Trifork Labs leads Trifork Group’s venture-financed R&D activities. We have been active in founding, co-founding, and investing in innovative software companies for more than 20 years, and currently hold stakes in 24 active companies.
These companies gain access to our network, management sparring, technology sparring, and the possibility to collaborate commercially with the business units in the Trifork segment.
Trifork Labs has participated in founding or making early investments in several successful companies including Humio, TradeShift, and Chainalysis.
Our strength lies in our experience, partnership with growth investors, and business network. Our model of co-founding with entrepreneurs and partners is unique and a solid test of idea quality and commitment.
Read more about Trifork Labs here:
Financial impact on Trifork Group
The graph shows the overall financial development and results from the Trifork Labs investments in the period from 2020 to 2024. Accumulated unrealized and realized gains are measured from 2016 when we started reporting in the Trifork Labs segment.

At the end of 2024, the total accumulated cashed-in profit from exits amounted to EURm 75.1. This includes the deduction of the initial cash invested in all of the disposed investments.
In Q4 2024, Trifork completed the partial exit of XCI to a large institutional investment fund, reducing ownership from 20% to 14.3% alongside founders. In total, 30% of the company was sold. The sale was done at a higher valuation than the previous book value and has since Trifork’s investment in 2018 yielded a very significant return, thus contribution to an extension of Trifork Labs’ strong historical track record.
At the end of 2024, the total booked value of investments in the current active Labs companies amounted to EURm 83.2. Of this, EURm 19.1 was registered as invested cash in the current portfolio, EURm 24.1 as unrealized gains from deconsolidation relating to the current portfolio, and EURm 34.5 as accumulated unrealized gains in the current portfolio.
The investments in Trifork Labs are not included in the revenue of Trifork Group. The costs of running Trifork Labs are included in the Group adjusted EBITDA (2024: EURm -2.3). The financial impact from value adjustments and exits in Trifork Labs is accounted for in Trifork Group’s pre-tax profit (EBT). In 2024, EBT from Trifork Labs amounted to EURm 13.3. EBT from Labs has averaged EURm 10.3 since 2016, and thus contributed significantly to the bottom line of the Group.
Given the nature of venture investments in general, the value creation in Trifork Labs, as measured by its impact on Trifork Group’s earnings per share (EPS), is likely to be more volatile from year to year than earnings from the Trifork Segment.

Book value of Trifork Labs
At the end of 2024, the five most valuable investments account for 72.0% of the book value of Trifork Labs, and the top 10 accounts for 92.7% of the book value.

Operational performance in Trifork Labs
From 2022 to 2024, the companies in Trifork Labs top 10 grew their revenue by 100% and significantly improved their EBITDA. Employee growth was 50% in the period.
Although not consolidated revenue, it highlights the strong underlying momentum we have built in these investments.
