Flat Capital
Flat Capital AB (publ) is a Nasdaq Stockholm-listed family-controlled investment company founded in 2013 by the Siemiatkowski family, deploying permanent capital into private and public growth companies globally through a lean, AI-augmented team.
- Company typePublic
- Founded2013
- HeadquartersStockholm, Sweden
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Flat Capital does
Flat Capital AB (publ) is a Stockholm-based, Nasdaq Stockholm-listed (FLAT B) family-controlled investment company founded in 2013 by Nina and Sebastian Siemiatkowski. The firm operates as a permanent-capital vehicle with a deliberately small team of 1–10 people, augmented by AI tooling, that originates and manages direct equity stakes in private and public companies globally. Its largest position is SEK 9.2 billion invested in Klarna (the global digital bank co-founded by the same family that controls Flat), with additional disclosed holdings in Defensor (SEK 491.9 million, Nordic defense industry group), SpaceX, Physical Intelligence, Harvey, xAI, and Alpaca, alongside more than 30 historically realized positions across AI, fintech, consumer and logistics.
The company carries no external limited partners: it raises capital through periodic rights issues on Nasdaq Stockholm (with consecutive annual raises in 2022–2025 and a 2024 raise of approximately $55 million) rather than management fees or carried interest. Governance is dominated by Double Sunday IV AB, which holds approximately 82% of capital and 92.8% of votes, preserving long-term orientation but concentrating control with the founder-Chairman's family. Flat Capital uplisted from Nasdaq First North to the main Nasdaq Stockholm exchange on June 25, 2026, signaling a step-up in disclosure standards and institutional accessibility.
The economic model is realized gains, dividends and fair-value movements on the portfolio, event-driven and highly volatile. Recent evidence of the model includes a SEK 719 million partial divestment of the AI portfolio at 3.7x MOIC and 130% IRR, the 2025 Klarna NYSE IPO and the 2026 SpaceX IPO, both of which produced material mark-to-market NAV uplifts. Customer-facing, productized, or revenue-generating services are not part of the offering; Flat Capital is a holding and investment vehicle, not an operating software or services company.
Flat Capital firmographics
Firmographics- Name
- Flat Capital
- Legal name
- Flat Capital AB (publ)
- Website
- https://www.flatcapital.com/
- Company type
- Public
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Flat Capital AB (publ) is a Nasdaq Stockholm-listed family-controlled investment company founded in 2013 by the Siemiatkowski family, deploying permanent capital into private and public growth companies globally through a lean, AI-augmented team.
- Ownership category
- akta.pro rank
Flat Capital industry classification
Industry- Product category
- Investment Management
- NAICS
- Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)
- SIC
- Investment Advice (6282), Investors, Nec (6799)
- akta.pro primary industry
- HoldCo / Permanent Capital ETA (FSANALAE)
- akta.pro secondary industry
- Venture Capital Secondaries (LP Interests & Direct Secondaries) (FSANAFAJ)
Keywords
Where Flat Capital is headquartered
LocationHeadquarters
- HQ city
- Stockholm
- HQ country
- Sweden
- HQ region
- Europe
Offices1 record
Markets served
Flat Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- Investment Returns and Capital Appreciation: Flat Capital generates returns through appreciation of its investment portfolio in private and public companies. The company does not charge management fees or carry, instead generating value through direct ownership stakes in growth companies. Returns are realized through exits, IPOs, and public market appreciation of listed holdings.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels3 records
Flat Capital product offering
Product offeringCore offering
Flat Capital is a listed family office investment company that takes long-term equity stakes in both private and public companies, Swedish and global, through active or passive ownership structures. The company deploys patient capital with no fixed investment cycles, leveraging a small AI-augmented team and the founding family's global network of entrepreneurs, executives, and investors.
Product overview
Flat Capital is a listed family office investment company that manages a portfolio of long-term investments in both public and private companies globally. The company operates with a small, focused team backed by AI and modern tools. The portfolio includes key investments such as Klarna (a global digital bank with approximately 9.2 billion SEK invested), Defensor (Nordic defense industry with approximately 491 million SEK invested), SpaceX (aerospace), Physical Intelligence (AI and robotics), Harvey (generative AI for professional services), and xAI (AI company). The company follows a broad investment mandate, making investments in public or private companies, large or small, Swedish or global, through active or passive ownership structures.
Differentiator
Problem solved
Functional benefit
Products and services
- Investment Management Services Long-term investment management services for public and private companies, Swedish and global, through active or passive ownership structures. Flat Capital deploys patient capital with no fixed investment cycles and operates without charging management fees or carried interest.
Companies that use Flat Capital
Customer profileNamed customers5 records
Segments1 record
Ideal customer profiles2 records
Flat Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Flat Capital partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- NAXS ABminorAmaury de Poret, executive board member at Flat Capital, was appointed CEO of NAXS AB starting January 1, 2026. NAXS is a Nordic-focused investment company, suggesting potential strategic alignment between the companies.
Scale indicators6 records
Recent moves8 records
Expansion highlights6 records
Flat Capital competitors and assessment
Company assessmentBroad incumbents
- Investor AB: Large Swedish listed investment company controlled by the Wallenberg family, holding diversified public and private stakes. Directly comparable to Flat Capital as a family-controlled permanent-capital vehicle listed in Stockholm with global reach.
- Kinnevik AB: Swedish listed investment company with a long history of growth-stage tech and consumer investments globally. Closely comparable to Flat Capital in mandate and structure as a permanent-capital investor focused on global growth companies.
- EQT AB: Large Swedish-headquartered global private equity and venture firm that is publicly listed. Comparable as a publicly traded Swedish investment vehicle with global tech exposure, though much larger and fee-based.
- Ratos AB: Swedish-listed industrial investment company owning mid-market Nordic companies. Comparable permanent-capital structure but oriented toward controlling buyouts rather than minority growth stakes.
- Lundbergs AB: Swedish family-controlled listed investment company with diversified holdings. Comparable as a long-term family-controlled permanent capital vehicle, though more diversified across real estate and operating companies.
- Industrivärden AB: Swedish-listed investment company holding significant stakes in Nordic large-cap industrials. Comparable permanent-capital structure but with a traditional blue-chip industrial portfolio rather than growth-tech focus.
Direct peers
- VNV Global AB: Swedish-listed permanent capital investment company focused on growth-stage tech and digital health companies globally. Highly comparable mandate and structure to Flat Capital's listed family-office model.
- NAXS AB: Swedish-listed Nordic-focused investment company buying listed and unlisted companies. Directly comparable as a Stockholm-listed permanent capital investment company, with cross-board ties via Flat board member Amaury de Poret.
- Svolder AB: Swedish-listed investment company focused on listed Nordic small- and mid-cap equities. Comparable listed permanent-capital structure, though with a public-equity-only mandate versus Flat's mixed public/private approach.
- Vostok New Ventures Ltd: Swedish-domiciled listed investment company focused on early-stage internet and digital investments, historically in emerging markets. Comparable listed permanent-capital tech investor with smaller scale and different geographic mix.
Market position
Strengths1 record
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Flat Capital social profiles
Digital presenceFlat Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Flat Capital leadership team
Management profileNumber of profiles
Profiles8 records
Flat Capital funding detail
Funding detailFunding overview
Funding rounds1 record
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Flat Capital M&A and investment
M&A and investmentM&A1 record
Investments31 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Flat Capital
What does Flat Capital do?
Flat Capital is a listed family office investment company that takes long-term equity stakes in both private and public companies, Swedish and global, through active or passive ownership structures. The company deploys patient capital with no fixed investment cycles, leveraging a small AI-augmented team and the founding family's global network of entrepreneurs, executives, and investors.
Is Flat Capital a public or private company?
Flat Capital is a public company. It is classified as public and is currently operating.
When was Flat Capital founded?
Flat Capital was founded in 2013. It employs 1 to 10 people.
Where is Flat Capital based?
Flat Capital is headquartered in Stockholm, Sweden, in the Europe region.
How does Flat Capital make money?
One revenue line is on record: investment Returns and Capital Appreciation.
Who are Flat Capital's main competitors?
Broad incumbents on record are Investor AB, Kinnevik AB, EQT AB, Ratos AB, Lundbergs AB and Industrivärden AB. Direct peers are VNV Global AB, NAXS AB, Svolder AB and Vostok New Ventures Ltd.
Does Flat Capital have an API?
No public API is recorded for Flat Capital.
What industry is Flat Capital in?
Flat Capital's product category is Investment Management. Its primary akta.pro industry code is FSANALAE, HoldCo / Permanent Capital ETA, with a secondary code of FSANAFAJ, Venture Capital Secondaries (LP Interests & Direct Secondaries). Its NAICS code is 523940 and its SIC code is 6282.