Molten Ventures

Overview
Price performance
Financials
Research
Thematics

Molten Ventures is a London-based VC firm that invests in the European technology sector. It has a portfolio of 118 investee companies and includes a range of funds (seed, EIS and VCT) within the group, as well as its flagship balance sheet VC fund.

There have been some green shoots of recovery in terms of European VC exits, and PitchBook noted that valuations seemed to be recovering in Q324. PitchBook estimates that excluding the Puig IPO and applying the 9M24 run-rate to the rest of the year implies a 6.6% y-o-y increase in exit value in 2024.

Latest Insights

Investment Companies |
Flash note

01.11.24

Molten Ventures — Strong exits and stable NAV/share ex FX in H125

Investment Companies |
Update

23.09.24

Molten Ventures — Crystallising portfolio values

Investment Companies |
Flash note

26.07.24

Molten Ventures — Making progress on its realisation agenda

Investment Companies |
Update

25.06.24

Molten Ventures — Green shoots of recovery

Visit Website

Sector

Financials

Equity Analyst

Milosz Papst

Head of Content, Investment Trusts

Key Management

Andrew Zimmermann

CFO
Ben Wilkinson

CEO

Balance Sheet

Forecast net debt (£m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(21.4)	(19.1)	23.4
Relative	(18.6)	(17.1)	14.2
52 week high/low	430.0p/215.0p

Financials

Molten Ventures has already surpassed its £100m realisation target for FY25, with exits from Perkbox, Endomag, Graphcore and M-Files, which in aggregate represent £124m in exit proceeds. Consequently, Molten launched a £10m buyback programme in July 2024. All these transactions were agreed at or slightly above the previous carrying values. Molten’s H125 results will likely benefit from Revolut’s recent secondary sale, which values the fintech at US$45bn compared with US$33bn during the previous funding round in July 2021. Finally, several of Molten’s core holdings raised capital this year, providing additional validation points for Molten’s H125 carrying values.