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Molten Ventures acquires £7m stake in Seedcamp fund

Molten Ventures Seedcamp
Molten Ventures CEO Martin Davis. Image credit: Molten Ventures

London-based VC firm Molten Ventures has acquired a secondary position, worth €8.5m (£7.3m), in a Seedcamp investment fund.

Molten Ventures acquired approximately 19% of Seedcamp’s Fund III, which launched in 2014 with $30m.

The vintage fund contains a handful of now-prominent tech firms, including Revolut, Curve, Wefox and Pleo.

The group said it does not plan on providing additional funding for the underlying portfolio companies. The move is part of Molten Ventures’ strategy to access “secondary investments at attractive valuations”.

Molten Ventures has previously acquired secondary positions in Seedcamp Funds I and II, as well as Earlybird’s DWES Fund IV and Digital East Fund I.

Companies currently in the Molten Ventures portfolio include BeZero Carbon, Thought Machine and Ledger.

It also includes Bristol-based chip company Graphcore, which is reportedly exploring a sale into foreign ownership.

“As we observed when launching our fundraising late last year, the current macroeconomic conditions are an opportunity for Molten Ventures, and we’re pleased to have been able to act quickly to identify and invest in this portfolio of high-quality, later-stage assets,” said Molten Ventures CEO Martin Davis.

“We are also pleased to further deepen our relationship with Seedcamp through this transaction.”

Earlier this month, Molten Ventures provided capital for the launch of Episode 1 Ventures’ third investment fund, worth £76m.