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Molten Ventures maintains guidance amid good momentum
2nd Feb 2022 07:33
(Sharecast News) - Technology-focussed venture capital firm Molten Ventures reported "continued momentum" in deal activity in an update on Wednesday, with £259m invested over the year-to-date, including 12 primary deals making up 41% of that capital, and 15 follow-ons making up 59%.
The FTSE 250 company, formerly known as Draper Esprit, said cash proceeds from realisations totalled £110m for the year-to-date, with "strong" revenue growth reported across its portfolio companies through 2021, which was forecast to continue for 2022.
It said it had a "healthy pipeline" of investment opportunities, both for new portfolio companies and follow-on rounds for its existing portfolio as the investee companies scaled.
The board maintained its year-end guidance for fair value growth in the region of 35%.
"This latest update demonstrates our ability to continue to invest in the most promising private companies across a range of technology segments," said chief executive officer Martin Davis.
"This is testament to the hard work of our team, while Nvidia's acquisition of Bright Computing is an example of the successful work undertaken with our portfolio companies over several years, with Bright evolving from a small team in Amsterdam to a global software company during our time supporting them."
Davis said the European technology venture market was "thriving", despite wide fluctuations in public markets, which he said demonstrated the "uncorrelated nature" of public and private markets in the space.
"Molten is well-positioned to take advantage of this disconnect and our year end guidance of fair value growth in the region of 35% remains, keeping up the strong momentum we evidenced so far this year."
At 0946 GMT, shares in Molten Ventures were up 4.85% at 822p.
The FTSE 250 company, formerly known as Draper Esprit, said cash proceeds from realisations totalled £110m for the year-to-date, with "strong" revenue growth reported across its portfolio companies through 2021, which was forecast to continue for 2022.
It said it had a "healthy pipeline" of investment opportunities, both for new portfolio companies and follow-on rounds for its existing portfolio as the investee companies scaled.
The board maintained its year-end guidance for fair value growth in the region of 35%.
"This latest update demonstrates our ability to continue to invest in the most promising private companies across a range of technology segments," said chief executive officer Martin Davis.
"This is testament to the hard work of our team, while Nvidia's acquisition of Bright Computing is an example of the successful work undertaken with our portfolio companies over several years, with Bright evolving from a small team in Amsterdam to a global software company during our time supporting them."
Davis said the European technology venture market was "thriving", despite wide fluctuations in public markets, which he said demonstrated the "uncorrelated nature" of public and private markets in the space.
"Molten is well-positioned to take advantage of this disconnect and our year end guidance of fair value growth in the region of 35% remains, keeping up the strong momentum we evidenced so far this year."
At 0946 GMT, shares in Molten Ventures were up 4.85% at 822p.