Business
Launch of Irish Focused Fund
Launch of Irish Focused Fund.
About this update from Molten Ventures Plc
[{"type":"text","content":"\n \n \n \n\n\t\n\t\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMolten Ventures Plc (GROW; GRW)\n\n\n\n\n\n\nLaunch of Irish Focused Fund 28-Jul-2023 / 07:00 GMT/BST\n\n\n28th July 2023\n\n \n\nMolten Ventures plc\n\n(\"Molten\", the \"Group\" or the \"Company\")\n\nLaunch of Irish Focused Fund \n\nMolten Ventures plc (LSE: GROW, Euronext Dublin: GRW), 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. \n\n \n\nThis builds on Molten’s existing presence and strength in Ireland, where it has been active for over 10 years and where current portfolio companies Manna, Sweepr, &Open and Vaultree are based. Previous successful investments in Ireland include Movidius and Clavis Insights. The fund brings additional third party capital alongside Molten’s existing investment criteria and deployment plans, thereby unlocking further capital for the Irish market.\n\n \n\nThe first close of the new fund is €50m with the scope for this to increase with participation from an additional syndicated partner. Molten’s commitment as a 55.5% LP is €27.75m, with ISIF committing the remaining €22.25m. 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 fund has a ten-year lifespan, with future investments expected to be made over a three year period subject to the existing Molten investment criteria. \n\n \n\nIn line with the Group’s stated strategy to build out third-party managed funds, 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. \n\n \n\nMartin Davis, Chief Executive Officer of Molten Ventures, commented:\n\n“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...