During 2025, the need to strengthen the longterm competitiveness of Sweden and Europe has become increasingly clear. In a time marked by technological transformation, rising geopolitical tensions, and intensifying global competition, access to venture capital for innovative companies in early stages is a central prerequisite for growth, resilience, and sustainable development. Throughout the year, Saminvest has maintained a high level of activity and successfully participated in the establishment of five funds and one angel investment company. 

The global economy continues to be characterized by challenging market conditions. Trade policy tensions and a complex security environment have contributed to heightened uncertainty in the capital markets, which in turn has dampened activity in the transaction market, weakened the exit market, and thereby complicated capital raising for new venture capital funds. According to the Pitchbook European Venture Report 2025, the year 2025 was the weakest in over a decade in terms of capital raised for venture capital funds. In this difficult market climate, it is encouraging that Saminvest committed SEK 742 million to three newly established funds, two secondgeneration funds, and one angel investment company. Saminvest acted as an anchor investor in these investments, demonstrating that we play a central role in the establishment of venture capital funds. 

In total, Saminvest’s committed capital of approximately SEK 5,930 million is allocated across 31 funds and seven business angel programs comprising 15 angel investment companies, collectively covering large parts of Sweden—from Luleå in the north to Malmö in the south. During the year, 138 companies received capital indirectly from Saminvest. Since 2017, Saminvest, together with private investors, has contributed to around 800 innovative companies receiving venture capital. The companies operate in hightech sectors such as software development, AI applications, deeptech, climate and energy transition, drug development, and medtech. 

Saminvest’s investment barometer indicates a capital shortage within the three core areas in which we invest: tech, impact, and life science. This confirms that Saminvest plays an important marketcomplementing role by investing in parts of the capital supply chain where private capital is insufficient at the time of investment. 

Gender equality is an important evaluation parameter when assessing new investment proposals and in ongoing dialogues with fund teams. Encouragingly, the share of women in investment teams has continued to increase during the year and now amounts to 39 percent—close to our longterm strategic goal of 40 to 60 percent. The number of female investors, or mixed investor teams with at least one woman, in the angel investment companies is 160, corresponding to 29 percent of all investors. Saminvest works longterm and systematically with gender equality and actively strives, among other things, to increase the number of female business angels—something we hope will, over time, also positively influence the share of women in investment teams. 

One of Saminvest’s strategic goals for sustainable value creation is to increase the share of funds that quantify the impact of their investments on the global goals according to the UN Agenda 2030. This year’s evaluation also shows improvement in this area, as the majority of funds now quantify the impact of their investments on the Sustainable Development Goals. 

In our work, we witness daily how crucial risk capital is for innovative companies in their early stages. It enables research and innovation to be transformed into competitive enterprises, creates new jobs, and strengthens Sweden’s technological leadership. Saminvest’s work is conducted in close collaboration with fund managers and private investors, and in line with our vision to strengthen Sweden’s competitiveness through investments in privately managed venture capital funds. 

March 2026 
Magnus Skåninger