byWiT announces today that we have secured over 300 MSEK in our annual new share issue with a goal of raising another 100 MSEK before the first quarter of 2023. byWiT has now attracted over 850 MSEK in 10 months. We will use the new funding for new investments as well as continuing to build our current portfolio.
“It feels fantastic to have secured just over 300 MSEK in an extremely tough market. It shows that our business model of investing in digital growth companies with global potential is spot on. We have ongoing dialogues with a number of institutional owners to be able to raise another 100 MSEK before the first quarter of 2023,” says Ulf Söderström, co-founder and CEO of byWiT.
ByWiT is already showing an increase in net asset value and the forecast for 2022 is a turnover growth of 120% in the portfolio companies. Since the start, we have raised around 850 MSEK and we have invested in 10 growth companies, including Proxify, E-Farm, Root and Bright. In total, we plan to raise around SEK 1.5 billion with the aim of an IPO in 2026.
“We have high ambitions with our business. We do not buy companies to sell them. We invest long-term to further develop the companies for continuous growth and increased profitability over time in close collaboration with the founders. This investment strategy has proven to be very successful,” Ulf Söderström continues.
Among the largest owners are byWiT’s founders and Coeligruppen, which invested approximately 30 MSEK in this fall’s new share issue and close to 200 MSEK together with its customers and investor network. In total, Coeli, together with its customers and network, has invested approximately 500 MSEK in byWiT.
“We are very impressed by how byWiT, in a short time, has built a portfolio of 10 fast-growing digital challengers in various industries and growth stages. We see great value potential in the digital transformation combined with byWiT’s operational approach. A weaker market means good opportunities for the company to make good long-term investments,” says Erik Bäckström, partner at Coeli.