The Portfolio

Swedbank Robur Alternative Equity invests for the long term in privately held companies with significant growth potential. Here, you can explore our current and former portfolio companies and stay up to date on the latest portfolio activity.

Current portfolio companies

Former portfolio companies

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Important Information

Swedbank Robur Alternative Equity I is intended solely for professional investors.

Investments in funds involve risk. Swedbank Robur Alternative Equity I invests primarily in unlisted companies, which often entails a higher level of risk than investments in listed companies. An investment in the fund also involves risks arising, among other things, from the illiquid nature of the underlying investments, the number of investments held by the fund and currency risks. A more complete description of the risks associated with investing in the fund is available in the fund's Information Memorandum.

Latest activity

Swedbank Robur Alternative Equity I invests in All Inclusive Fitness (AiF).

"We are investing in AiF based on our strong conviction that it operates in a resilient, structurally growing segment that is expanding faster than the fitness market as a whole. The market is driven by long-term health trends and has limited exposure to technological disruption and geopolitical volatility," says Patrik Westerberg, Portfolio Manager of Swedbank Robur Alternative Equity I.

Current Portfolio Companies

Stegra

Stegra is accelerating the decarbonization of heavy industry through green hydrogen-based steel production.

More about Stegra and the Investment

Family brushing their teeth — Oris investering

Oris Dental

Oris Dental is improving access to modern dental care across the Nordics through specialist expertise and innovative care solutions.

More about Oris dental and the Investment

Instabee

Instabee is driving the evolution of e-commerce deliveries across Europe.

More about Instabee and the Investment

Couple jogging on a beautiful gravel road

All inclusive Fitness

All inclusive Fitness is a leading player in Germany's fast-growing premium fitness segment.

More about All inclusive Fitness and the Investment

Safe Life

Safe Life develops life-saving preparedness in Europe through defibrillators and safety solutions.

More about Safe Life and the Investment

Former Portfolio Companies

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Shine (fd. Ageras)

Shine is simplifying administration for small business owners through integrated accounting, banking and invoicing solutions.

More about Shine and the Investment

About The Investments

Stegra – Industrial Transformation Through Green Hydrogen

Hear from Stegra CEO Henrik Henriksson

Stegra (formerly H2 Green Steel) was founded in 2020 with the ambition of accelerating the decarbonization of heavy industry by eliminating carbon emissions through the use of green hydrogen. The company’s initial focus is the steel industry—one of the world’s most carbon-intensive sectors. Over time, Stegra’s expertise in green hydrogen also has the potential to enable significant emissions reductions across other heavy industries.

In Boden, northern Sweden, Stegra is developing a fully integrated and digitalized fossil-free steel plant where coal is replaced with green hydrogen produced using fossil-free electricity. The production process is expected to reduce carbon dioxide emissions by up to 95 percent compared with conventional steelmaking.

The company combines best-in-class technologies across the entire value chain with a scalable industrial model. Its ambition is to produce five million tonnes of high-quality steel annually by 2030, with production ramp-up commencing from 2025 onwards.

Demand for green steel is expected to be substantial, driven by industries’ growing need for fossil-free value chains, particularly in the automotive, construction, and manufacturing sectors.

Alternative Equity I Investment

Through this investment, Swedbank Robur Alternative Equity supports an industrial transformation that has the potential to deliver both substantial emissions reductions and long-term competitiveness. The investment aligns with the fund’s strategy of backing transformative companies with strong leadership, a clear market position, and structural growth potential within the sustainability transition.

Country

Sweden

Investment Thesis

Growth capital to support the company’s development, beginning with the establishment of a fully integrated, digitalized steel plant in Boden, northern Sweden, where coal is replaced in the production process by green hydrogen generated from fossil-free electricity. This will be followed by further investments in green hydrogen, green iron, and green steel.

Milestones

Investment: 2022

Company Website

www.stegra.com

Instabee – A Technology-Driven Logistics Platform for E-commerce

Hear instabees CEO Alexis Priftis

Hear from Instabee CEO Alexis Priftis

Instabee was formed in 2022 through the merger of Budbee and Instabox, following the fund’s investment in Instabox earlier that year. The group brings together the consumer brands Budbee, Instabox, and Porterbuddy, providing e-commerce delivery solutions across multiple European markets.

The company offers technology-driven and resource-efficient delivery solutions with a focus on last-mile logistics. Through proprietary technology and automated parcel lockers, Instabee enhances flexibility and convenience for consumers while optimizing logistics flows and resource utilization.

The investment in Instabox was made alongside both new and existing investors, including Verdane, Creades, and EQT Ventures.

The merger of Instabox and Budbee created a leading Nordic last-mile delivery platform, combining the companies’ complementary strengths in technology, infrastructure, and operational capabilities to achieve greater scale and efficiency. The combination is expected to improve resource utilization, strengthen long-term profitability, and support continued growth.

Alternative Equity I Investment

For Swedbank Robur Alternative Equity, the investment exemplifies the fund’s strategy of backing technology-driven companies with scalable business models, strong market positions, and the potential to create long-term value through operational efficiency and structural growth.

Country

Sweden

Investment Thesis

Providing capital to support continued investment in sustainable delivery solutions, further enhance the company’s market-leading technology platform, and expand its footprint across additional European markets.

Milestones

Initial investment: 2022

Merger with Budbee to form Instabee: 2022

Follow-on investment: 2023

Company Website

www.instabee.com

Safe Life – A Provider of Automated External Defibrillator and First Aid Solutions

Safe Life was founded in Sweden in 2019 and provides products and services within automated external defibrillators (AEDs), first aid, and CPR training. The company has grown rapidly through a combination of organic growth and acquisitions and has established a strong market position across Europe and North America.

The group operates in a market driven by increasing awareness of emergency preparedness and the need to reduce mortality from sudden cardiac arrest. Safe Life’s business primarily focuses on the sale and rental of AEDs, first aid products, and cardiopulmonary resuscitation (CPR) training services.

Swedbank Robur Alternative Equity entered into a partnership with Safe Life in 2023. In 2025, the fund entered into an agreement with Bridgepoint regarding a partial sale of its holding in Safe Life, alongside a reinvestment in the new ownership structure. Through its continued ownership stake, the fund remains committed to supporting the company’s ongoing development together with founders Jimmy Eriksson and Alexander Albedj, Bridgepoint, Byggmästare Anders J. Ahlström Holding, as well as entrepreneurs and employees across the group.

Alternative Equity I Investment

For Swedbank Robur Alternative Equity, the investment exemplifies the fund’s strategy of investing in companies with strong market positions, scalable business models, and long-term structural growth potential. The investment also supports Safe Life’s ambition to increase access to products and training that can improve preparedness in the event of cardiac arrest and help save more lives.

Country

Sweden

Investment Thesis

Providing capital to support continued international value creation through both acquisition-led and organic growth.

Milestones

Investment: 2023

Follow-on investment: 2023

Partial exit: 2025

Company Website

www.safelife.sewww.safelife.se

Oris Dental – A Nordic Dental Care Platform

Oris Dental was founded in 2016 by six dental clinics in Norway with the ambition of creating a dentist-centric platform focused on quality, professional expertise, and strong local roots. Today, the group comprises more than 100 clinics and dental laboratories across Norway, Sweden, and Denmark.

The company operates in the fragmented Nordic dental care market, which offers opportunities for continued organic growth as well as expansion through acquisitions and strategic partnerships. The market also benefits from structural growth, driven by long-term demographic trends and increasing demand for dental care services.

Oris Dental has established a scalable platform focused on quality of care, operational excellence, and the successful integration of new clinics. Through investments in shared processes, professional development, and operational infrastructure, the company has created a strong foundation for continued expansion and a consistent patient offering across its network.

Alternative Equity I Investment

Through this investment, alongside the management team and Bridgepoint Development Capital, Swedbank Robur Alternative Equity supports Oris Dental’s continued growth and development. The investment aligns with the fund’s strategy of investing in companies with strong market positions, scalable business models, and the potential to create long-term value through structural growth and operational improvement.

Country

Norway

Investment Thesis

Supporting a proven management team and principal shareholders in the company’s continued growth journey—both organically and through acquisitions—while further strengthening and developing the business.

Milestones

Investment: 2024

Company Website

www.orisdental.no

All Inclusive Fitness – A Premium Value Fitness Platform

All Inclusive Fitness is a German fitness chain operating in the premium value segment, with more than 180 clubs and over 610,000 members. The company offers accessible, high-quality fitness solutions and has established a strong position in the German market through a combination of organic growth and expansion.

The premium value fitness segment is one of the fastest-growing areas of the German fitness market, driven by long-term health and wellness trends as well as increasing demand for affordable, high-quality fitness offerings. All Inclusive Fitness has built a scalable platform with a strong local presence, particularly across southern and western Germany.

Alternative Equity I Investment

Swedbank Robur Alternative Equity I invested in All Inclusive Fitness in 2026 through a continuation fund managed by NORD Holding. The investment marks the fund’s first investment in Germany and supports the company’s continued expansion within Europe’s largest regional fitness market.

Country

Germany

Investment Thesis

The investment is based on the belief that the premium value fitness segment is both resilient and structurally attractive, benefiting from strong demand driven by long-term health and wellness trends. All Inclusive Fitness combines an established market position, a scalable business model, and significant expansion potential in a large and fragmented market.

Milestones

Investment: 2026

Company Website

allinclusivefitness.de

Shine – A European Platform for Small Business Financial Management

Shine (formerly Ageras) develops digital platforms for accounting, invoicing, tax management, and financial services tailored to small businesses. The company has built a growing European platform through a combination of organic growth and strategic acquisitions across several core markets in Europe.

Founded in Denmark, Shine was established with the ambition of simplifying administration and financial management for small businesses through integrated, technology-driven solutions. By bringing together accounting, invoicing, banking and payment solutions, as well as other financial services on a single platform, the company helps entrepreneurs manage their day-to-day operations and support the growth of their businesses.

Alternative Equity I Investment

Swedbank Robur Alternative Equity I invested in the company in 2025, prior to its rebranding from Ageras to Shine and its subsequent sale to Cegid later that year. The investment was made during a period of continued growth and European expansion and illustrates the fund’s strategy of investing in scalable, technology-driven companies with strong market positions and the potential to create value through structural growth and market consolidation.

Country

Denmark

Investment Thesis

Providing capital to support continued European expansion through organic growth, product development, and strategic acquisitions within digital financial and business management services for small businesses.

Milestones

Investment: 2025

Exit: 2025

Company Website

shine.com

The Portfolio

Important Information

Latest activity

Swedbank Robur Alternative Equity I invests in All Inclusive Fitness (AiF).