Spotify’s CEO Daniel Ek builds “insane” $1 billion bet on early tech

Published: February 21, 2022
Updated: February 23, 2022
Spotify's CEO Daniel Ek builds "insane" $1 billion bet on early tech
Spotify's CEO Daniel Ek builds "insane" $1 billion bet on early tech

Spotify’s CEO Daniel Ek builds “insane” $1 billion bet on early tech

Daniel Ek is expanding his horizons outside Spotify Technology. Prima Materia, his investment firm, has made bets on a green-steel startup as well as funds focused on artificial intelligence, health sciences, and climate change. In November, Ek’s organization, which began operations in February 2021, also granted 100 million euros ($113.5 million) to German security firm Helsing, as part of Ek’s aim to invest approximately $1 billion of his riches in European firms.

The 38-year-old co-founder and CEO of Spotify, who was recently caught up in a public relations whirlwind involving podcast host Joe Rogan, wants to be at the vanguard of the region’s early-stage tech scene and is looking for methods to make an influence on the broader sphere of innovation. According to the Bloomberg Billionaires Index, he is worth approximately $2.6 billion.

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Spotify's CEO Daniel Ek builds "insane" $1 billion bet on early tech

Ek co-founded Prima Materia, a word from alchemy and philosophy that means “first matter,” with Shakil Khan, an early Spotify investor. In September 2020, he revealed his plan to invest around one-third of his present net fortune in European companies when he invested in battery company Northvolt AB.

Last year, Prima Materia engaged Pia Michel from BlueYard Capital to lead science translation and Brett Bivens to lead research. According to records, the firm was incorporated in Ek’s home country of Sweden in late 2020 and now has six other local entities for its investments.

One of Ek’s early investments after the announcement, Swedish battery maker Northvolt raised $2.75 billion from multiple investors. Northvolt is fast rising as the European rival to Tesla, with more funding coming along.

Other European tech founders are increasing their early-stage investments in the sector. Daniel Dines of UiPath Inc. recently increased his interest in Serbian cybersecurity firm Trickiest and German digital-health startup Avi Medical Inc. during Checkout. com Gillalaume Pousaz recently increased his stake in Irish e-commerce firm Wayflyer.

Other tech authors from Europe were found supporting their beginning phase interests in the area. UiPath Inc’s. Daniel Dines purchased stakes in Serbian network safety firm Trickiest and German advanced wellbeing organization Avi Medical Inc. last year, while Checkout.com’s Guillaume Pousaz, as of late, helped his bet on Irish online business Wayflyer.

According to the Bloomberg Billionaires Index, their net worths are $4.1 billion and $19.4 billion, respectively.

 “They’re more willing to invest in their own networks,” Chris Ivey, the head of European private client practice at Cambridge Associates, had said on the early-stage investments among Europe’s tech billionaires. 

Ek’s Spotify ownership still accounts for the majority of his fortune. The stock of the company peaked in early 2021, shortly after Rogan’s show became solely available on the platform. They’ve fallen 56% since then, owing to a slowing in growth and a sell-off in IT stocks.

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