Molten Ventures (LSE:GROW) reported double-digit increases in both net asset value per share and gross portfolio value for the year ended 31 March 2026, supported by strong performance and funding activity across key investments including Revolut, ICEYE, Ledger, and Riverlane. The firm also advanced Modo Energy and Manna into its core portfolio, reflecting continued progression and depth within its investment pipeline.
During the period, Molten generated £120 million in cash from exits at an average return of three times invested capital. It deployed £89 million into new and follow-on investments, alongside an additional £22 million through managed EIS and VCT funds. Shareholder returns were enhanced through a £38 million buyback programme, while liquidity remained solid with access to an undrawn £60 million credit facility. The establishment of a dedicated secondaries team further strengthens the company’s ability to capitalise on opportunities within evolving European tech and capital markets.
The core portfolio delivered 40% revenue growth, with many companies well capitalised and several already profitable. This reflects resilience across major themes such as fintech, energy transition, health technology, artificial intelligence, and space. Management highlighted plans to scale operations and expand third-party co-investment structures, aiming to benefit from increasing focus on European technology sovereignty and broader institutional engagement in growth-stage investing.
Molten Ventures’ outlook is supported by positive corporate developments, including continued share buybacks and strong earnings momentum. However, some pressure remains from challenges around profitability and cash flow management. Technical indicators and valuation appear favourable, suggesting potential for further growth.
More about Molten Ventures
Molten Ventures is a London-listed venture capital firm focused on backing high-growth European technology companies. Its investment areas include enterprise software, artificial intelligence, deeptech, hardware, consumer technology, and digital health, offering public market investors exposure to a diversified portfolio of scaling private tech businesses.
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