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Albert intends to launch an initial public offering and list the Company's shares on Nasdaq First North Growth Market


eEducation Albert AB (publ) (”Albert” or the “Company”), a leading Nordic EdTech player in the B2C segment, announces today the intention to list the Company's shares on Nasdaq First North Growth Market (”First North”) (the “Listing”) and to carry out a new issue of shares of approximately SEK 265 million in connection with the Listing (including an over-allotment option of up to c. SEK 35 million) (the “Offering”).

Albert has an ambition to increase future growth and is continuously exploring several strategic initiatives on an ongoing basis, such as growing through its acquisition agenda as well as organically, including geographical expansion and broadening the offering through product development. The Company intends to use the issue proceeds for the aforementioned purposes. Albert's Board of Directors and Management view the Listing and the Offering as a logical and important step in Albert's development, which will serve to further increase awareness of Albert and its operations among current and potential customers as well as suppliers, in addition to strengthening the Company's ability to recruit and retain staff.

Co-founders Arta Mandegari / Salman Eskandari comment:
”Ever since the foundation of Albert in 2015, we have worked with giving every child in Europe a custom learning experience. We have a vision of combining business with social sustainability and we are proud to have helped over 275 000 families with their children’s education so far. Today we have almost 60 000 active paying users in four countries, through five apps in our current product offering.

It is with great enthusiasm and humility that we now initiate the next stage in Albert’s development. With appreciated products and a proven business model, we are ready to take the next step in scaling up our expansion and product development. Our aim is that the listing will strengthen our profile and global brand as well as provide new shareholders, including our co-workers, with the opportunity to take part in our continued growth journey.”

About Albert
Albert was founded in 2015 and is an app based education platform for children aged 3-16 years. The company offers digital education services on a subscription basis. The services are provided for a fixed monthly fee through apps, which are available on the Apple App Store and Google Play. Since the Company was founded, Albert has helped over 275,000 families with their children's education.

The company has approximately 40 co-workers and hired staff such as consultants who together form an innovative group of people with diversified backgrounds whose common goal is to help more children develop their skills in a way that suits them. The company is headquartered in Gothenburg.

Albert is currently growing fast. The number of paying subscribers has increased from approximately 6,400 at the end of the financial year 2018 to approximately 59,700 at the end of Q2 2021, implying a compound annual growth rate (“CAGR”) of 144 percent. By the end of Q2 2021, the Company's annual recurring revenue (“ARR”) amounted to SEK 69 million, growing with a CAGR of 163 percent since the end of the financial year 2018.

Prior to the IPO, Albert’s largest shareholders are Schibsted Tillväxtmedier AB who owns c. 21.6 percent, Abanico Invest AB who owns c. 9.6 percent and Muirfield Invest AB who owns c. 9.3 percent of the shares in the company. Founders Arta Mandegari and Salman Eskandari both own c. 7.3 percent of the shares. Current shareholders also include, among others, RoosGruppen AB, Inbox Capital AB, Lena Apler through the company Helichrysum Gruppen AB, Mathias Kamprad (who also intends to acquire additional shares in the Offering) and MP Pensjon PK.


  • Albert operates in a market where demand is increasing
  • Fragmented competition in Europe where Albert is one of few players providing content in line with local curricula
  • Scalable business model
  • Strong user engagement and high share of recurring revenue
  • Data drive customer acquisition strategy
  • Attractive business model resulting in an attractive relationship between customer lifetime value and cost of acquisition
  • Experienced and capable management team

The Offering in brief
The shares will be offered to qualified and institutional investors in Sweden and internationally (excluding for example the U.S.) as well as to the general public in Sweden. All offers and sales outside the United States will be made in compliance with Regulation S under the U.S. Securities Act of 1933, as amended.

The Offering will consist of newly issued shares of approximately SEK 265 million (including an over-allotment option of up to c. SEK 35 million). Complete terms, conditions and instructions for the Offering will be described in a prospectus prepared by the Company in connection with the Offering. The Prospectus will be published on Albert’s website,

Nasdaq Stockholm will approve an application for admission to trading of the Company’s shares on First North provided that certain customary conditions are met, including that the Company submits such an application and that the distribution requirement for its shares is met.

Trading of Albert’s shares on Nasdaq First North Growth Market is expected to commence during the first half of October 2021.

Cornerstone investors
Five Cornerstone investors have, subject to certain conditions, undertaken to acquire shares amounting to a total of SEK 160 million in the Offering, at a price of up to SEK 49 per share, corresponding to a market value of up to around SEK 600 million for the Company’s total outstanding shares prior to the Offering. The Cornerstone investors are Consensus Asset Management AB, Strand Kapitalförvaltning AB, in addition to current shareholders Abanico Invest AB, Muirfield Invest Aktiebolag and RoosGruppen AB.

Skandinaviska Enskilda Banken AB (“SEB”) is acting as Global Coordinator and Bookrunner in connection with the Offering. Advokatfirman Vinge KB is acting as legal advisor to Albert, and Advokatfirman Hammarskiöld & Co AB is acting as legal advisor to SEB. In connection with the Offering, SEB and Avanza Bank AB (publ) are acting as Retail Distributors.

For additional information, please contact:
Arta Mandegari, CEO and Co-founder
Mobile: +46 (0)72 309 64 94

Salman Eskandari, Deputy CEO and Co-founder
Mobile: +46 (0)70 727 93 75

Martin Dahlgren, Head of Finance
Mobile: +46 (0)73 909 26 31

Important information
This announcement is not and does not form a part of any offer for sale of securities in Albert.

Copies of this announcement are not being made and may not be distributed or sent into the United States, Australia, Canada, Japan or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures. This announcement does not consititue and offer for sale or purchase of securities in the United States. The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and accordingly may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any offering in the United States or to conduct a public offering of securities in the United States.

The securities described herein have also not been and will not be registered under the applicable securities laws of Australia, Canada or Japan and, subject to certain exemptions, may not be offered or sold in or into or for the account or benefit of any person having a registered address in, or located or resident in Australia, Canada or Japan. There will be no public offering of the securities described herein in Australia, Canada or Japan.

Any offering of the securities referred to in this announcement will be made by means of a prospectus. This announcement is not a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (together with any related implementing and delegated regulations, the “Prospectus Regulation”). Investors should not invest in any securities referred to in this announcement except on the basis of information contained in the aforementioned prospectus.

In any EEA Member State other than Sweden and the United Kingdom, this communication is only addressed to and is only directed at qualified investors in that Member State and the United Kingdom within the meaning of the Prospectus Regulation, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State or the United Kingdom.

This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “Relevant Persons”). This communication must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “will,” “may,” “continue”, “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertain...

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