Flat Capital AB, the private investment vehicle founded by Klarna co-founder Sebastian Siemiatkowski and his wife, Nina Siemiatkowski, has strategically expanded its mandate to encompass the defence sector, according to a report by Bloomberg.
The move is aligned with the firm’s ongoing commitment to backing cutting-edge technologies and companies that play a pivotal role in advancing global security and technological innovation, according to its first-quarter report.
Defence stocks have significantly outperformed the broader European market this year, driven by rising defence budgets as nations like Germany ramp up military spending in response to Russia’s invasion of Ukraine and broader geopolitical shifts, including US President Donald Trump’s foreign policy.
The firm is yet to make a defence-related investment.
As of 31 March, Stockholm-based Flat Capital reported a net asset value of SEK649m ($67.4m), reflecting a 61% year-over-year increase. The firm’s largest investment during Q1 2025 was a SEK15.2m acquisition of shares in AI audio technology company Eleven Labs Inc.
Flat Capital’s shares have appreciated by 21% so far this year, underscoring the firm’s robust growth trajectory.
