Molten Ventures — FY25 trading update – key takeaways
30/04/2025
Molten’s FY25 trading update (to end-March 2025) showed a positive uptick in portfolio valuations in the second half of the company’s financial year, resulting in a c 4% increase in NAV per share to 671p in H225, and in turn a marginally positive NAV per share total return for FY25 of 1.4%. Molten delivered a strong level of realisation proceeds in FY25 of c £135m (above original management guidance of £100m) and has seen continued traction in recent months with further expected proceeds of £30m (despite the overall soft European VC exit market in Q125), supporting its share buybacks. Molten’s cash balance at end-March 2025 stood at £89m (which further improved to £110m as of 23 April 2025 following the receipt of Freetrade proceeds). Together with its undrawn revolving credit facility of up to £60m and limited near-term funding requirement across its portfolio for FY25 (up to £20m according to management’s previous statements), this provides it with a good balance sheet position for new and follow-on investments (Molten invested £73m in FY25).
Molten Ventures — Investor day: Five strategic priorities outlined
18/02/2025
During Molten Ventures’ recent investor day, Ben Wilkinson (who was appointed CEO in October 2024 after serving as Molten’s CFO for eight years) outlined the strategic priorities for the business. These are centred around five initiatives: (1) refocusing on the core business of investing in Series A and B rounds; (2) driving further scale and efficiencies; (3) a selective approach within its fund of funds programme; (4) preserving a strong balance sheet; and (5) narrowing the discount to NAV. Molten announced that it will allocate an additional £15m to share repurchases (on top of the £15m already committed). The total buyback volume is therefore greater than the 10% of realisation proceeds earmarked as part of Molten’s current capital allocation policy. Molten’s board expects to commit further capital for share repurchases if the wide discount to NAV (currently at c 47%) persists.
Molten Ventures – executive interview
14/02/2025
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: 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. 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. Valuation environment: Wilkinson highlights the stabilisation of portfolio valuations and the positive impact of exits on the company’s financial health. 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. 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. Government support: He emphasises the role of government in supporting the tech sector and the importance of unlocking pension capital to fuel growth. 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.