Katalysen Ventures

KPIs:

• Number of ventures in portfolio at end of period: 24 (26)
• Estimated portfolio market value at end of period: 137 MSEK (144 MSEK)
• Cash resources in bank at end of period: 1.1 MSEK (0.1 MSEK)*

*Note that additional cash resources have been added after the period's end.

General Financial KPIs:

Important events during the period:

Important events after the period:

Recent additions to the portfolio:

Report from CEO Peter Almberg:

Until 2024, Katalysen focused on developing early-stage Nordic tech companies, achieving two successful exits and building a portfolio of 22 diverse companies. Among them, InvitePeople stands out as a rising industry leader.

Ever since helping InvitePeople through a mid-pandemic pivot that positioned InvitePeople as a challenger in hybrid event platforms for enterprises, Katalysen has been looking to increase its ownership in the company, and today we have a total upside of approximately 17% in InvitePeople (as communicated on 24-10-04). 

At the end of 2024, InvitePeople received two 100% acquisition bids from large U.S. investors. While the offers didn’t reach an acceptable exit price, the interest and the transaction rationale further strengthened our confidence in the company’s potential. The company continues to thrive, having initiated negotiations with strategic U.S. partners to significantly expand its global reach. After a successful entry into the German market with notable clients like Deutsche Bahn, InvitePeople’s growth trajectory remains highly promising.

Strategic Refinement & Impact

Throughout 2024, we have worked intensively to refine our strategy. This effort is now evident across all our channels and in every dialogue we have with entrepreneurs and investors. Looking at the value created in QuTEMand S4DX under this strategy during 2024, we feel confident that we are on the right path. 

As we sharpened our focus on special situation investments, we leveraged our expertise as an investment catalyst. This strategic shift has already yielded results, exemplified by the addition of two med-tech pioneers, QuTEM and S4DX, to our portfolio. By the end of 2024, our combined holding in QuTEM and S4DX was valued at 54 MSEK, following total investments of 5.7 MSEK. This represents a return-to-date of 9.5X in less than a year.

S4DX: Rapidly scaling its digital pre-analytical monitoring system, S4DX has formed partnerships with industry leaders like Roche Diagnostics, Siemens, and BD (the global leader in blood collection tubes). In late 2024, new strategic alliances unlocked significant growth opportunities. S4DX also secured its first U.S. client, marking its entry into the world’s largest market. With surging revenues, 2025 is set to be a transformative year.

QuTEM: A GMP-certified leader in electron microscopy services for life sciences, QuTEM serves 9 of the world’s top 10 pharmaceutical companies. Its groundbreaking work supports the expanding gene therapy market, with 50% of its revenue now originating from the U.S. Following a strategic restart in late 2023, QuTEM reached positive cash flow on a monthly basis in Q4 2024 and is now positioned for sustained growth.

By H2 2025, we anticipate that InvitePeople, S4DX, and QuTEM will reach significant revenue and profitability milestones, warranting much higher valuations. Beyond these three, we have identified 7–10 other portfolio companies with strong near-term potential. Several raised funds during Q4 2024, and our active involvement ensures they are well-positioned for value-maximizing exits at the right time.

Financial Position

Twelve months ago, we made a strategic decision to maintain our financial position not through share issues but via selective small asset sales and similar measures. This approach has been successful, enabling us to service our financial obligations while avoiding further dilution.

Key support has come from shareholders exercising existing warrants on Katalysen shares and targeted strategic asset sales, reinforcing our financial flexibility and strengthening our ability to execute high-impact investments. This disciplined financial approach ensures that we can remain focused on developing high-potential opportunities such as InvitePeople, QuTEM, S4DX, and the rest of our portfolio, driving them toward optimal exits.

Looking Back

Katalysen was born from a simple vision: To be the partner I wished for while building and investing in my own businesses, and to make it rational for more traditional investors to invest and participate in the earlier stages of businesses. Today, after many years of learning and doing, our business model, attitude, and process allow us to be that partner. And since our IPO in 2022, we have opened the door for more traditional investors to join us in empowering early-stage companies.

We recognize that uncertainty remains a challenge for many, with shifting markets, hesitant investors, and evolving global conditions. But if you, like me, believe that now is the time to take a long-term approach, then let’s talk. If you have a deal in mind, especially a complex one that needs a strong and resourceful partner, reach out. The more complicated, the better. Complexity often comes with opportunity, and we love finding solutions that unlock real value. After all, if the right solution represents 80% of the value, then it is a 5X deal waiting to happen.

Looking Ahead

All of this work will culminate in a new, long-term plan encompassing strategy, operations, and both short- and long-term financial KPIs. Our goal is to present this plan at the upcoming AGM, providing a clear roadmap for Katalysen’s continued success.

The strength of our portfolio, combined with new transactions we aim to finalize in the next six months, makes 2025 an incredibly exciting year for Katalysen. Also, reach out at contact@katalysen.com if you would like to receive Katalysen’slatest corporate presentation (it has seen a lot of updates).

Yours Sincerely,
Peter Almberg, CEO