With over a decade in the firm, Fidelio’s Theodor Bonnier reflects on his new role as Head of Value Creation

Theodor Bonnier started at Fidelio as a recent graduate and was last year promoted to a new role as Head of Value Creation. As he steps into this position, his focus will be twofold: scaling Fidelio and enhancing engagement with the investments. But let’s take a step back and start from the beginning.

You are one of the first hires at Fidelio Capital, can you share how your journey with the firm began?

It started with a somewhat unexpected opportunity. I was working at another company when Gabriel Fitzgerald’s sister, who was my project manager at the time, mentioned that her brother had recently started a new firm and was looking for an intern. The idea intrigued me, so I applied, and was fortunate enough to get the role.

My first day on the job was quite memorable — I showed up in a suit and tie, ready to dive into finance, but the first task I was given was to assemble my own IKEA desk. After having succeeded above expectations, I was instructed to assemble the other’s desks as well. A reminder that Fidelio was very much in its startup phase, where everyone needed to pitch in however they could. It was a great introduction to the entrepreneurial spirit that still defines Fidelio.

From assembling desks to being Head of Value Creation, what else has changed along the way?

It’s been an incredible development, full of growth and learning. In the early days, it was just Gabriel, Martin Erleman and me, all working out of a small office where we shared a conference room with other companies. The pace was intense, but we were building something from the ground up and that was incredibly exciting.

Over the years, we’ve grown significantly. We now have a pretty large team, offices in Stockholm and London and have made more than 200 investments. But despite this growth, we still have that entrepreneurial drive and a lot of ground to cover.

And now you step into an entirely new function as Head of Value Creation. What will you do in that capacity?

In addition to continuing my work with investments, including staying on Vimian’s board and evaluating new cases, a big part of my new role will be helping to scale Fidelio as we expand. With Fidelio growing I have been working on improving structures and systems to ensure efficiency across the organisation. One area that I am especially keen to explore further is our use of AI where we are already finding paths to working more efficiently. My new role also involves serving as a strategic speaking partner to Gabriel Fitzgerald, helping to shape the organisation and prioritise key initiatives.

You’ve been involved in several key deals at Fidelio. Are there any that stand out to you?

Two deals, stand out. The first was with AniCura, which was an early and defining moment in my career at Fidelio. I was quite young and found myself negotiating significant contracts and deals. It was intense, but it gave me a lot of responsibility, which was both challenging and rewarding. Divesting AniCura was a major milestone for Fidelio, not only because of the financial aspects but also since it proved that the Fidelio way of creating value really worked. It was our first significant “proof of concept,” and it helped put us on the map.

The second is the IPO of Vimian, which was another pivotal moment. The process was incredibly intense, with a tight timeline. This deal was not only a major achievement for Fidelio but also further validation that our model works. It demonstrated that our approach to building and scaling companies can lead to substantial success on a global scale.

Vimian was the second company (after AniCura) that Fidelio built from scratch to reach valuations in the EUR 2-3 billion range. With Odevo, we now have a third company in that category.

How would you describe the culture at Fidelio, especially now that the firm has grown?

We value a hands-on approach, where everyone is encouraged to think creatively and take ownership of their work. For us, the most important thing is not being the “smartest in the room”; instead, we focus on building strong relationships and fostering collaboration. This approach has been key to our success.

Looking back, is there anything about Fidelio’s success that has surprised you?

I wouldn’t perhaps use the word “surprise” but something that makes me very proud is to see how Fidelio has grown and the level of success we’ve achieved. When we started, we had ambitious goals, but the scale of what we have achieved has exceeded my expectations. And it’s not just luck or timing—it’s the result of the Fidelio way of creating value and the way we work. Seeing how well our approach has translated into consistently strong results has been incredibly rewarding.

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