Portfolio Update

Molten Ventures PLC

21 August 2024

 

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:

Molten Ventures plc Martin Davis (Chief Executive Officer) Ben Wilkinson (Chief Financial Officer)	[phone] [e-mail]
Deutsche Numis Joint Financial Adviser and Corporate Broker  Simon Willis Jamie Loughborough Iqra Amin	[phone]
Goodbody Stockbrokers Joint Financial Adviser and Corporate Broker, Euronext Dublin Sponsor Don Harrington Tom Nicholson William Hall	[phone]
Sodali & Co Public relations Elly Williamson	[phone] [e-mail]

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/ 

 

END