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Value of Molten Ventures tech portfolio drops nearly £200m

Molten Ventures portfolio, which includes Revolut, drops in value
Image credit: Ascannio / Shutterstock.com

The value of VC firm Molten Ventures’ holdings, which includes notable tech companies such as Revolut and Graphcore, has dropped by almost £200m in a sign of a challenging market.

London-based Molten Ventures said in a trading update that the gross value of its tech portfolio had dropped from £1.53bn last year to £1.37bn at the end of March.

As one of the larger tech VCs in the country, Molten Ventures’ portfolio contains some of the UK’s most notable startups, scaleups and industry players. Other portfolio companies include Thought Machine, Cervest and Crowdcube.

The London-listed firm’s tech portfolio’s value drop reflects a wider tech downturn for the UK and globally as valuations are scaled back.

Despite the drop in value, Molten Ventures said its key asset firms are “well funded” and it remains confident about weathering the economic storm.

“While economic uncertainties persist, we are beginning to see signs of stabilisation,” said Molten Ventures chief executive Martin Davis.

“Molten is well positioned to manage through a recovery and capitalise on any opportunities presented and in doing so deliver for shareholders.”

Molten Ventures portfolio company Revolut recently had its valuation from key investor Schroders cut by almost half from $33bn to $17.7bn.

Schroders said its decision was based on a desire to act “with caution given the challenging market backdrop”.

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