Molten Ventures – 20 years of investing in the UK and Europe’s technology future

About Molten

Molten Ventures is a leading venture capital (VC) firm investing across the UK and Europe. Its corporate purpose is to advance society through technology and innovation. Molten provides visionary companies with capital, knowledge, experience and relationships to support them as they scale and grow. Its brand, people and networks provide a pipeline of promising private technology companies from across Europe. Molten believes its role is to support the entrepreneurs who will invent the future, and that future is being built, today, in Europe.

• Molten provides investors with access to an actively managed portfolio of 80+ high-potential companies.
• Its Core Portfolio of 17 companies represents 64% of Gross Portfolio Value and 73% of Net Asset Value, as at 31 March 2026.

The challenge is capital at scale

European companies are well positioned to build proprietary critical technology infrastructure across space, defence, robotics, semiconductors and batteries, with more than half of the world’s top science clusters¹, and has 40% more software developers than the US², and a higher share of engineers at European deep tech companies hold PhDs than in the US (8.5% vs 7.4%)³.

Europe has roughly the same number of start-ups raising initial VC funding as the US, but seven times fewer $100m-plus rounds a year at the scale-up phase. This has left US investors playing an increasingly prominent role, participating in 60% of European Series C rounds. Yet as critical infrastructure such as defence, payment rails and frontier compute can no longer depend wholly on capital from outside the region, building sovereign capability in Europe has never been more important. In the UK, the Mansion House Accord is working to unlock up to £50bn of pension capital into private markets by 2030.

Molten deploys capital across the full lifecycle of a company’s development

This full-cycle platform, combined with an extensive portfolio and fund-of-funds network across the continent, has compounded into a powerful flywheel of connectivity, relationships and expertise.

• Early stage: through access to seed funds, enabling Molten to identify on-the-ground ecosystem winners and gain access to their breakout stories.
• Early and growth stages: direct investment across Series A, B and C, supported by a thematic-led sourcing and investment approach, as well as EIS and VCT capital in the UK.
• Late stage and pre-IPO: with the flexibility to buy out existing funds or access direct secondary opportunities, supporting companies through to public markets and beyond.

A blend of complementary VC strategies

• Molten Ventures plc: a listed, evergreen balance sheet giving public market investors liquid exposure to high-growth private technology. In FY26, £89m was invested from the balance sheet. Platform AUM, including the managed EIS and VCT funds, is c.£1.9bn.
• EIS and VCT funds: Molten manages capital for private investors looking to invest in tax-efficient ways. These funds invested £22m in FY26.
• Secondaries: Molten has been investing in secondaries since 2017, deploying over £130m at a gross IRR of 47% and realising more than £220m.
  • It targets late-stage European companies with at least £50m in revenue, strong growth and a credible path to liquidity within three to five years, aiming for a return of 3x or more on individual positions.
  • For the first time, Molten will be opening this strategy to third-party investors through a dedicated vehicle, led by a new team of three partners.
• Fund of Funds: more than 80 funds across over 60 GPs, covering about 3,000 underlying portfolio companies. It is one of the largest seed fund networks in Europe, giving Molten early visibility of tomorrow’s Series A and B opportunities.
• Molten Ventures Growth Fund: a £175m first close in September 2026, with a £75m cornerstone commitment from the British Business Bank, and now fundraising towards a £350m target. The fund enables Molten to lead and scale Series B+ rounds in Europe, backing its highest-conviction companies with the depth of capital they need to compete globally without stretching the plc balance sheet.
• Molten East: a fund focused on technology companies across Central and Eastern Europe, with a first close expected in FY27.

From Series A and B investor to European technology investment platform

Molten gives investors institutional-grade, scaled access to European venture and growth-stage technology through a single, integrated platform:

• Three pools of capital: the listed plc balance sheet, the managed EIS and VCT funds, and a growing pool of third-party institutional capital.
• Three complementary routes: direct primary investments at Series A and B, where Molten leads and shapes rounds; secondary investments in mature, high-quality portfolios with nearer-term liquidity; and a focused Fund of Funds programme that gives early visibility of the next generation of category leaders.
• Early and growth stages: direct investment across Series A, B and C+, supported by a thematic-led sourcing and investment approach, as well as EIS and VCT capital in the UK.

A business model where each route reinforces the others

The result is a platform that can deploy through cycles, realise consistently, and offer investors the rare combination of liquidity, diversification and scale.

A compelling investment case with a strong track record of value creation for investors

Important events around Molten Ventures’ half year results (for the six months ended 30 September 2026):

• A presentation for analysts and other registered investment professionals will be held at 09:30am GMT on Tuesday, 24 November 2026 (invitation only).
• Molten will also be hosting a presentation on at 10:30am GMT on Friday, 27 November 2026 via the Investor Meet Company Platform. The presentation is open to all existing and potential shareholders, with a live Q&A session.

We have collated some additional information which provides a brief explanation of venture capital, the past twenty years of Molten, and a proven track record of returns since the IPO in 2016.

Information has been sourced from Molten Ventures’ FY26 annual results, as at 31 March 2026, the Molten Ventures Growth Fund announcement of 7 September 2026.

^1,2 Dealroom and Creandum, European tech ascendancy (July 2023), and
³ Atomico, State of European Tech (2025).