Eminova Fondkommission AB

What Eminova Fondkommission AB does

Eminova Fondkommission AB is a privately held, Finansinspektionen-regulated Swedish securities firm founded in 2012 and headquartered at Biblioteksgatan 3, Stockholm. The company specializes in three integrated service lines: (1) Emissionstjänster, end-to-end issuance administration covering preferential rights issues (företrädesemissioner), directed issues, IPOs, quota-value issues, option and convertible exercises, contributions, securities custody, and Euroclear booking; (2) Certified Adviser on Nasdaq First North Growth Market and Mentor on Nordic Growth Markets' Nordic SME segment, an ongoing regulatory relationship required for the duration of a company's listing; and (3) Anknutet Ombud, a sub-advisory arrangement that lets affiliated financial advisors market Eminova's regulated services under its license. Eminova's active mandate pipeline in mid-2026 spans OrganoClick (~SEK 39.6m), Sparc Group (~SEK 10.1m), Gold Town Games (~SEK 6.57m) and Oblique Therapeutics (~SEK 14m), and additional disclosed assignments include CirChem (~SEK 22.8m), demonstrating a diversified book across biotech, environmental/chemistry, and gaming issuers.

Revenue is generated through transaction fees on issuance mandates, recurring professional-services fees for Certified Adviser/Mentor retainers, and licensing-style fees from affiliated advisors operating under the Anknutet Ombud framework. Pricing is not publicly disclosed and is handled on a quote-based, per-engagement basis. The company reports strong capital adequacy, with a 107% core tier 1 capital ratio (versus a 56% minimum requirement) and a 76% equity ratio as of 2026-03-31, alongside SEK 7,082k in liquid assets. Distribution is direct and relationship-driven via a 1-10 person team led by CEO Carl Norén and Chairman Casimir West, with marketing concentrated on the company website, LinkedIn, and referrals within the Swedish capital markets community.

Strategically, Eminova has incrementally widened its regulated product set, most recently adding quota-value issuances and emission guarantees in December 2025, and it has introduced the Eminova Adviser Portal to deepen client engagement. The firm operates exclusively in Sweden with no disclosed international expansion, and its services are confined to regulatory and administrative workflow rather than proprietary technology, with no AI, ML, or data products identified in the input data.

Name

Eminova Fondkommission AB

Legal name

Eminova Fondkommission AB

Website

https://eminova.se

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

1–10 employees

Short description

Eminova Fondkommission AB is a Stockholm-based, Finansinspektionen-regulated securities firm that administers equity issuances and serves as Certified Adviser on Nasdaq First North and Mentor on NGM Nordic SME for Swedish small-cap issuers.

Ownership category

akta.pro rank

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others

Revenue model

1. Emission Services: Fees earned from managing and facilitating capital market transactions including preferential issues (företrädesemissioner), directed new issues (riktade nyemissioner), IPOs, quota value issues, option and convertible redemptions, contribution issues, securities bookings, and Euroclear connections. Also includes guarantee provision for preferential issues.
2. Certified Adviser/Mentor Services: Recurring advisory fees from serving as Certified Adviser for Nasdaq First North Growth Market companies or Mentor for Nordic Growth Markets Nordic SME companies. Required throughout the listing process and for the duration companies remain listed.
3. Anknutet Ombud Services: Services provided to affiliated financial advisors who can leverage Eminova's regulatory permissions to market and provide securities services under Eminova's supervision.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Eminova Fondkommission AB is a Swedish securities firm regulated by Finansinspektionen that provides project leadership and full-service administration for securities transactions (rights issues, directed new share issuances, IPOs, quota-value issuances, option and convertible exercises, contribution issues) and acts as Certified Adviser on Nasdaq First North Growth Market and Mentor on Nordic Growth Markets Nordic SME for listed and listing companies.

Product overview

Eminova Fondkommission AB is a specialized securities services and advisory firm offering a three-part portfolio: (1) Emissionstjanster — end-to-end issuance administration for rights issues, directed issues, IPOs, quota-value issuances, option/conversion exercises, and Euroclear custody and booking; (2) Certified Adviser / Mentor — regulatory advisory services for companies listing on or already listed on Nasdaq First North Growth Market or Nordic Growth Markets Nordic SME; and (3) Anknutet Ombud — a sub-advisory arrangement allowing affiliated financial advisors to offer Eminova's services under its regulatory permissions. The Eminova Adviser Portal provides listed clients with exclusive access to regulatory documentation and listing-related information.

Differentiator

Problem solved

Functional benefit

Products and services

• Emissionstjänster (Securities Issuance Services) Full-service securities issuance and capital-raising administration for corporate clients, covering rights issues (företrädesemissioner), directed new share issuances (riktade nyemissioner), IPOs, quota-value issuances, option and convertible exercises, contribution issues, securities custody and booking in Euroclear, and manual distributions or liquidation payments. Includes guarantee provision for preferential issues.
• Certified Adviser / Mentor Regulatory advisory role for companies on Nasdaq First North Growth Market (Certified Adviser) and Nordic Growth Markets Nordic SME (Mentor), including listing-process support and ongoing compliance monitoring throughout the listing period.
• Anknutet Ombud (Affiliated Sub-Advisory)

Named customers5 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• Euroclear SwedencoreStrategic or Co-development PartnerEminova serves as an account-keeping institute (kontoförande institut) in Euroclear, enabling them to handle securities registration, custody, and settlement for client companies. This partnership is essential for their issuance services and allows companies to connect to Euroclear through Eminova.
• NasdaqcoreStrategic or Co-development PartnerEminova is certified as a Certified Adviser for companies listed or seeking listing on Nasdaq First North Growth Market. This certification is required for all First North companies throughout their listing period.
• Nordic Growth Markets (NGM)coreStrategic or Co-development PartnerEminova is approved as a Mentor for companies listed or seeking listing on Nordic Growth Markets Nordic SME. This mentorship is required for the listing process and the first two years of listing.
• Banks and Financial InstitutionsminorChannel Partner/ Reseller/ DistributorEminova collaborates with banks and other financial institutions in the emissions process, maintaining frictionless cooperation for smooth transaction execution.
• Johan Fridell (Certified Adviser/Mentor Contact)minorOthersJohan Fridell serves as the primary contact for Certified Adviser and Mentor services at Eminova, handling client relationships and advisory engagements.

Scale indicators4 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Aktieinvest: Swedish securities firm offering equity issuance administration and corporate finance services to small-cap issuers. Directly comparable in transaction-fee revenue model to Eminova's emissions services.
• Redeye: Swedish Certified Adviser for First North and Nordic SME, combining capital markets advisory with equity research coverage. Direct competitor for Certified Adviser mandates on the same venues as Eminova.
• Sedermera Fondkommission: Swedish fondkommission offering Certified Adviser services to Nasdaq First North and NGM issuers and handling equity issuances. Directly comparable to Eminova in services, customer segment, and regulatory role.
• Mangold Fondkommission: Swedish securities firm providing Certified Adviser, equity research, and corporate finance services to small-cap Nordic issuers. Closely comparable business model and target client base to Eminova.
• Nordic Issuing: Swedish emissions institute specializing in rights issues, directed issues, and IPO administration for small-cap Nordic companies. Directly comparable core issuance service to Eminova's Emissionstjänster.
• Norne Securities: Nordic securities and corporate finance house providing equity capital markets, advisory, and securities services to SMEs across Sweden and Norway. Overlaps with Eminova's cross-Nordic small-cap focus.
• Aqurat Fondkommission: Swedish Certified Adviser and corporate finance boutique focused on small-cap listings and capital raises. Comparable in scope of services and size of mandate to Eminova.
• Erik Penser Bank: Stockholm-based investment bank providing corporate finance, equity capital markets, and Certified Adviser services to Nordic small-caps. Overlaps with Eminova in issuance advisory and listing support.

Broad incumbents

• Pareto Securities: Larger Nordic investment bank active across equity capital markets, advisory, and securities services. Overlaps with Eminova in Nordic small-cap issuance but serves a broader and larger client base.
• Carnegie Investment Bank: Major Nordic investment bank with full-service capital markets, advisory, and equities businesses. Competes with Eminova for larger First North mandates while operating at significantly greater scale and breadth.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/eminovafondkommissionab

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Eminova Fondkommission AB