Molten Ventures launches Irish focused fund to back high-growth tech companies

LONDON, UK: Molten Ventures plc (Molten), a leading venture capital firm investing in and developing high-growth digital technology businesses, today announces the launch of its Irish focused fund, with investment from existing Molten shareholder Ireland Strategic Investment Fund (ISIF), to back high-growth technology companies whose core activities, management and expertise are located in the Republic of Ireland.

The new fund, which has a first close of €50m, will bring additional third party capital alongside Molten’s existing investment criteria and deployment plans, thereby unlocking further capital for the Irish market. The fund has a ten-year lifespan, with future investments expected to be made over a three year period.

Molten has been active in Ireland for over 10 years and has a strong track record of investing in and supporting Irish technology companies. Current portfolio companies include Manna, Sweepr, &Open and Vaultree. Previous successful investments include Movidius and Clavis Insights. Two existing Irish portfolio investments of Molten will be transferred into the fund at their net asset value generating immediate cash proceeds of around £2.5m to Molten.

The new fund will generate both management and performance-related fees for Molten through its role as manager, bringing an additional pool of capital alongside the plc balance sheet, EIS/VCT funds and syndicated Fund of Funds programme.

Martin Davis, Chief Executive Officer of Molten Ventures, commented: “We have always been invested in the success of high-growth technology businesses in Ireland, which is a key European centre for the global technology industry. The launch of our new Irish focused fund continues our long-standing relationship with ISIF as a strategic partner and enables us to continue to back promising Irish technology companies and visionary founders inventing tomorrow. We look forward to updating you on the progress of our investments in due course.”