Molten Ventures Reports Strong HY27 Growth with £109M Realisations and NAV Surge

Molten Ventures has reported a significant uptick in portfolio value and successful exits for the first half of its 2027 financial year. For fintech professionals, the 19.0x multiple achieved on its Revolut realisation signals a robust recovery in late-stage valuations and the continued viability of the European growth-stage ecosystem despite broader economic headwinds.

What was announced

Molten Ventures provided an update for the six months ended 30 September 2026, ahead of its full half-year results scheduled for 24 November 2026. The firm expects its Net Asset Value (NAV) per share to rise 14% to approximately 869p, while its Gross Portfolio Value (GPV) is projected to increase by 11% to circa £1,695 million. This growth was underpinned by a fair value uplift of £244 million, primarily driven by performance in its Core Portfolio, including ICEYE and Revolut.

Realisations reached £109 million during the period, a significant increase from the £62 million recorded in the same period the previous year. The exit from Revolut generated approximately £71 million at a 19.0x multiple on invested capital, while ICEYE contributed £22 million at a 14.1x multiple. On the investment side, Molten deployed £44 million, including participation in Isar Aerospace’s Series D round in June 2026. Isar Aerospace recently became Europe’s first commercial space company to successfully deliver satellites into orbit.

Additionally, the firm reached a £175 million first close for its Molten Ventures Growth Fund, which targets Series B+ investments. This fund marks a strategic shift toward scaling third-party capital, with the British Business Bank acting as the cornerstone investor. Total realisations for the firm since its inception have now reached approximately £900 million.

"We have made strong progress in the first half of the financial year, building on our FY26 performance, with continued growth, a strong level of realisations, and importantly ongoing momentum."

Ben Wilkinson, Chief Executive Officer of Molten Ventures

The companies involved

Molten Ventures is a London Stock Exchange-listed venture capital firm (LSE: GROW) that focuses on investing in and developing high-growth technology companies across Europe. The firm has established a significant footprint in the venture capital market, operating through a combination of balance sheet investing and managed funds, including EIS and VCT vehicles. It has recently expanded its model to include dedicated growth funds for later-stage rounds, aiming to support companies from Series B onwards.

The British Business Bank is a government-owned development bank dedicated to making finance markets work better for smaller businesses in the UK. It acts as a cornerstone investor in various venture and growth funds to stimulate private sector investment. The bank does not lend directly to businesses but works through over 150 partners in the market. Its involvement in the Molten Ventures Growth Fund as a cornerstone investor aligns with its mandate to support the UK’s most ambitious technology companies and bridge the funding gap for firms reaching the Series B+ stage, where capital requirements often outstrip domestic supply.

What FF News has reported before

FF News has extensively tracked the British Business Bank’s efforts to bolster the UK’s technology and innovation sectors. Recently, the bank made headlines for its British Business Bank Injects £180m into UK AI Ecosystem via Six Specialist Funds, backing six specialist funds to support the artificial intelligence ecosystem. The bank has also focused on resource resilience, with the British Business Bank Commits £3m to TSP Ventures for UK Resource Resilience, and has addressed critical finance gaps through its regional funds, where the British Business Bank Regional Funds Bridge Critical Finance Gap for 81% of Backed Firms. Additionally, the bank has supported the housing sector by reporting that the British Business Bank Boosts Shawbrook ENABLE Build Facility to £350m for UK Housebuilders. These actions reflect a broader strategy of targeted capital deployment that mirrors Molten’s own recent fund-raising efforts.

What this means

The 19.0x multiple on the Revolut realisation is a powerful signal that the "valuation winter" for European fintech may be thawing. While many venture capital firms have struggled with liquidity over the last 24 months, Molten’s ability to return £109 million in cash proceeds suggests that high-quality assets are still finding exit paths, even if the IPO window remains narrow. However, the reliance on third-party capital through the new Growth Fund highlights a shift in the VC model; balance sheet investing alone is no longer sufficient to support the capital-intensive Series B+ stages. The industry now faces a test of whether Mansion House Compact signatories will follow the British Business Bank’s lead in committing serious capital to private markets.