Who Owns Neko Health? Daniel Ek’s Stake and Every Big Investor

Daniel Ek is Neko Health’s largest owner. In the latest shareholder list the company filed in Sweden, dated April 2, 2026, his two companies held 43.3%, and co-founder and chief executive Hjalmar Nilsonne held 20.5%.

After the $700 million Series C in July, which valued the company at nearly $7 billion, we estimate Ek’s stake at about 38%. The announcements do not mention the €25 million Ek put in before any fund, the other Spotify founder’s €83.5 million investment, or a Singapore debt fund in the UK filings.

Who Owns Neko Health?

Its two founders hold most of it, which is unusual for a company that has raised this much.

In the April 2026 list Ek’s companies held 43.3% and Nilsonne 20.5%, almost two-thirds between them. Five venture firms and a second Spotify founder held most of the rest. We rebuilt that list from 25 sets of minutes Neko has filed since 2020 with Bolagsverket, the Swedish companies registry. Each general meeting lists every shareholder.

The list is already out of date. Later share issues, including the $700 million Series C, have diluted everyone, meaning each existing share is a smaller slice of the company. If Ek bought none of the new shares and the Series C sold about a tenth of Neko, he now holds about 38%, by our estimate.

How Much of Neko Health Does Daniel Ek Own?

Ek held 43.3% in April 2026, through two companies, and he had put in about €25 million before any venture fund arrived.

Antheia Investment, his investment company, held 27.5%. PrimaMateria Invest 3 held 15.8% and belongs to Prima Materia, the firm that also holds his Helsing stake, which we mapped last week. Ek represented both at Neko’s shareholder meetings in December 2023 and June 2024, and he chairs the board.

Neko began in 2018, after Ek reached out to Nilsonne on Twitter. By June 2020, the earliest list we have, Antheia and Nilsonne owned half each. Between July 2020 and November 2021 Antheia paid about SEK 70 million for new shares. PrimaMateria Invest 3 then paid SEK 206 million for three more batches between May 2022 and May 2023. In all, Ek put in about SEK 276 million, roughly €25 million at the exchange rates of the time, before any venture fund arrived. Neko called its €60 million Series A in July 2023 the first time the company had brought in external capital.

By May 2023 his two companies held 63.9%. Two months later Lakestar, Atomico and General Catalyst paid roughly three times as much per share in the Series A, by our calculation. That round cut Ek to 52% by December 2023. The Series B in early 2025 took him to about 43%, because neither of his companies bought in.

How Much Does Hjalmar Nilsonne Own?

He held 20.5% in April 2026, in his own name, down from half in June 2020.

Every batch of shares Ek’s companies bought shrank his slice, so he was down to 31% before the first venture fund arrived and to a quarter after it. He has let go of very few shares. The largest block, just under 1% of Neko, went in 2023 to Milky Way Investments Group, a British Virgin Islands company, and Antheia sold it a further 0.6%. That year he also paid SEK 1.86 million for warrants, which let him buy more shares in 2027.

Which Investors Own Neko Health?

Five venture firms held about a quarter of Neko in April 2026, and the other Spotify founder held more than any of them except Lakestar.

Lakestar had the most of the funds, 8.1%. It led the Series A with €30 million of the €60 million, by our calculation, and its founder Klaus Hommels joined the board. Lightspeed held 7.3% through two funds after leading the Series B, and it also led the Series C. Its partner Bejul Somaia replaced Atomico’s Niklas Zennström on the board in February 2025.

Martin Lorentzon, who co-founded Spotify with Ek, made the second-biggest Series B investment. His company Rosello bought 615,736 shares, which we calculate cost about €83.5 million. It also bought shares from early staff and held 5.7% in April 2026, so Spotify’s two founders held 49% of Neko between them.

Atomico held 4.9% and General Catalyst 2.8%. O.G. Venture Partners held 1.6% before it co-led the Series C, and its David Ofer is due to join the board. Staff and small holders held 3.6%, and a few smaller investors the last 2.2%.

What Did Neko’s Investors Pay Per Share?

The price moved from about €6 in 2020 to €135.61 by the Series B, and stayed there into 2026. Neko split each share into 100 in 2025, so we have divided earlier prices by 100.

On April 2, 2026 shareholders approved up to 221,222 new shares for 40 investors the board had already approached. The price was €135.61, the same as in the Series B 13 months earlier, so a full take-up would raise about €30 million.

The minutes say the price was set at what the board judged to be the market value of the shares. At that price Neko was worth about €1.6bn, close to the $1.8bn reported for the Series B. Three months later the Series C was reported to value it at nearly $7bn.

However the filing does not name the 40. The Series C announcement lists famous existing backers, from Alexis Ohanian to Zoë Saldaña, and none of them appears by name in the 2025 or 2026 shareholder lists. One of them, the US venture investor Katie Haun, says she bought in this year:

Proud to have personally joined this cap table earlier this year. @Neko is rewriting the rules on early detection and preventive care. Can’t wait until Neko scans are available in the US later this year. Congratulations to @eldsjal,@HNilsonne, @shak and the team.

— Katie Haun (@katie_haun) July 15, 2026

She may have been one of the 40, or come in through another 2026 issue or by buying existing shares. The filings cannot show which.

Has Neko Health Borrowed Money?

Yes. A Swedish report put a €150m convertible loan from an existing shareholder in spring 2026, and a UK filing shows a separate charge to a Singapore debt fund.

Breakit reported a €150 million convertible loan from an existing shareholder in spring 2026 and suggested it could be Ek. Neko declined to comment to Breakit. A convertible loan can later turn into shares, enlarging the lender’s stake. The minutes do not name the lender. Most of what Neko’s board decided on April 30 and June 19, 2026 is blacked out in the copies filed with the registry, and we do not know what those items cover.

A second lender shows up in the UK. On June 17, 2026 Neko’s UK subsidiary granted a charge, a security right that backs borrowing, to Mars Growth Capital, a Singapore venture-debt firm acting as security agent. We found no press report of it. An earlier charge to HSBC Innovation Bank was cleared in May 2026. Breakit also reported that Neko lost SEK 677 million in 2025 on revenue of SEK 157 million and ended the year with SEK 2.5 billion in the bank.

How Much Is Daniel Ek’s Neko Stake Worth?

Ek’s stake is worth about $2.6bn to $2.7bn on paper, by our estimate. That assumes the reported valuation of nearly $7bn and that Ek bought none of the shares sold in April or in the Series C, which would leave him about 38%.

That puts Neko roughly level with his Helsing stake, which our analysis of its shareholder list put at about 14% of an $18bn company, or $2.5bn. Neither stake is easy to sell, because both companies are private.

Author: Akos Szima

See Also:

Who Owns Helsing? The Shareholder List Behind the $18bn Defence Startup

Who Owns Mistral AI? What the Company’s Own Filings Show

Who Is Jeannette zu Fürstenberg? General Catalyst’s Europe Bet

How We Checked This:

This article rests on 25 sets of Neko Health AB minutes filed with Bolagsverket from 2020 to August 2026, which we bought and read in full. All shares were represented at every meeting, so each voting list is a full register, and each share carries one vote. Breakit quotes are our translation.

We calculated the Series A and Series B prices from the round sizes. At those prices the cheques come to round sums, such as €100m from Lightspeed’s main fund, and the April 2026 minutes print the same €135.61. One 2021 issue to Antheia was filed without its price. We left out employees’ names.

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