Original-Research: Springvest Oyj (von NuWays AG): BUY - T-Online

The issuer is solely responsible for the content of this research. The

invitation to conclude certain stock exchange transactions.

companies, having raised c. EUR 400m for Finnish companies by pooling retail,

professional and institutional investors into single funding rounds.

Springvest earns c. half of its fees in stock options rather than cash, so

comprises stakes in 43 innovative Finnish companies.

quantum computing (QuantrolOx) and biotech (Desentum), amongst others.

generated EUR 12.2m in net proceeds, enabling a dividend of EUR 1.80 per share,

Springvest rides structural tailwinds in VC funding. Finland's high R&D

IQM Quantum Computers. Finnish startups raised EUR 1.9bn in 2025, nearly seven

times the 2016 level, growing at twice the rate of the European VC market.

structurally underfunded in Europe and Finland. Springvest targets precisely

this gap, and with no like-for-like peer in Finland and a c. 12% share of

its addressable market, it holds a strong market position, in our view.

(c. 17k registered investors on the platform).

A new sharpened strategy and tailwinds to support growth. Under its updated

companies. Further, the EU Listing Act lifted the prospectus-exempt

have begun allocating significantly more capital to unlisted companies.

The portfolio compounds without own capital. Book value has risen from EUR 10m

in FY18 to EUR 28.2m at H1'26, while over the same period the portfolio has

returned c. EUR 15m in net exit proceeds. We expect portfolio book value to

continue its steady growth, reaching EUR 50m by 2030e. Springvest targets a

translated into an average dividend yield of c. 9% since 2021.

investment case. We see Springvest as a capital-light, uncontested platform

funding market. Our sum-of-the-parts (SOTP) values the portfolio, fee and

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