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Cash is King

Molten Ventures has recently faced pressure on tech valuations and muted deal activity from macroeconomic headwinds. That said, management reflected the lower public multiples in Molten’s H123 valuations, with greater stabilisation occurring in H223 (gross portfolio value was down 19% excluding FX in FY23 but only 2% in H223). Molten now offers exposure to a curated portfolio of 70+ assets at a significant discount to NAV. Management remains confident the portfolio is well funded, with 80% of the Core portfolio having a cash runway of more than 18 months on current projections and expects weighted average top-line growth of over 65% in 2023 across the Core portfolio. Therefore, it still assumes a limited £20m funding requirement across the portfolio in FY24.

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