Nicoya shares
Unlisted company
Nicoya is an investment company specialising in food technology that acquires and develops companies in sustainable food production. Its investment strategy targets three macro trends: the shift towards alternative proteins, increased demand for healthier foods, and the transformation towards sustainable value chains. Nicoya invests in start-ups and growth companies and, in addition to capital, provides strategic guidance, market insights, and industry expertise drawn from the team’s combined experience in fast-moving consumer goods (FMCG) and retail.
The portfolio
The portfolio comprises companies in consumer brands, plant-based foods, and food technology at various stages of maturity.
How the company grows
The company grows through a combination of selective new investments and value creation in existing portfolio companies. Growth in the portfolio companies is driven through commercial acceleration, brand development, and international expansion, with a focus on bringing Nordic consumer brands to international markets.
Business model characteristics
Food technology investment company
Focus: health, sustainability, alternative proteins
Active ownership with brand expertise
Team and growth
Founding team from the global food industry
Public limited company in the build-up phase
Selective new investments and value creation
Financial performance
Published 12 September 2026Published figures from the company’s own reports. Amounts in MSEK · change from the previous year
- Cash and bank 2025-12-31
- 8.7MSEK
- Burn rate
- 0.7MSEK/mo
- Runway
- 12mo
- Equity ratio
- 87.5%
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Net sales | 0.6(-96 %) | 16(-38.5 %) | 26 | – |
| Revenue growth | -96%(-57.5 pp) | -38.5% | – | – |
| EBITDA | – | -71 | – | – |
| EBIT | – | -87 | – | – |
| Net income | – | -92 | – | – |
| Equity | 223(-33.7 %) | 336(-1.2 %) | 340(-41.1 %) | 577(-13.1 %) |
| Cash and bank | 8.7(-69.3 %) | 28(-10.4 %) | 32(-75.9 %) | 131(-65.5 %) |
| Operating cash flow | -8.4 | -37 | – | – |
| Equity ratio | 87.5%(-11 pp) | 98.4%(+12.6 pp) | 85.8%(-11 pp) | 96.8%(+0.5 pp) |
Documents and reports
4New share issues
Latest 1An overview of the company’s capital raising.
| Date | Capital raised | Valuation |
|---|---|---|
| SEK 7m | SEK 503m |
Questions about Nicoya
Is Nicoya publicly listed?
No, Nicoya is a public limited company, but it is not listed on a stock exchange. The company has not completed an IPO, and its shares are therefore not traded on a regulated stock exchange, but through the private market.
What does Nicoya do?
Nicoya is a Swedish food technology investment company that identifies, invests in, and develops companies that are changing how food is produced, distributed, and consumed. Its portfolio consists of companies in alternative proteins, healthier food products, and sustainable value chains.
Can I buy shares in Nicoya?
Yes, it is possible to buy shares in Nicoya through trading in unlisted shares, provided that sellers are available. Through Eqvor, you can place a buy order and be matched with sellers in the unlisted market.
How do I sell shares in Nicoya?
If you own shares in Nicoya, you can place a sell order through Eqvor and be matched with buyers. Once the transaction has been completed, the shares are transferred in accordance with the company's Euroclear-connected custody structure.
Is Nicoya affiliated with Euroclear?
Yes, Nicoya is affiliated with Euroclear. This means that the shares are handled within the Swedish securities system and can be transferred to a custody account at any bank or securities firm after the transaction has been completed.
Can I hold Nicoya shares with Avanza or Nordnet?
Yes, since Nicoya is affiliated with Euroclear, the shares can normally be held in a securities account with, for example, Avanza or Nordnet, provided that the bank or online broker supports the custody of unlisted shares.
Does Nicoya have right-of-first-refusal or pre-emption clauses?
No, according to the company information, Nicoya does not have any right-of-first-refusal or pre-emption provisions. This means that share transfers normally do not need to be offered to existing shareholders before being sold to an external buyer.
At what price is Nicoya’s share trading?
Since Nicoya is not listed on a stock exchange, there is no official share price on a regulated marketplace. Instead, the price is determined by supply and demand between buyers and sellers in the private market.
When will Nicoya be listed on the stock exchange?
There is currently no publicly announced timetable for a stock market listing of Nicoya. We therefore do not currently know when Nicoya may be listed or whether the company will carry out an IPO.
What risks are associated with investing in Nicoya?
Investing in Nicoya involves risk, just like other investments in unlisted shares. The company’s value development may be affected by developments in its portfolio companies, capital requirements, exit opportunities, commercialisation, consumer demand, competition, and the food technology market. Trading in unlisted shares also normally involves lower liquidity than trading in listed shares.
Where can I find Nicoya's annual report?
Nicoya's annual report is available under Investor Relations and Financial Reports. The company's annual reports can be downloaded there.
Has Nicoya carried out any share issues?
Yes, Nicoya has carried out capital raises and previous new share issues. Nicoya’s Capital raised is stated as SEK 851.8 million, which shows how much capital the company has raised through previous financing.
How much capital has Nicoya raised in total?
Nicoya's Capital raised is stated as SEK 851.8 million. An equity raise is a term for raising capital, but terms such as funding round, financing, or share issue are often used.
Has Nicoya reported a profit or a loss?
Nicoya reports a negative result in the latest available information. Under Key Figures, EBITDA is stated as -71 348 TSEK and net profit as -91 718 TSEK. The company’s earnings trend is also shown in the Results per year graph.