Key Takeaways
- • Molten Ventures (LSE: GROW) expects NAV per share to rise 14% to circa 869p and Gross Portfolio Value to rise 11% to circa £1,695 million for the six months ended 30 September 2026, per its unaudited trading update.
- • Realisations generated cash proceeds of c.£109 million, primarily from Revolut (circa £71 million at a 19.0x average multiple on invested capital) and ICEYE (circa £22 million at 14.1x).
- • The first close of the Molten Ventures Growth Fund reached £175 million, including a £75 million cornerstone commitment from the British Business Bank, against a targeted final size of £350 million.
- • Molten deployed £44 million into venture and growth investments, and returned £16 million to shareholders through its buyback programme.
- • Total Group cash stood at £76 million at 30 September 2026, with an undrawn £60 million revolving credit facility.
Summary
Molten Ventures plc, a London-listed venture capital firm, reported strong unaudited trading results for the six months ended 30 September 2026 (HY27), ahead of its half-year results due on 24 November 2026. Net asset value per share is expected to be up 14% to circa 869p, compared with 760p at 31 March 2026 and 724p at 30 September 2025. Gross Portfolio Value is expected to reach circa £1,695 million, up 11% from £1,525 million at the March 2026 year-end.
Fair value uplifts across the portfolio totalled £334 million, partly offset by fair value reductions of £90 million, producing a net uplift of circa £244 million (16%) excluding foreign exchange. The company attributed growth mainly to its Core Portfolio, led by ICEYE and Revolut, and to its Fund of Funds programme.
Realisations generated cash proceeds of c.£109 million, up from £62 million in the prior-year half (HY26), equal to 7% of opening GPV. Cumulative realisations since inception are circa £900 million. Investments totalled £44 million, up from £33 million in HY26, with a direct investment in Isar Aerospace's Series D in June 2026. The company noted that Isar became the first commercial space company from Europe to successfully deliver satellites into orbit in September 2026.
On fundraising, the first close of the Molten Ventures Growth Fund, a venture and growth vehicle targeting Series B+ rounds, totalled £175 million. The British Business Bank committed £75 million as cornerstone investor against a target final size of £350 million. Molten East and dedicated Secondaries funds remain on track for first closes by the end of FY27. Chief Executive Ben Wilkinson said the fund was an important step in scaling third-party capital alongside the balance sheet.
Capital returns and liquidity remained solid: £16 million was returned via buybacks in the period, around £70 million since July 2024, and Group cash was £76 million, plus £31 million available for investment from managed EIS and VCT funds. Wilkinson also called for UK budget measures focused on growth, noting only a minor uptick in private capital investment by Mansion House Compact signatories.
Fair value uplifts across the portfolio totalled £334 million, partly offset by fair value reductions of £90 million, producing a net uplift of circa £244 million (16%) excluding foreign exchange. The company attributed growth mainly to its Core Portfolio, led by ICEYE and Revolut, and to its Fund of Funds programme.
Realisations generated cash proceeds of c.£109 million, up from £62 million in the prior-year half (HY26), equal to 7% of opening GPV. Cumulative realisations since inception are circa £900 million. Investments totalled £44 million, up from £33 million in HY26, with a direct investment in Isar Aerospace's Series D in June 2026. The company noted that Isar became the first commercial space company from Europe to successfully deliver satellites into orbit in September 2026.
On fundraising, the first close of the Molten Ventures Growth Fund, a venture and growth vehicle targeting Series B+ rounds, totalled £175 million. The British Business Bank committed £75 million as cornerstone investor against a target final size of £350 million. Molten East and dedicated Secondaries funds remain on track for first closes by the end of FY27. Chief Executive Ben Wilkinson said the fund was an important step in scaling third-party capital alongside the balance sheet.
Capital returns and liquidity remained solid: £16 million was returned via buybacks in the period, around £70 million since July 2024, and Group cash was £76 million, plus £31 million available for investment from managed EIS and VCT funds. Wilkinson also called for UK budget measures focused on growth, noting only a minor uptick in private capital investment by Mansion House Compact signatories.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.