Molten Ventures VCT
We are a leading venture capital trust investing across the UK in high-growth technology companies with global ambitions.
Our co-investment partnership with listed Molten Ventures plc means we can participate in larger, later stage deals while staying aligned with VCT regulations. It’s a smart route into the UK’s vibrant tech ecosystem, with a long-term track record and strong analyst ratings.
Eligible investors may be able to claim up to 20% Income Tax relief, subject to individual circumstances and HMRC rules. Tax treatment can change and should not be relied on as investment advice.
Highlights
As at 31 March 2026£114.4m
Net Asset Value
5.0%
Target dividend against prevailing NAV
5.2%
10-Year average dividend yield (p.a)
£30m
Offer status (open)
Capital is at risk. Tax reliefs depend on personal circumstances and may change. Dividends are not guaranteed.
About
Molten Ventures VCT plc is a long-established venture capital trust managed by Elderstreet Investments, one of the UK's most experienced VCT managers.
Focused on high-growth, knowledge-intensive technology businesses, the VCT offers investors access to a strong, diversified portfolio, alongside the potential for tax-free dividends and other VCT tax benefits.
Molten VCT in a Minute
Our approach
The VCT invests in growth-focused UK technology and knowledge-intensive companies, offering investors exposure to a mature portfolio and the tax advantages available to VCTs.
Our expert investment team identifies transformative trends and next-generation companies before they break through. We focus on disruptive sectors including fintech, data & infrastructure, energy & industrial, hardware & deeptech, health & bio, and more.
History of Molten VCT
Since entering a deal-sharing arrangement with Molten Ventures plc in November 2016, the VCT has gained access to high-quality co-investments in later-stage opportunities, within the constraints of VCT regulations.
VCT Launched
NAV £14m
1998
Merged with Elderstreet Millenium VCT
NAV £22m
2007
Co-investment agreement with Draper Esprit began
NAV £23m
2016
VCT Manager acquired by Molten Ventures plc
NAV £55m
2021
Molten Ventures VCT
NAV £115m
Today
The co-investment advantage
We co-invest alongside Molten Ventures plc on the same financial terms in selected qualifying rounds. That means identical pricing, shared diligence and governance, and access to follow-on opportunities (where still qualifying for VCT purposes).
Why invest in Molten VCT?
Access to private technology companies
Gain exposure to knowledge-intensive businesses across sectors including AI, fintech, health tech, energy tech, space tech, quantum and deeptech.
A diversified portfolio
Invest in an actively managed portfolio that balances more mature, market-proven companies with breakthrough businesses building for the future.
Unique co-investment model
Co-invest alongside Molten Ventures plc in selected qualifying rounds, with shared diligence, governance and access to follow-on opportunities.
Over twenty years of experience
The VCT is managed by Elderstreet Investments and supported by Molten's team of sector specialists, bringing experience, energy, and partnership to help visionary companies scale faster and go further.
Long-term track record
Recent VCT realisations include Endomag, acquired by Nasdaq-listed Hologic; Ravelin, acquired by Worldpay; and Freetrade, acquired by LSE-listed IG Group Holdings.
Tax advantages
Eligible investors may benefit from tax-free dividends and up to 20% Income Tax relief, subject to individual circumstances, HMRC rules and the VCT maintaining its qualifying status.
Committed to investors
Investors benefit from regular reporting, transparent communications and a disciplined investment process designed to balance ambition with risk management.
Capital is at risk. Tax reliefs depend on personal circumstances and may change. Dividends are not guaranteed.
Portfolio overview
Molten Ventures VCT gives investors access to a diversified portfolio of technology companies across some of the most dynamic areas of the UK and European innovation economy.
As at 31 March 2026, Molten Ventures VCT had net assets of £114.4m, with the top 15 holdings representing a significant proportion of net assets and invested £6.5 million across seven new and follow-on opportunities. Some of our portfolio companies include:
Riverlane
Thought Machine
FocalPoint
IMU Biosciences
Form3
Paragraf
Modo Energy
PolyModels Hub
Recent Exit: Endomag
In July 2024, we sold our holdings in Endomagnetics, a manufacturer of medical devices focused on cancer localisation and lymph node identification, to NASDAQ listed Hologic. We made our first investment in 2018 and a further investment later in 2020, and returned a multiple of 1.9x and an IRR of 32% over the investment period.
Endomag improves cancer care with magnetic, minimally invasive tools that make breast cancer surgery more accurate and convenient. Its Sentimag system helps surgeons find early, impalpable tumours and check whether cancer has spread to nearby lymph nodes, which can reduce repeat procedures. In 2024 Endomag was acquired by Hologic, a global leader in women’s health.
Endomag combined deep scientific research, clinical collaboration, commercial execution and long-term investor support to improve breast-cancer surgery and create a significant exit outcome. We invited CEO of Endomag Eric Mayes to speak at one of our events to tell the story and how investment along the way supported the company.
