Molten Ventures recent exits total £124m, nears FY target

14th Aug 2024 07:21

(Sharecast News) - Venture capital firm Molten Ventures said on Wednesday that recent exits had totalled £124.0m, meaning the group has now almost reached its annual target.

Molten Ventures said it had successfully exited its investment in M-Files via a majority recapitalisation investment, adding the business to its list of exits in 2024, along with Perkbox, Endomag and Graphcore.

The London-listed group added that portfolio company Riverlane's Series C round had successfully raised $75.0m and said that, along with other portfolio developments, continued to underpin Molten's valuation process and net asset values.

Chief executive Martin Davis said: "With this latest realisation, we have surpassed the guidance we gave at the time of our full year results in June, of in the region of £100.0m in realisations this financial year. Furthermore, for this financial year we have almost reached our through-the-cycle target of realisations of 10% of the gross portfolio value.

"The four recent realisations, of M-Files, Graphcore, Perkbox and Endomag, at valuations at or above our holding value evidence not only the high quality of our portfolio and the rigour of our valuation methodology but also the more active M&A market, which continues to normalise after two difficult years."

As of 1010 BST, Molten Ventures shares were up 3.91% at 382.90p.

Reporting by Iain Gilbert at Sharecast.com