Welcome to tune in and ask questions to a live-stream where 100% of Flat's operational team (i.e. CEO Hanna and CFO Antonio) in their own words talk about the Q3 report, a little more about the upcoming rights issue and answer your questions!
Flat Capital AB (publ) (“Flat”) invests 10 MSEK in the security start-up Hemla Group AB (“Hemla” or the “Company”), recently founded and run by entrepreneurs Fredrik Hamilton, Axel Möller and CEO Jakob Lyckenvik with the ambition to build the next generation security service. Hemla wants to redefine what security means by, among other things, integrating AI technology and plans to launch its 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. Flat was also one of the first external investors in Budbee in 2013, which was founded and run by Fredrik Hamilton
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Flat Capital AB (publ) (“Flat”) invests approximately 22 MSEK in SpaceX, or Space Exploration Technologies Corp, which designs, manufactures and launches some of the world's most advanced rockets and spacecraft. SpaceX was founded in 2002 by CEO Elon Musk to revolutionize space transportation with the vision of enabling humans to live on other planets. Flat's investment is made through a Special Purpose Vehicle (“SPV”) and involves market-based management costs. The investment of 22 MSEK is made through two sub-investments of which approximately 18 MSEK has been completed
Flat Capital AB (publ) ("Flat") publishes its interim report for January-June 2024. Net asset value per share decreased by -7.9% compared to the previous quarter to 7.55 SEK per share. The negative development of net asset value is isolated to the write-down of the value of the holding in Getir to 1 SEK as a result of their ongoing restructuring. Otherwise, we have not adjusted any values of unlisted holdings, excluding FX. However, we note clearly positive signals from several of our latest AI-related holdings, where interest is high with indications of upcoming capital rounds at notable higher valuations, which we expect to know more about in the second half of 2024. During the quarter, two investments were announced; firstly, about 11 MSEK in Elon Musk's AI company xAI, which in May announced its capital round totaling about 6 billion dollars, and in the AI and robotics company Physical Intelligence, where the investment of a total of about 11 MSEK, divided into two sub-investments, the first of which of about 6.3 MSEK was carried out during the quarter