Molten Ventures plc
("Molten Ventures", "Molten", "the "Group" or the
"Company")
Exit and Portfolio
Update
Further realisation of Core
Portfolio holding
Molten Ventures (LSE: GROW, Euronext
Dublin: GRW), a leading venture capital firm investing in and
developing high-growth digital technology businesses, today
provides an update on recent developments in its
portfolio.
Key highlights are:
- Exit from M-Files via majority
recapitalisation investment.
- Total gross proceeds so far this
financial year from Perkbox, Endomag, Graphcore and M-Files now
totalling £124 million, representing ~9% of Gross Portfolio Value
('GPV')
- Riverlane
Series C round successfully raising $75m
- Portfolio developments continue to
underpin Molten's valuation process and net asset value
('NAV')
Core Portfolio Exit
M-FILES
M-Files, an intelligent file
management platform and leader in knowledge work automation using
generative AI, yesterday announced that it has entered into a
definitive agreement for a majority recapitalisation investment led
by Haveli Investments, a Texas based technology-focused private
equity firm, and Bregal Milestone, a European software private
equity firm. The recapitalisation provides a realisation for the
entire Molten investment.
Molten first invested in M-Files in
the Series A in 2013. Subject to minor
adjustments, this deal values Molten's stake at the March'24
holding value of £47.7 million and will deliver a 7.4x multiple on
invested capital.
Core Portfolio Investment
RIVERLANE
In July, quantum computing company
Riverlane, a Core Portfolio company, announced the closing of its
Series C funding round raising $75m. Riverlane is building the
Quantum Error Correction Stack ('QEC') to comprehensively control
all qubit types and correct the millions of data errors that
prevent today's generation of quantum computers from achieving
useful scale. The funding will enable Riverlane to expand
operations to meet surging global market demand for QEC technology,
with the goal of achieving one million error-free quantum computer
operations by 2026. This funding round valuation is above Molten's
March'24 holding value.
Martin Davis, Chief Executive Officer, Molten Ventures,
commented:
"With this latest realisation, we have surpassed the guidance
we gave at the time of our full year results in June,
of in the region of £100 million in realisations this financial
year. Furthermore, for this financial year we have almost reached
our through the cycle target of realisations of 10% of the Gross
Portfolio Value. The four recent realisations, of M-Files,
Graphcore, Perkbox and Endomag, at valuations at or above our
holding value evidence not only the high
quality of our portfolio and the rigour of our valuation
methodology but also the more active M&A market, which
continues to normalise after two difficult
years."
-ENDS-
Enquiries:
About Molten Ventures
Molten Ventures is a leading venture
capital firm in Europe, developing and investing in disruptive,
high growth technology companies. We inject visionary companies
with energy to help them to transform and grow. This energy comes
in many forms - capital, of course, but also knowledge, experience,
and relationships. We believe it is our role to support the
entrepreneurs who will invent the future, and that future is being
built, today, in Europe.
As at 31 March 2024, Molten Ventures
had a diverse portfolio with shareholdings in 118 companies, 20 of
which represent our Core holdings and account for 62% of the Gross
Portfolio Value. Our Core companies include Thought Machine,
Coachhub, Aiven, Ledger and Aircall. We invest across four sectors:
Enterprise Technology, Hardware and Deeptech, Consumer Technology,
and Digital Health and Wellness, with highly experienced partners
constantly looking for new opportunities in each. We look for
high-growth companies operating in new markets, with high potential
for global expansion, strong IP, powerful technology, and strong
management teams to deliver success. We also look for businesses
with the potential to generate strong margins to ensure rapid,
sustainable growth in substantial addressable markets
A member of the London Stock
Exchange's FTSE 250, Molten Ventures provides a unique opportunity
for public market investors to access these fast-growing tech
businesses, without having to commit to long term investments with
limited liquidity. Since our IPO in June 2016, we have deployed
over £1bn capital into fast growing tech companies and have
realised over £520m to 31 March 2024. For more information, go
to https://www.moltenventures.com/