Molten Ventures plc
("Molten Ventures", "Molten", the "Group" or the
"Company")
Portfolio
Update
Molten Ventures (LSE: GROW, Euronext
Dublin: GRW), a leading venture capital firm investing in and
developing high-growth digital technology businesses, notes the
announcement by Revolut on 16 August 2024 in respect of its
secondary share sale at a $45 billion valuation.
Based on the valuation implied by
the share sale, excluding any adjustments which Molten's valuation
policy may apply, the gross value of Molten's holding in Revolut
would be approximately £160m which would represent a circa £95m
uplift (before deductions) to its gross carrying value of £65m as
at 31 March 2024.
The impact on Molten's net asset
value will need to reflect deductions in respect of carried
interest, any further valuation adjustments and, for this
particular holding, corporation tax on capital gains (currently at
25%). These will be evaluated and finalised as part of Molten's
interim results to 30 September 2024.
The Company will provide a further
update at the time of its trading announcement ahead of the interim
results.
Martin Davis, Chief Executive Officer, Molten Ventures,
commented:
"Revolut has recently gone from strength to strength. It is
great to see the business able to reward its people for their
contribution to its growth, and at a valuation which provides
significant upside to our own. This shows the benefit to our
investors of the prudent approach we take to NAV and we look
forward to updating on the precise uplift in more detail when we
next report results."
-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
ExchangeÕs 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/