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(Alliance News) - Molten Ventures PLC said on Thursday it syndicated a portion of its Fund of Funds programme to Castle Investments, the private family office investment vehicle of entrepreneur Tommy Kelly.
The London-based venture capital firm said Castlegate is to commit EUR30 million to Fund of Funds, of which half will be used to acquire a proportion of Molten's existing seed portfolio. The other half will be for future Fund of Funds commitments.
Funds of Funds is a venture capital programme which backs early-stage fund managers. Molten has invested GBP72 million since the programme's inception to 67 early stage venture capital firms across Europe as of September 30, including Seedcamp, Partech, Seaya Ventures and Earlybird Digital East. The portfolio includes over 1,500 companies.
Molten Ventures said it will pursue further syndication of Fund of Funds.
Syndications will offer other investors access "to the most innovative seed fund managers across Europe", Molten said.
Shares in Molten Ventures were up 2.6% to 436.20 pence in London on Thursday morning.
By Greg Rosenvinge; gregrosenvinge@alliancenews.com
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