Springvest is Finland’s leading investment platform for startups and growth companies, having raised c. € 400m for Finnish companies by pooling retail, professional and institutional investors into single funding rounds. Springvest earns c. half of its fees in stock options rather than cash, so every round it arranges adds to a growing equity portfolio, that now comprises stakes in 43 innovative Finnish companies.
As most of the economic value bypasses the P&L, classic multiples miss the investment case. We see Springvest as a capital-light, uncontested platform poised to become one of the biggest winners of Finland’s booming venture funding market. Our sum-of-the-parts (SOTP) values the portfolio, fee and commission income, option fees and net cash at a combined € ~84m, reflecting a 91% upside.
We initiate our coverage with a BUY rating and a € 15 PT based on SOTP valuation.