"The 'Valley of Death' is a situation where a company, especially in the technology or innovation sector, faces difficulties in securing sufficient funding during a specific phase of its development. It occurs after research and development when the company needs capital to bring its product to the market.

Only 1 in 9 start-ups survive the "Valley of Death" which may seem daunting but shows how difficult it is to convince the market with a new product. All companies end up in this "downhill slide" and reversing the trend is not an easy, but possible task. To make it through the valley, these companies need capital, mainly to develop and grow their teams, but also to increase their sales and marketing resources.

First Venture invests in technology, health and sustainability, three megatrends that help promote a better future for humanity. In particular, the development of digital technology and digitalization has had a major impact on many industries and is important for developments in health and sustainability. Health is not only medicine and healthcare but also preventive measures such as diet and exercise. Sustainability or Sustaintech, which can be defined as sustainability and quality of life through technology, is a trend that is only increasing in importance and is urgent for humanity. We must act now and there are many early Swedish growth companies with innovative solutions and products.

First Venture invests in both listed and unlisted growth companies in technology, health and sustainability. In the unlisted companies, very active work is often carried out via the board and coaching of the entrepreneurial team to increase the growth rate. A listing of the company should preferably be possible within a three-year period and the entrepreneurial team should be ready to go that way.

Generally, First Venture enters as a minority owner and places great emphasis on the entrepreneurial team being major owners when investing. In the listed companies, First Venture will preferably be active via the nomination committee rather than the board to facilitate active management of the shares in the portfolio companies. However, close contact with the entrepreneurial team is maintained on an ongoing basis. A listing also provides a good opportunity for the companies to apply an acquisition strategy to accelerate growth.

First Venture actively integrates sustainability into all its investments. Each investment and company is individually analyzed from a sustainability perspective to ensure they meet the investment criteria. We believe that companies that are not sustainable cannot grow at the same level and meet capital return requirements in the long run, which can lead to financing and investment problems.

We refere to an analytical model to assess companies' compliance with international ESG guidelines and the UN Global Compact, including the Sustainable Development Goals principles. We take responsibility for the needs of current and future generations and work for the long term. We have high moral standards and good business ethics throughout our operations. We comply with applicable legislation and other regulations as a minimum requirement. Our shared values of openness, honesty and humility permeate our daily work both internally and externally.

First Venture's net asset value per share as of August 31, 2023 was SEK 6.00/share. The discount to the market price was 49.9%. First Venture's return on net asset value for 2023 amounts to -1.1%. The First North All-share Index returned -1.4% during the same period.