London-based venture capital firm Molten Ventures has reached the first close of its new Growth Fund at £175 million, including a £75 million cornerstone commitment from the British Business Bank. Molten Ventures contributed the remaining £100 million and plans to raise additional capital toward a £350 million target for the fund.
- The Growth Fund will focus on Series B and later-stage investments in high-growth technology companies across the UK and Europe. It will invest in sectors including AI, space, fintech, quantum, deeptech, and hardware.
- The fund builds on Molten’s existing growth investment strategy. Over the past decade, the firm has completed more than 40 growth deals and invested over £700 million in companies at the Series B stage and beyond.
- According to Molten, the new vehicle is designed to address the shortage of growth capital available to European technology companies as they move from early-stage development toward international expansion. The fund will allow the firm to make larger investments and take meaningful ownership positions in companies it backs.
- The British Business Bank’s commitment builds on a relationship that dates back to 2018, when the institution became an investor in Molten’s listed platform. The two have also co-invested in UK technology companies including SatVu, IMU Biosciences, Thought Machine, and Paragraf.
- The new fund is part of Molten’s broader strategy to increase the amount of third-party capital it manages alongside its listed investment platform. The firm has also recently established a dedicated secondaries investment team.
- Molten Ventures currently manages more than £2 billion in assets and has deployed over £1 billion since 2016.
