Trifork Labs leads our venture-financed R&D activities. We have been active in founding, co-founding, and investing in innovative software startups for more than 20 years, and currently hold stakes in more than 20 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 and partnerships with growth investors and our 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 2019 to 2023. Accumulated unrealized and realized gains are measured from 2016 when we started reporting in the Trifork Labs segment.
At the end of 2023, the total accumulated cashed-in profit from exits amounted to EURm 69.0. This includes the deduction of the initial cash invested in all of the disposed investments.
At the end of 2023, the total booked value of investments in the current active Labs companies amounted to EURm 69.7. Of this, EURm 41.7 was registered as the initial invested amount and EURm 28.0 as accumulated unrealized gains. The EURm 41.7 of the initial invested amount is derived from EURm 20.3 from deconsolidated Trifork Group companies and EURm 21.4 as cash investments.
The investments in Trifork Labs are not included in the revenue of Trifork Group. The costs of running Trifork Labs are however included in the Group adjusted EBITDA (2023: EURm 1.8). The financial impact from value adjustments and exits in Trifork Labs is accounted for in Trifork Group’s pre-tax profit (EBT). In 2023, EBT from Trifork Labs amounted to EURm 4.9 (2022: 4.4).
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 2023, the five most valuable investments account for 72.4% of the book value of Trifork Labs, and the top 10 accounts for 91.9% of the book value.
