The Molten Team at London Stock Exchange 2024
Who are we?
We provide the companies in our portfolio with capital, support, and expertise to help them achieve their growth potential while mitigating risk.
We provide investors with access to an actively managed portfolio of high-potential companies capable of generating outsized returns on invested capital. We typically invest at the Series A and B stages where there is demonstrable value through proven demand and scaling of a proven business model.
We reinvest our returns from portfolio company exits into compelling new or follow-on investment opportunities and portfolio development to create a virtuous circle of growth and value creation.
Since Molten’s IPO
We offer all investors access to private companies, in the high growth phase. Entrepreneurs come to us once they’ve initially proven their idea, and are ready to grow. We’re providing a rare opportunity to invest in companies that aspire to be attractive candidates for acquisition or IPO, with valuations from $50m to $1bn and beyond.
The Molten Team at our Company Offsite 2024
Stuart Chapman at our CEO Summit 2024
Andrew Zimmermann at our Year-End Celebration
Vinoth Jayakumar at our Summer Event 2024
The Molten Team at JP Morgan Race 2024
Andrea Kerwat at our Corporate Innovation Event 2024
Inga Deakin at our EIS & VCT Event 2024
Molten's Investment Team at Investor Day 2025
Christoph Hornung at our CEO Summit 2023
Our Portfolio Corporate Innovation Event 2024
About Venture Capital
Venture capital firms provide investment to earlier stage private companies to help them grow rapidly. Investors are attracted to venture capital for its potential to generate significant returns. Independent research from the BVCA suggests that European private equity and venture capital has delivered a net IRR of 15% per annum on a pooled basis.
The technology sector offers one of the highest growth rates and returns on investment due to tech’s disruptive nature and huge global markets.
What We Do
We have consistently focused our investments on four key pillars of technology;
- Enterprise & SaaS;
- AI, Deeptech & Hardware;
- Consumer;
- and Digital Health & Wellness.
Within these broad categories we capture the companies at the forefront of generational shifts in technology, including in the areas of: Fintech; Climate Tech; Space Tech; and AI.
Our Process
Molten carefully selects, invests in, and then supports companies that we believe have the potential for outperforming growth rates in global markets.
We look to realise significant returns on invested capital when we exit - typically through trade sales to multi-national companies, private equity buyouts and IPOs having grown our investment through support and active management over a number of years. Returns are then reinvested to create ongoing growth and value creation.
Our Process
Investing in Tomorrow's Market Leaders
Molten carefully selects, invests in, and then supports companies that we believe have the potential for outperforming growth rates in global markets.
We look to realise significant returns on invested capital when we exit - typically through trade sales to multi-national companies, private equity buyouts and IPOs having grown our investment through support and active management over a number of years. Returns are then reinvested to create ongoing growth and value creation.
Mitigating Risk
Venture capital comes with the possibility for higher levels of reward, but also increased risk due to the nature of earlier-stage investing. It is a feature of the VC model that ‘winners’ within a portfolio often outweigh fair performers or underperformers in terms of returns profile. We look to derisk the investment strategy for investors by applying our long-standing expertise, including through:
- Screening of thousands of potential investments
- Maintaining a diverse and balanced portfolio - over 100 companies currently
- Active support for our companies, both financial and non-financial - including sitting on boards, engaging on business development, and talent sourcing
- And typically holding of the investment equity through preference shares, which helps to shield us from downside risk
Financial Discipline
We apply prudent valuations to our portfolio companies in line with IPEV Guidelines, with the intent that our exits typically happen at or above the latest portfolio holding value as demonstrated by our performance in the last financial year.
We also have a clear capital allocation policy, balancing the pipeline of new investment opportunities with the ability to drive returns to shareholders through share buybacks, while maintaining sufficient reserves.
Alongside the money we invest from our balance sheet, we also manage capital for other investors including through our EIS and VCT funds, which co-invest alongside us. This helps facilitate access to the best deals.
As at 31 March 2025, we had £112m of available cash - £89m of our own plus £23m from our managed EIS/VCT funds - providing flexibility to pursue our capital allocation objectives.
Our Track Record
We have backed some very notable names from early days to market leading positions, and we are backing some of the technologies making a major difference to society today.
M-Files
Molten first invested in M-Files in 2013, and our exit at the end of 2024 delivered a 7.4x multiple on invested capital. M-Files is a leader in knowledge work automation using generative AI.
Revolut
We invested £7m in Revolut in 2018, three years after the business was founded, and our stake is currently valued in our portfolio at over £157m.
Freetrade
We first invested in Freetrade, the commission free self-directed investment platform, in 2019. The exit to FTSE 250 company IG Group earlier this year valued Molten's stake 17% above its holding value in the portfolio and delivered a 1.5x multiple on invested capital.
& More...
Other notable names in our portfolio currently include: Ledger, Thought Machine and Aircall.
Recent Performance
The market backdrop has been subdued in the post-pandemic period, including due to recent economic and geopolitical events. Despite this, in the financial year ended 31 March 2025, we saw a strong level of activity throughout the year, including significant realisations. Our exits totalled £135m (over £200m if you include our managed EIS and VCT funds), materially up on the £39m in the prior year. They were all at or above their holding values, with an average Multiple on Invested Capital of 1.8x.
The good momentum has continued into the current financial year, with further exits at or above holding values, and further compelling investments to support ongoing portfolio development and building of scale.
The plc portfolio is valued at almost £1.4 billion, and a stated key focus is narrowing the discount between the Company’s net asset value per share and share price.
