Molten Ventures – executive interview

In this interview, Ben Wilkinson, CEO of Molten Ventures, provides a comprehensive overview of Molten Ventures’ performance, strategic focus and the broader venture capital landscape in Europe.

Key highlights:

1. Successful exits: Molten Ventures achieved several successful exits in FY24, releasing approximately £124m of capital. Notable exits include Perkbox, Graphcore, Endomag and M-Files, with returns ranging from 1.3x to 7x on invested capital.
2. Capital recycling: Wilkinson discusses the allocation and recycling of capital, with Molten Ventures striking a balance between reinvesting capital into new opportunities to position the company for the next venture capital (VC) cycle, secondary transactions that strengthen the near-term realisation pipeline and share buybacks to support the share price.
3. Valuation environment: Wilkinson highlights the stabilisation of portfolio valuations and the positive impact of exits on the company’s financial health.
4. Core holdings: Molten Ventures’ core holdings, representing over 60% of the portfolio value, are expected to grow at an average rate of 50% in the coming year, with a strong cash runway.
5. European VC market: Wilkinson expresses optimism about the European VC market, citing strong underlying intellectual property and the need for more capital at various stages of a company’s lifecycle.
6. Government support: He emphasises the role of government in supporting the tech sector and the importance of unlocking pension capital to fuel growth.
7. Future outlook: Molten aims to increase its scale and continue supporting technology companies through their growth journeys, ensuring consistent capital delivery.

Molten Ventures is a UK 250, London-based VC firm that invests in the European technology sector. It has a portfolio of 100+ investee companies and includes a fund of funds programme, as well as enterprise investment and VC trust schemes, within the group, alongside its flagship balance sheet VC fund.