Dear friends of Alfvén & Didrikson,
Today, we can inform you that Bure Equity AB has reached an agreement with us to buy our 12.3% stake in our investee company Mentimeter. The investment is expected to close in July.
We first met with Mentimeter’s co-founders Johnny Warström and Nikas Ingvar at their then Södermalm office in early 2017. Back then, the company was just about to surpass SEK 10m in annual run rate revenue and had 13 employees.
We were deeply impressed by the founders and their growth mindset in addition to the company’s uniquely viral and exciting solutions for audience engagement.
Since then, Mentimeter has grown into a global leader with more than SEK 500m in annual recurring revenue and more than 350 employees. In 2023, the company surpassed 726 million users worldwide! Mentimeter now has three offices in Stockholm, Toronto and Sydney, covering most time zones with a truly global customer base. Also, the company has recently been voted one of the most attractive employers in Sweden.
What’s even more impressive, the company has performed this impressive achievement while burning net zero money, instead generating significant funds along the way.
It is with great thankfulness and some sadness that we part ways with this wonderful company. We hope that the funds generated through this divestment will enable us at A&D to invest in and support many upcoming Nordic star growth businesses.
Back in 2017, the whole A&D team was involved in the investment. Since 2019, it has been led by Miriam Grut Norrby, supported by Hjalmar.
We would like to thank, from the bottom of our heart, the founders, management, the board, our co owners and not least all the brilliant employees of Mentimeter. A special thank you to Andreas Lee, who brought us together back in the day.
We are hopeful our paths will cross again soon.
With love,
Your A&D Team