Molten Ventures Regulatory News (GROW)

14 March 2023

Molten Ventures plc

("Molten", the "Group" or the "Company")

Update regarding Silicon Valley Bank

Molten Ventures plc (LSE: GROW, Euronext Dublin: GRW), a leading venture capital firm investing in and developing high growth digital technology businesses, provides the following update with regard to Silicon Valley Bank (“SVB”) and Silicon Valley Bank UK (“SVB UK”).

SVB UK is one of two banks, the other being J.P. Morgan Chase Bank, N.A. ("JPM"), that provide Molten’s current RCF (which is undrawn) of up to £60 million and a £90 million term loan (the “Facilities”). SVB UK provides 40% of the Facilities and JPM 60%.

Following the acquisition by HSBC of SVB UK, the Facilities will continue to be available to Molten. Furthermore, Molten has a strong cash position, with gross cash balances currently in excess of £30 million of which less than £1 million is currently deposited with SVB UK.

As regards to Molten’s portfolio companies, the recent positive developments means that it does not anticipate any meaningful liquidity impact from the failure of SVB or SVB UK. The great majority of Molten’s core companies were already well diversified in terms of banking relationships and counterparty risk. Molten has worked closely with its portfolio companies to further improve the position over recent days. 

-ENDS-

Enquiries:

About Molten Ventures

Molten Ventures is a leading venture capital firm in Europe, developing and investing in disruptive, high growth technology companies. We inject visionary companies with energy to help them to transform and grow. This energy comes in many forms - capital, of course, but also knowledge, experience, and relationships. We believe it is our role to support the entrepreneurs who will invent the future, and that future is being built, today, in Europe.

As at 30 September 2022, Molten Ventures had a diverse portfolio with shareholdings in 78 companies, 21 of which represent our Core holdings and account for 64% of the Gross Portfolio Value. Our Core companies include Aiven, Thought Machine, Coachhub, Graphcore, and Ledger. We invest across four sectors: Enterprise Technology, Hardware and Deeptech, Consumer Technology, and Digital Health and Wellness, with highly experienced partners constantly looking for new opportunities in each. We look for high-growth companies operating in new markets, with high potential for global expansion, strong IP, powerful technology, and strong management teams to deliver success. We also look for businesses with the potential to generate strong margins to ensure rapid, sustainable growth in substantial addressable markets.

Molten Ventures provides a unique opportunity for public market investors to access these fast-growing tech businesses, without having to commit to long term investments with limited liquidity. Since our IPO in June 2016, we have deployed over £970m capital into fast growing tech companies and have realised over £450m to 30 September 2022.