Molten Ventures (GROW) Investor Update summary

Investment strategy and platform

• Focuses on Series A and B investments across Europe, leveraging a listed evergreen balance sheet for long-term value creation.

• Active management includes board participation and leveraging a broad network for portfolio companies.

• Invests directly, in secondaries, and through seed funds, covering a wide range of technology subsectors including fintech, AI, cloud, cybersecurity, digital health, and climate tech.

Portfolio composition and risk management

• Portfolio consists of around 100 companies with diverse vintages, subsectors, and maturity stages.

• Risk is managed through selective deal triage, board oversight, and varied capital structures including preference shares for downside protection.

• Pools capital from multiple sources (PLC, EIS, VCT) into the same deals, ensuring consistent quality.

Performance and returns

• Targets 20% annual returns through the cycle and has outperformed this over the past nine years.

• Delivered £135 million in returns last year and an additional £60 million in the current year, all at or above holding value.

• Underlying portfolio has grown to £1.4 billion, with AUM exceeding £1.6 billion when including managed funds.