14th Aug 2024 10:28
Molten Ventures PLC - London-based venture capital firm, which invests in developing high-growth digital businesses - Says its gross proceeds so far in the current financial year from Perkbox, Endomag, Graphcore and M-Files total GBP124 million, about 9% of gross portfolio value and close to its 10% cycle target. File management platform M-Files has agreed to a majority recapitalisation led by private equity firms Haveli Investments and Bregal Milestone. As part of the deal, Molten will realise its entire investment. The exit values Molten's stake at GBP47.7 million and will deliver a 7.4-times multiple on invested capital. Company also notes that portfolio firm Riverlane, a quantum computing firm, has raised USD75 million in its Series C funding round at a higher value than it was carried on Molten's books in March.
Molten's Chief Executive Officer Martin Davis says: "With this latest realisation, we have surpassed the guidance we gave at the time of our full year results in June, of in the region of GBP100 million in realisations this financial year." He adds: "The four recent realisations...evidence not only the high quality of our portfolio and the rigour of our valuation methodology but also the more active M&A market, which continues to normalise after two difficult years."
Current stock price: 381.00 pence, up 3.4% in London on Wednesday
12-month change: up 49%
By Emma Curzon, Alliance News reporter
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