Press Releases


Flat Capital’s interim report January-March 2023

Flat Capital AB (publ) ("Flat") publishes its interim report for January-March 2023 where the net asset value per share amounts to 10.01 SEK, which corresponds to a decrease of -7.4% for the quarter. During the period, we have made an investment corresponding to 5.4 MSEK in the AI company DeepL and a divestment of all shares in Global-e which amounted to a final profit of SEK 15.9 million, since Flat's IPO, resulting in a particularly attractive return of approx. 10.4x. Although the market during the period has been characterized by continued uncertainty and nervousness, we see that investment activity has cautiously started and that valuations have stabilized somewhat. We are following the market development with both humility and enthusiasm, where we are prepared with cash and ambition to take advantage of the attractive opportunities that arise.

Financial position

  • Net Asset Value (NAV) amounted to 320,989 KSEK, corresponding to 10.01 SEK per share, which represents a decrease of -7.4% per share for the quarter.
  • Net cash amounted to 74,730 KSEK, equivalent to 23% of NAV as of 31 March 2023.

The period January-March

  • Change in value of financial assets amounted to -25,066 KSEK (-25,620). The change in value includes an adjustment of the value of Instabee by -25,249 KSEK.
  • Operating expenses for the period amounted to 1,624 KSEK (1,054).
  • Operating profit amounted to -26,690 KSEK (-26,674). The operating profit includes unrealized changes in value of -17,839 KSEK (-25,620).
  • Profit after tax amounted to -25,785 KSEK (-21,396).
  • Earnings per share amounted to -0.80 SEK (-0.76).

Investments and divestments during the reporting period

  • During the period, the company made a new investment in the AI company DeepL, which offers automatic language translations through its platform. The investment amounted to 5,412 KSEK.
  • During the period, the company also divested all of its shares in Global-e. The shares were received in connection with Global-e's acquisition of Flat’s former portfolio holding Flow. The divestment has positively affected the result in Q1 by 1,156 KSEK.
  • Additionally, the company has made an additional investment of 66 KSEK in the existing portfolio company Quartr.

Other significant events during the period

  • No other significant events have occurred during the period.

Other events after the end of the period

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

This text has been translated using DeepL.

Link to the report on the website:

For further information, please contact:
Hanna Wachtmeister, CEO,, +46 (0) 70 661 60 05
Antonio Melani, CFO,,+46 (0) 72 221 81 32

Certified Adviser:
Augment Partners AB,, +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 Wachtmeister together with an experienced board of directors. Examples of portfolio companies include Klarna, Instabee and Truecaller. 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

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.