NanoCap Group
NanoCap Group AB is a Swedish investment company that owns and develops a portfolio of growth businesses, primarily through holdings in listed and unlisted companies. The group also develops in-house projects and operates through a small parent-company structure with wholly owned subsidiaries in Sweden and the United States.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueCapital deployed into listed and unlisted growth businesses that NanoCap owns or seeks to own long term.
Hands-on support to portfolio companies through ownership, governance, and value-building activities.
Internal projects developed within the group alongside external investments.
Work to structure portfolio companies for a future stock market listing.
Customers
NanoCap's direct counterparties are the companies it invests in, rather than end consumers. Its portfolio includes growth businesses that are expected to build cash flow, improve EBITDA, or follow a defined business plan toward a listing. The group also serves its own shareholders by providing exposure to a diversified portfolio of entrepreneurial holdings.
Unlisted and listed growth businesses that receive capital and active ownership support.
Businesses NanoCap aims to structure and prepare for a future public listing.
Companies held above 5% or considered strategically important to the portfolio.
Investors buying NanoCap shares for exposure to a managed portfolio of growth assets.
Strategy
NanoCap's strategy is to invest in growth companies with strong potential, remain an active owner, and build value through portfolio development. A stated objective is to structure investee companies for listing within about 36 months, while also increasing investment activity and value-creation work across the portfolio.
More deployed capital expands the portfolio and can create future value if holdings develop successfully.
Hands-on support is central to improving portfolio company performance and exit readiness.
A listing pathway can improve liquidity and crystallize value for the portfolio.
Geography
NanoCap is headquartered in Stockholm and operates as a Swedish listed group on Nasdaq First North Growth Market. Its portfolio footprint is international, with a stated focus on an international portfolio of growth companies and a U.S. subsidiary within the group structure. The business is therefore exposed to both Swedish capital markets and the operating geographies of its investee companies.
Risks
NanoCap is exposed to the performance of its portfolio companies, so investment outcomes depend on the operating success, valuation, and exit timing of each holding. As an investment company, it also faces market, liquidity, credit, interest-rate, and currency risks, plus the challenge of sourcing attractive deals in a competitive environment.
- Portfolio company performance riskImpact: HighLikelihood: High
NanoCap's value depends on investee companies reaching cash flow, EBITDA, or listing milestones.
Exposure: Core holdings and new investments
- Market and valuation riskImpact: HighLikelihood: High
Fair values of holdings can change with market sentiment and comparable company multiples.
Exposure: Listed and unlisted portfolio holdings
- Liquidity riskImpact: High
Cash balances vary with investments and realizations, which can constrain flexibility.
Exposure: Group-level treasury and investment capacity
- Currency riskImpact: Medium
An international portfolio can create translation and transaction exposure.
Exposure: Cross-border investments and U.S. subsidiary
- Competitive deal-sourcing riskImpact: Medium
The company operates in a competitive market for attractive growth investments.
Exposure: New investments and follow-on opportunities
Accounting
Judgemental itemsPortfolio holdings may be carried at estimated fair value, which can materially affect reported earnings and equity.
Impact: Changes in valuation can drive large period-to-period swings
Gains are recognized when investments are sold, so timing of exits affects reported results.
Impact: Quarterly comparability can be uneven
Cash, income, and results vary with the timing of investments and realizations during the year.
Impact: Reported quarterly performance may not reflect underlying portfolio trend
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Last updated: 24/09/2026