise hard-to-reach and promising companies.
More information is available at www.flatcapital.com

Note: This is a non-official translation of the Swedish original text. In case of any discrepancies between the Swedish text and the English translation, the Swedish text shall prevail.