Molten Ventures (formerly Draper Esprit, rebranded Nov 2021) is Europe's leading listed VC on LSE (FTSE 250, ticker: GROW). Founded 2006; c.£1.4bn gross portfolio value, £89m liquid cash (Mar 2025). Portfolio: 17 core holdings + 79 seed fund LPs. Track record: Revolut (£157m valuation, 1.5x Freetrade exit), Trustpilot, Graphcore, M-Files (7.4x exit), Wise, Endomag. 53 staff. £135m realizations FY25; 6 exits Q1 FY26. Differentiator: disciplined exit prep (Artis partnership), evergreen capital, actively managed, ESG focus (10% staff bonus).
Investment Focus
Investment Thesis
Series A to growth stage, £2-25m checks. Focus: Enterprise SaaS, Consumer Tech, AI/Deeptech (incl. ClimateAI, SpaceTech, Fintech), Digital Health. Europe-wide, primarily UK/Dublin offices. 4 core pillars: Enterprise & SaaS (53% portfolio); AI, Deeptech & Hardware; Consumer Technology; Digital Health. Disciplined exits (7.4x M-Files, 3.9x Endomag); 1.8x avg. MOIC FY25. Evergreen capital model (LSE listed); fund-of-funds pipeline (79 seed funds, £133m committed). Avoids: early-stage seed (via separate vehicles). Unique: hands-on portfolio development, leadership hiring support, ecosystem partnerships.
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