Molten Ventures - Initial signs of stabilisation in H223
Molten Ventures released its FY23 trading update (to end-March 2023), with its NAV per share down c 17% in FY23 to c 775p. That said, it posted only a minor 2% decline in its gross portfolio fair value in H223 (excluding foreign exchange impact), which indicates some stabilisation after the 17% decline in H123. Molten’s ‘Core’ portfolio (c 62% of total portfolio) saw a robust 40% value-weighted revenue growth in the calendar year to end-December 2022 (though below the expected 60-65%, partly due to greater focus on cash preservation). The company expects continued high top-line growth of its ‘Core’ holdings in 2023 at over 65%. Management highlighted that its ‘Core’ holdings remain well funded, with over 80% of them having a cash runway of more than 18 months.Draper Esprit is a venture capital firm. Co. is engaged in developing and investing in technology companies across Europe. Co. utilizes three pools of capital to invest in companies: its balance sheet; tax-efficient investing in Enterprise Investment Scheme/Venture Capital Trust; and secondary funds backed by institutional capital focused on this space. Co. is focused on entrepreneurs across four primary sectors: Consumer Technology, Enterprise Technology, Hardware and Electronics, and Digital Health and Wellness. Co. also acquires venture capital portfolios through its division, Draper Esprit Secondaries.
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