Secondary acquisition of Connect Ventures' First Fund

Molten Ventures plc
("Molten", the "Group" or the "Company")

Secondary acquisition of Connect Ventures’ First Fund

Molten Ventures plc (LSE: GROW, Euronext Dublin: GRW), a leading venture capital firm investing in and developing high growth digital technology businesses, is pleased to announce the acquisition of a majority secondary position in the first fund of Connect Ventures.

The Group has acquired approximately 97% of the Fund for c.£18.6m. Connect Ventures Fund I is a 2012 Vintage Fund containing a portfolio of eight minority positions in businesses across Europe. Of these eight assets, c.85% of the value is driven by Typeform, a platform for forms and surveys, and Soldo, a payment and spend automation platform.

The acquisition is in line with the Group’s previously communicated strategy to access exceptional secondary investments at attractive relative valuations. The Group does not envisage any further funding to be necessary for the underlying portfolio companies.

Molten has previously acquired secondary positions in Seedcamp Funds I, II & III, Earlybird DWES Funds IV and Earlybird Digital East Fund I. Molten’s secondary strategy leverages its network in the venture capital market to provide liquidity to later life funds, with a focus on acquiring portfolios of high-quality assets with nearer term realisation opportunities. To date the Molten secondary strategy has in aggregate delivered 2.5x returns (multiple on invested capital).

Martin Davis, Chief Executive Officer, Molten Ventures, commented:

“This latest secondary acquisition is a testament to the strength of our network, with existing Connect Ventures funds already part of our Fund of Funds programme. Following a series of strong realisations combined with our available resources, Molten is well-positioned to take advantage of these opportunities.”

Pietro Bezza, Managing Partner at Connect Ventures, commented:

"As seed fund managers, creating early liquidity opportunities for our LPs is crucial. In today's M&A and IPO environment, secondary transactions provide an excellent avenue for LPs to realise gains. We are delighted to welcome Molten to Fund I, further strengthening our partnership.”

 

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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 Exchange’s 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/