Exit and Portfolio Update

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

Exit and Portfolio Update

Molten Ventures (LSE: GROW, Euronext Dublin: GRW), a leading venture capital firm investing in and developing high-growth digital technology businesses, notes the announcement that ZOZO, Inc., which operates the leading fashion e-commerce platform in Japan, has acquired portfolio company Lyst, a leading global fashion shopping platform.

Molten first invested in Lyst’s Series A in 2012, with follow-on investments in 2014, 2015 and 2021 during its Series B, C and E funding rounds. Lyst has entered into a definitive agreement to be acquired by ZOZO, Inc. for $154 million. The transaction is expected to complete before the end of April 2025, delivering expected proceeds of c.£9 million to Molten, 7% above the last reported Net Asset Value (NAV).

In addition, the previously announced sale of Freetrade completed in the new financial year on 1 April 2025 following regulatory approval. The closing of these two transactions ensures Molten starts FY26 with good momentum and a combined c.£30 million of realisation proceeds from exits above the latest reported NAV in both Lyst and Freetrade.

Total realisation proceeds for FY25 equated to c.£135 million (excluding Freetrade as the proceeds were received in FY26). These realisations were delivered at an average Multiple on Invested Capital of 1.8x, inclusive of exits from M-Files, Endomag, Perkbox, Graphcore and a partial realisation of Revolut, the latter of which generated proceeds of c.£7 million as part of a company-led secondary transaction at a headline valuation of $45 billion, 25% above the last reported NAV.

The strong level of realisations, comfortably exceeding the original guidance provided of £100 million, has enabled the Group to complete a £15 million buyback in FY25 and to extend that programme by a further £15 million, significantly exceeding the initial guidance of a minimum of 10% of realisation proceeds being allocated toward share buybacks.

The Group will continue to review capital allocation, balancing the pipeline of new investment opportunities with the ability to drive returns to shareholders through share buyback programmes, while maintaining sufficient reserves.

Molten will release its full year trading update for the 12 months ended 31 March 2025 (FY25) on 24 April 2025, which will include an updated Gross Portfolio Value (unaudited) and commentary on recent portfolio developments.

 Ben Wilkinson, Chief Executive Officer of Molten Ventures, commented:

"We have a strong portfolio of assets and we actively manage the growth of our portfolio alongside a robust realisation process. Turning investment value to cash at the right time demonstrates our diligent portfolio management and aligns with our strategy of preserving a strong balance sheet while providing liquidity.

We’ve worked closely with the team at Lyst since 2012, helping the company evolve into a leader in fashion technology. Along with the completion of the Freetrade exit this marks a strong start to realisations in FY26, building on the positive momentum of exits at or above NAV in FY25.”

-ENDS-

 

Enquiries

Molten Ventures plc Ben Wilkinson (Chief Executive Officer) Andrew Zimmermann (Chief Financial Officer)	+44 (0)20 7931 8800 ir@molten.vc
Deutsche Numis Joint Financial Adviser and Corporate Broker Simon Willis Jamie Loughborough Iqra Amin	+44 (0)20 7260 1000
Goodbody Stockbrokers Joint Financial Adviser and Corporate Broker Don Harrington Tom Nicholson William Hall	+44 (0) 20 3841 6202
Sodali Public relations Elly Williamson Jane Glover	+44 (0)7970 246 725/ +44 (0)771 324 6126 molten@sodali.com

About Molten Ventures

 

Molten Ventures is a leading venture capital firm in Europe, developing and investing in high growth technology companies.

 

It invests across four sectors: Enterprise & SaaS; AI, Deeptech & Hardware; Consumer; and Digital Health & Wellness with highly experienced partners constantly looking for new opportunities in each.

 

Listed on the London Stock Exchange and Euronext Dublin, 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 the IPO in June 2016, Molten has deployed over £1bn capital into fast growing tech companies and has realised over £600m to 30 September 2024.

 

For more information, go to https://investors.moltenventures.com/investor-relations/plc