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Molten Ventures
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== Company overview == '''Investing in Europe’s leading tech companies''' Molten Ventures is a VC company dual-listed on the main market of the London Stock Exchange (FTSE 250) and on Euronext Dublin, with c 50 employees based in offices in London and Dublin. Founded in 2006 as Esprit Capital, the company was renamed Draper Esprit in 2015, after joining the Draper Venture Network (an international alliance of VC firms) before becoming the first European VC firm to list in 2016. Management then changed the firm’s name to Molten Ventures in November 2021, in recognition of the firm’s growth, its evolution and inclusion in the FTSE 250. Molten’s core focus is on Series A+ funding for leading European start-ups from its own balance sheet, with the majority of capital targeted at later-stage rounds. However, the group also comprises other technology investment vehicles, including tax-advantaged EIS and VCT funds, as well as a strategic partnership with Earlybird Digital, a seed and Series A investor based in Germany. From the thousands of companies the investment team meets each year, it only invests in c 15–30, including follow-on investments, which it believes have the potential to become market leaders. Molten Ventures sources investment opportunities through three principal channels: * directly through the group’s market presence and established reputation; * through its membership of the international Draper Venture Network; and * via its seed funds and through its strategic partnership with Earlybird Digital. Together, these channels deliver a strong pipeline of deals to ensure Molten Ventures has a market-wide view of the European technology investment landscape. '''Targeting high-growth global leaders''' Molten Ventures invests in high-growth companies with global ambitions and has built a direct investment portfolio of c 72 companies across four technology segments: * Consumer technology: new consumer-facing products, innovative business models and proven execution capabilities that bring exceptional capabilities enabled by technology. * Enterprise technology: the software infrastructure, applications and services that make enterprises more productive, cost-efficient and smoother to run. * Hardware and deeptech: the deeper technologies that will spark advances in computing, consumer electronics and other industries. * Digital health and wellness: using digital and genomic technologies to create new products and services for the health and wellness market. At the end of H122, Molten’s core portfolio was weighted towards enterprise technology (39% of the core portfolio by value) and hardware and deeptech (29% by value), with consumer (27% by value) and digital health and wellness representing the remaining 5% (Exhibit 5). Although Molten’s investments all fall within the broader technology sector, these four segments still provide a degree of diversification across the economic cycle, with Molten able to commit capital to segments with lower valuations, while simultaneously realising late-stage investments in segments where demand and valuations are higher. '''Molten’s investment approach more UK than US''' Molten’s investment approach is more entrepreneur-friendly than the typical US VC model, which sifts potential winners from losers and aggressively cuts underperforming investments. Molten prioritises using resources on its more successful investments, but still devotes time and effort towards its lower-performing companies to help them achieve exits where possible and release value back to Molten’s portfolio. As a rule of thumb, Molten’s management expects 30% of its investments to deliver strong returns, 60% to deliver returns of 0.5–2.0x money invested and only 10% to be write-offs.
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