Molten Ventures – Disciplined management and a diversified portfolio

Molten Ventures provides investors with access to an actively managed portfolio of high-potential companies. It has a core portfolio of 17 increasingly mature businesses representing c 61% of the gross portfolio value and an emerging portfolio that is the engine room of its future core.

Molten sees opportunity in building structures that are designed to enable institutional co-investment, thus amplifying impact while maintaining a high-conviction portfolio. Additional capital through these structures (along with their managed EIS and VCT funds) helps to support ability to access high-quality deal flow and consistent deployment in later-stage deals.

The Molten investment process

Disciplined portfolio management remains a key differentiator and is seen across Molten’s investment strategy and the investment process.

… and investment stages

Molten backs businesses with the capital, expertise and networks to fuel their growth. Investing in growth-stage companies is Molten’s core business, with access to seed stages via its Fund of Funds programme.

In terms of investment performance, Venture Capital (VC) has performed well against traditional asset classes. A 10-year analysis of UK VC funds revealed an annualised internal rate of return of roughly 11%, outperforming the UK All-Share which posted 5.3% over the same timeframe. While VC returns can experience volatility and reduced liquidity relative to other asset classes, they can provide high return-potential due to early exposure to transformative companies.

In this context, Molten remains well-positioned to access meaningful opportunities for innovation and the potential for outsized returns. As a publicly listed VC firm with an evergreen capital model, Molten invests across cycles, providing vintage diversification. Its investment mandate enables it to capitalise on opportunities within primary and secondary markets, providing exposure to a mix of nearer and longer-term liquidity events and market pricing dynamics.

In FY25, Molten deployed £73m, including the secondary acquisition of Connect Ventures
Fund I. Molten achieved £135m in exits in FY25, making Molten one of the leading VC firms in Europe by exits.

Portfolio review: Exposure to the generational tech shift

Molten remains well-diversified across its four key sectors of investments, which capture technology sub-sector themes such as fintech, climate, cybersecurity and data privacy (with the use of AI being enabled and integrated across its portfolio).

Click here for more details of Molten Ventures’ portfolio as not all portfolio companies are visually represented in the graphic above.

A diversified and well-positioned portfolio

Molten’s gross portfolio value can be broken down by its core portfolio, which makes up 61% of the fair value and a direct emerging portfolio and fund investments. The core and emerging portfolios are diversified across their target sectors.

Information has been sourced from Molten Ventures’ FY25 annual results as at 31 March 2025.