Kinnevik introduces new investors into Saltside and participates in financing
Investment AB Kinnevik ("Kinnevik") today announced it has invested USD 5m in Saltside Technologies AB ("Saltside") as part of a USD 40m growth capital funding round, with the remainder provided by new investors Hillhouse Capital and Brummer & Partners.
Saltside operates the leading online horizontal classifieds platforms in three frontier markets. Kinnevik co-founded the company in 2011 in Gothenburg with a view to building leading online marketplaces in underserved markets. It has since built three household digital consumer brands -Bikroy (Bangladesh), Ikman (Sri Lanka) and Tonaton (Ghana) - which are market leaders in terms of user base, engagement and monetization. The team has grown to over 200 employees and is headquartered in Dubai.
Kinnevik will retain majority ownership after this funding round with an ownership stake of 61%, with the remainder being held by management and new investors.
Lorenzo Grabau, CEO of Kinnevik, commented: "Saltside is a great example of Kinnevik's ability to identify attractive opportunities and thereafter create and lead successful digital businesses. We are delighted to welcome Hillhouse Capital and Brummer & Partners as fellow shareholders and look forward to working with them to pursue further growth opportunities."
For further information, visitwww.kinnevik.se or contact:
| Torun Litzén, Director, Investor Relations | Phone +46 (0)8 562 000 83 |
| Mobile +46 (0)70 762 00 83 |
Investment AB Kinnevik is a leading, long-term oriented, investment company based in Sweden. Kinnevik primarily invests in consumer centric businesses that provide innovative and value-added technology-enabled services. Our main areas of focus are the Communications, e-Commerce, Entertainment and Financial Services sectors. We own significant stakes in over 50 companies that operate in more than 80 countries across five continents, with a particular emphasis on growth markets. The Kinnevik Group employs more than 90 000 people around the world.
Kinnevik actively supports the companies in which it invests and plays an influential role on their respective Boards. Kinnevik was founded in 1936 by three Swedish families who continue to play a leadership role in the ownership of the Company and in the pursuit of its entrepreneurial ventures.
Kinnevik's shares are listed on Nasdaq OMX Stockholm's list for large cap companies under the ticker codes KINV A and KINV B.
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Source: Kinnevik via Globenewswire
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