Molten Ventures gross portfolio value rises to £1.5bn on wave of new investment opportunities

Molten Ventures shares decreased 5.5% to 450p in early morning trading on Monday, following a gross portfolio value rise to £1.5 billion in FY 2022 against £984 million in the previous year.

The tech investment company saw a 37% gross portfolio fair value growth compared to 51% the year before, alongside £311 million in cash invested in the year and an extra £45 million from EIS/VCT funds compared to £128 million from plc and £34 million from EIS/VCT funds in FY 2021.

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The growth was attributed to a higher level of follow-up opportunities in its existing portfolio, leading to consistent rounds in new primary investment opportunities and the continued expansion of its scalable platform.

The company also committed to 22 new seed funds through its Fund of Funds programme, which brought its overall seed portfolio to 57 funds.

Molten Ventures reported a NAV per share of 937p from 743p, and £78 million in plc cash against £161 million year-on-year.

The group announced a post-tax profit growth to £301 million compared to £267 million, with cash proceeds from realisations of £126 million from £206 million the last year, linked to its sale of shares in Trustpilot and UiPath, alongside its exits from SportPursuit, Premfina, Conversocial and Bright Computing, and amounts which were released from escrow related to previously announced disposals.

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Molten Ventures noted £108 million in net funds raised over 2022 against £107 million in 2021, and that its operating costs remained at less than 1% of year-end NAV.

“This year, we made huge progress across the business from both an operational and financial perspective,” said Molten Ventures CEO Martin Davis.

“Our job is not only to identify the best opportunities but to do everything we can to support the growth of the companies in our portfolio, and ensure they have all the tools they need to realise their full potential. Molten is better positioned than ever to take advantage of investing in these sought-after assets right the way through their lifecycle from seed to exit.”

“Despite recent volatility in world markets caused in part by the tragic events in Ukraine, VC remains resilient, and the European technology market continues to be an area of growth. We have successfully navigated several market cycles and our adaptable and scalable business model, combined with the significant progress made this year, puts us in an advantaged position within the current market context.”

Molten Ventures declined to distribute a dividend for FY 2022 in its financial results.

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