Molten Ventures (LSE:GROW) — Molten Ventures and Digital Health

0:01 Good morning, ladies and gentlemen, and welcome to the MOLTEN VENTURES and DIGITAL HEALTH PRESENTATION. Throughout this recorded presentation, investors will be in listen only mode. Before we begin, I would just like to submit the following poll, which will appear on your screens now. And I would now like to hand you over to CEO, Martin Davis. Martin, good morning, sir. Good morning, Jake, and and good morning, everyone. And thank you very much for joining us. And I think for those who've been on a number of these webcasts, you'll be aware that our intention is very much to try to bring retail

0:32 investors both closer to the company, but also closer to some of the really exciting companies that we invest in and to understand a little bit more about our portfolio. So I'm absolutely delighted today to be able to to kick off this this webcast. I'll say a few words about MOLTEN, but really what we're what you're here to hear about is some of our exciting companies and also one of our really important verticals, which is digital health. So I'm very pleased to be joined with Inge Deacon who leads our digital health team and also with Audrey Tang from one of our super exciting portfolio companies, CLURES, and also Javier Suarez from Oliver. So really good, I think, really good mix of the types of companies we invest in and an opportunity to learn a little bit more about one of the important verticals, that we have in the digital health space.

1:20 But just before we start, I'd like to say a few words for those who are not familiar how, I don't know how familiar people are with with MOLTEN. I'm not gonna go through an awful a great deal. Generally, most of the people who sign up to these, listen to our our our podcast when we talk about the business, particularly our our annual results, etcetera. But as you'll be aware, we've been very busy as a business. This is a very exciting time for venture. It's a very exciting time for for innovation and for technology and for those for ourselves and those investing in these exciting companies. And you'll be aware that we announced the acquisition of Forward Partners last week and also the equity raise. And I think this demonstrates our our our determination to make sure that we are able to support the best companies and to enable the best companies to to grow and to be properly funded as they grow through, their rapid growth, stages.

2:12 I won't talk about the model much, but what I would like to just say very quickly on the on the right hand side of the slide there, you can see a little bit about, where we operate within the venture capital cycle. And I think this is something quite important and quite unique about us because we we we we don't do seed investing, although we obviously are able to access the best seed fund companies through our seed funder funds program. 74 of the best seed funds across Europe, about 1,900 of the best seed funded businesses. And that gives us the ability to to get access into early deal flow, early visibility around some of the most exciting, companies coming out of the seed ecosystem. But really where we focus is in the early in growth stage, and that's where these companies start to accelerate very rapidly, and they need capital, and they need energy, they need support as they grow. And that's really what we've been doing for twenty five years in helping companies

3:07 through this really, really important stage of their growth. And in the earlier stages of that, we have our series a through, ESVCT, and then into series b plus where we traditionally invest at the PLC. If you're asking where does forward partners fit in, they sit in the slightly earlier stage. So it's very complementary to where to where we operate, and and they give us a nice bridge between the the the seed fund of funds, those seed funded businesses, and once they get into this kind of series a plus deals, that that that middle area, which is very important for growth and one that we think is is increasingly important area for us to focus on. And and the forward partners capability and portfolio sits in that space and complements us quite nicely. So so we're very excited about about where we are as we come through a very difficult year for the for for for for tech and for the markets and for our sector, but we look forward with positivity to next year, mainly because of the super exciting sectors we're in and the really exciting companies that we are are lucky enough to be able to invest and to help to grow. So really, think that's all I'll say about our our our business and move on to the guts of the matter, which is the digital health here at MOLTEN, and I'll hand over to Inge to take us through our strategy and to introduce the team.

4:31 Thank you, Martin, and thank you for the opportunity to talk with you all today. As Martin mentioned, I'm leading on health and life science in the investment team. My background is a PhD in neuroscience, and I've spent the last twelve years building, investing, and growing health and life sciences companies as an investor and operator. I'm gonna talk about our perspective on opportunities to invest in innovation in health and life sciences, starting with our view on health as a category and then describe how we broadly group companies in this area within our portfolio. So investing in health has some kind of unique factors to consider. We often think about health with the three p's of patients, providers, and payers, which is to remind us that each of these stakeholders interacts and maybe has their own motivations and budgets.

5:22 And if you have a new innovation to help patients, for example, you have to consider the impact on providers and payers. So in that respect, health care product is not often or not always as simple as a business to customer or patient provider relationship. You have to understand the market carefully before making investment in this space. And our view is ultimately that health innovation is all about patients who are people and who are individuals, whether they're under the care of a health care professional or not. And there's a lot of good reasons for that, and we'll we'll go into that a little bit here. I'm sure that everyone is aware of these trends, but we keep coming back to them to reflect and frame the problem and opportunities in health care at a macro level.

6:12 So first, we are a globally aging population. So the graph on the left here shows the percentage of population 60 years old, which is increasing in all geographies. Second, we're an overweight population. Recent data from the UK government shows almost three quarters of the mid to late adult population is overweight or obese, and we're also inactive. So thirdly, here you see the percentage of adults who do not meet the minimum recommended baseline activity targets in The UK, which is greater than forty percent in most areas. So we know these things, but we have to keep reflecting on them. What's the impact? This graph, I think, is particularly important.

7:00 This came over a decade ago, so you can imagine that it's changed even in the last decade. But it shows what we all know anecdotally from our older families and friends. Older people accumulate multiple health conditions over time. And this research showed that over fifty percent of people over 75 years old have three or more conditions. So whether they be hypertension, diabetes, or other conditions, we have to think about these patients, therefore, much more holistically. They're often with a high level of multimorbidity, so multi multiple conditions at the same time and things that you live with over a period of time. And at that age, ninety percent of people are dealing with at least one health condition. And we often think of those health care innovations within those three p's at the point of getting a diagnosis, you have a treatment, you recover, which is a huge obviously, a huge part of health care. But the reality is there's an increasing population who are living longer, a great greater population with long term conditions, multiple conditions that go in and out of health care, settings. So how can we support this much broader group within health? And eventually, we're all on some sort of health care journey, at various different stages of our life.

8:23 So the knock on effect, which we know super well and has been exacerbated by COVID, is these increasing health care costs, which is shown here on the right. This is some WHO data. And this is increasingly unsustainable. We all know that from the from the news. This graph shows the per capita spend as a percentage of GDP over the last two decades. And note that this stops in 2020. So, of course, it's gone up since COVID. So, really, our spend can't keep up with the challenges we have in health care. So, frankly, I think we're desperate for health care innovation across the ecosystem of health care, and beyond. So how do we think about bringing innovation into this broad ecosystem in health?

9:10 The, the Health Institute for Healthcare Improvement started with a triple aim, then it's now expanded to a quintuple aim, which also gives you a snapshot into the complexity of health care. And you can see here then the top left that improving population health, which is what we probably think of with health innovations, you know, making people healthier, is just one of these aims. We need to think about all these other factors. So reducing the cost of health care as we've just discussed, enhancing the patient experience, and that falls back to the previous conversation around multiple conditions coming in and out of a health care setting. You know, just managing your life is all to do with health, and I'm sure Javier will talk a bit about that from a mental health perspective also.

10:00 So patient experience is super important. Improving provider satisfaction. And, honestly, satisfaction sounds like a nice thing to have. In reality, a lot of this is actually reducing burnout. And we know across health care professionals in all different specialties, there's a very high level of burnout. So what can we do to use to make their their jobs more efficient, to improve their output, and help them help more patients? And increasing equity. So this is the fifth one, the more recent relevant in geographies without universal health care, but we also see that with some geographic differences or socioeconomic differences in the ability to access and afford health care. So whenever we look at anything touching health, we think about these quintuple aim and see how the different stakeholders will interact and how the innovation can promote one of these aims. I think it's important that we have this holistic view of health and use the guiding principle that the patient or the individual is essential to health care innovation.

11:09 And if you can empower those individuals or patients to take control of their health, we can have a massive impact on all of these different aims. And you'll see that today with the two example companies who are gonna talk to us shortly.

11:22 So as we've talked, in previous sessions, like Martin, mentioned, for example, on AI, the opportunity for digital tools in health is massive and increasing as the availability of data and integration of software in the various health care processes increases. And this is a graph from Rock Health, which was the first digital health accelerator program for startups, in The US. They started about a decade ago, which is pretty much the time frame for the term digital health or software tools in health care. And you can show here that this convergence of digital tools in health care has grown a lot in the last decade. This is showing VC investment. And like all VC backed sectors, we saw a spike in '21.

12:13 But the health care sector is typically quite resilient, and we've seen a good volume of investments continue through in 2022 and the first three quarters of twenty three. There's also data that exist for European health care, digital health companies, and rates of investment, which mirrors quite closely this pattern that we've seen of a growth over the last decade. And interestingly, when we dig into that data in Europe, we could see that the contraction post 2021 is largely in some of the later stage rounds. So, actually, series a and seed where we're principally playing and investing is relatively consistent over the last couple of years because probably these those innovations continue to emerge at the early stage. So as Martin mentioned, we're still actively investing, heavily in this space.

13:03 So just one thing to to mention, you know, we have been investing in this space for for a while and since the start of these trends. So my first investment in a telehealth company was in ISO, which was 2013 at the early end of this graph, and we brought MOLTEN in as a co investor, in 2016. So we've learned quite a lot from how telehealth's been adopted within health care systems in that example. And we've also learned quite a lot from other sectors, and this is one of the benefits of being within a diverse fund. So topics around data privacy, security, use of AI, we're talking about this in all sectors, and particularly, the data piece is super important within the the health, digital health vertical. So as a team, you know, we learn within the sector, but also across sectors, across our portfolio companies.

13:53 So I just wanted to to close with a quick snapshot of our portfolio, some of the companies that are currently within the digital health group. We all hear today from Clue and Oliver who sit here in the health group. And, again, these are companies who are striving to serve individuals and not patients per se necessarily. They've got a high consumer grade level of experience at the core, and serve employers, health care providers. And the great examples of these intersections of those aims and and things we need to do to improve health care. In the so you can see here in that category that includes various stakeholders, regulated products, as well as infrastructure technology, software tools.

14:40 The next group, medical devices, is to show that we also will invest in hardware companies. So good example here is EndoMag. That is a breast cancer, surgery guidance tool, which is in market with several million revenue, and growing growing quickly. We tend to invest in those hardware tools slightly closer to commercialization where we see a lot of this cross pollination of experience in commercialization, across sectors. And another is Actia. I just like to take a moment to describe this company as it's an interesting intersection. So this is a company targeting hypertension. And, again, in that graph of multimorbidity conditions, hypertension is one of the most prevalent.

15:25 It affects one point four billion people globally, leading to about eighteen million deaths per year and is the leading cause of heart attack and stroke. That costs about $370,000,000,000 a year as the most costly chronic disease because of this terrifically bad sequelae. Despite the cheap, widely available cuffs and medications that are known to work, hypertension control rates have declined twenty five percent in the last decade. So in contrast to the inflatable cuff on your arm, which we're all familiar with, the Axia product includes a wristband, which can take continuous data measurement of your blood pressure with several 100 measurements per week as opposed to every now and again that you get the cuff out. The individuals can share their data with their physician and track over time blood pressure.

16:15 And this company emerged from Switzerland and a top research institute based on the signal processing technology required to make this possible. We led the series a round. The product is CE marked and now available to buy directly by consumers, individuals, patients, whatever you call them. They've sold tens of thousands of devices across Europe and really empowering people to learn more about their blood pressure and engage in their health. This is a company that's just about to open a crowd cube campaign. This is another one of our portfolio companies, which offers an individuals a chance to invest directly into these innovative companies too. So I wanted to flag that one today. It's a great example of this engaging with health and long term conditions, and individuals with a direct route to consumers as well as an intersection with health care providers.

17:09 So the other two groups, just to quickly touch on, are more in the life sciences space. We don't invest in drug development companies directly, classic biotech investments, but we will invest in many adjacent areas. So within life sciences tools or tech bio companies, for example, we have Evenetics, which is a Cambridge UK company building a DNA synthesis machine. So this is used in academic and commercial r and d labs and also in manufacturing. Again, hardware, but within a really important digital component.

17:43 And also companies, selling to pharma companies. So, again, not the drug asset, but the discovery and development tools, that could help get the companies through drug development and throughout into the market. So we have a announcement which we will announce short we have a company we will announce shortly, which is doing biological profiling of samples and then interrogating that data with AI

18:07 machine learning. And this convergence of biology and increasing availability of data in biology and AI is certainly a particular area of interest. Maybe we can discuss another time. So, hopefully, this snapshot gives you a quick overview of some of the companies within our our broad digital health space, also the philosophy of how we think about health in the broadest sense. And we're really delighted to have with us today two of our portfolio companies, CLURE and Oliver, who I think, as I said, really exemplify some of this thinking, and our thesis in this space. So I'd love to hand over now to to Audrey to tell us a bit more about Thank you. Thank you, Inge.

18:53 I love so much of what you said, and I'm excited to tell you all about CLURE and and and really how we are doing things like improving population health, the patient experience, as well as fundamentally fundamentally changing the equation on health equity. So CLURE, we we're all about reproductive health tech for everyone, and we are a pioneering menstrual and reproductive health platform supporting people from in their entire journey from someone's first period to menopause. And as one of the first data and science driven period trackers on the market, 10,000,000 people globally trust CLURES every month to help them understand their body and have agency over their health. And this is in a world where the gender health gap really still leaves half the world's population insufficiently supported.

19:45 So, Clu, there are a few screenshots here that I wanted to to show just to give you a sense because I think a lot of a lot of what we understand when we talk about women's health or reproductive health is is invisible. It it includes being a patient, but it also includes what it is to live with female biology. And so what CLURE does is it gives you the ability to quantify and visualize your cycle by by tracking and through data. And when you can observe and track what's happening in your body, you can make sense of it and ultimately do something about it. You can have actionable advice or insights or or recommendations. And so put another way, tracking leads to data. Data leads to insight. Insight leads to agency, and agency is honestly the key to health and well-being.

20:34 So let's see. We have 10,000,000 monthly active users all over the world in literally all 190 plus countries. We have a we are loved and trusted by this user community. We have a 4.8 star rating across I think the most impressive part is it's, like, over two and a half million reviews where this is the case. And we also produce science based, data based health content that people can trust in our website that has about 4,000,000 monthly web readers. As I mentioned, we support people from first period to menopause, and, we do this, through a couple of different, what we call, modes in the app. And so, fundamentally, people are tracking, and they're getting insights on their health. And this starts with period tracking.

21:23 While, that many of those 10,000,000 users are kind of a freemium funnel that come through fundamentally wanting to understand, well, when's my next period and what are some of the patterns that I might notice? They can get that, and they can also get advanced, education and insights into into what that means. Our premium product consists of period tracking, conception, pregnancy, and perimenopause, and that's what you see in the middle. Period tracking plus gives you advanced insight as well as predictions as well as specialized content. Clue Conceive is that is CE marked, but actually our entire app is CE marked, which means that we as a company and as an app operate under medical device regulation, and we hold ourselves to the quality and standards of a medical device company.

22:12 I think this is actually important to point out that this is a rare thing in the consumer health space because so much of of of of what is done is unregulated, and there are there is no data or or actually operating procedures underlying that that that enable a, let's say, consumer health or well wellness app to stand up to the claims it does. It's very different for CLUE. For something like CLUE Conceive, which is helping you which is helping you in in your in your journey to conception, we have a data driven algorithm to help you better understand when is your optimal fertile window for conception. And that is all not only evidence based, but it is also designed, developed, and delivered under quality management standards.

23:03 We support people through their pregnancy as well, giving people weekly insights into what might be happening with their pregnancy and to ensure that they and and ensure they have a healthy pregnancy. And our newest product is Clue perimenopause. Many of you actually may not have heard the term perimenopause. We discovered this when we asked our user base and found that about seventy percent of our user community, which which is the community that tracks their cycle and understand somewhat their menstrual health, seventy percent of them are not aware of what perimenopause is.

23:35 Some have heard of menopause, which is which is when your cycles have ended for for twelve months or more. But perimenopause is the up to a decade of transitional period that leads up to menopause. There is a lot to be done here in this space. It's it's hugely underserved. It affects literally every single person with a cycle. And and what we do is help people understand their symptoms, observe their body, and get high quality educational

24:05 content and insights to help them better navigate and manage this this this very common transitional phase in in menstrual and reproductive health. And last but not the least, something that we're very excited about that we actually have is a digital an all digital birth control feature, which is FDA cleared. That's a class two medical device. It's designed to be a nonhormonal, easy to use, widely accessible, and affordable method of birth control in a world where, honestly, women are saying that I've tried so many forms of birth control. None of them have worked for me. I'm out of options. Or in a place like even The US where there's 19,000,000 women living in reproductive in in contraceptive deserts, meaning they cannot get access meaning they cannot get appointments or prescriptions or fill their prescriptions for birth control.

25:05 We put out an all digital birth control in order to in in order to in order to make sure that that people have another option when it comes to that. That is part of our suite of of products and capabilities, and we're excited to bring to be bringing to be bringing something in the contraceptive space to market to mass market availability in the next year.

25:30 And I wanted to also call out a point really on on health equity and the kind of bigger picture. It's examining again, like, why is it that clue we've invested, you know, so much of our time, energy, and and why I'm sure MOLTEN has invested as well in in making sure that women and people with cycles have this service. Well, centuries of taboo and stigma around what are just basic bodily functions for half the world's population contribute to our users often saying, like, I just wish people took me more seriously, or I just wish the health care system took me seriously. Much of this journey, if you're not a technical patient in the health care system, in the women women's health journey, is is not is not actually understood.

26:21 It's under researched. It's under innovated. It's underserved. Many times, it's it's not reimbursable, like having a period, wanting to get pregnant. None of that actually, going through perimenopause, none of that is is well reimbursed or well understood. And and actually much of it, if it is understood, is also underdiagnosed. Take the fact that women still tend to be diagnosed later than men for the same conditions. Actually, specifically, seventy two percent of cases, women wait longer for that diagnosis than men do, or that women are less likely to be given treatment for their pain and are more likely to have to wait for pain medication.

27:08 These are all indications, and these are are are kind of broader health stats that point to what our user community is also telling us about the fact that their health is is not currently today being taken as seriously, and it's being underserved. So I wanted to point out that we have we have absolutely the capability to do that, to do something about that. And in fact, we're tired of it too, and we want to do something about that. We have a very rich data set of of our 10,000,000 monthly active users on a regular basis tracking what's happening in their cycle, and that's 650,000,000 cycles tracked with 15,000,000,000 health data points. This is an unprecedented dataset. We've historically contributed this anonymized data to to forwarding the research that we have on on women's and women's health and reproductive health, and we've done various different research projects. But something that we're extremely excited about coming up is that we've recently launched what we call the health records feature, where we've asked our user community to contribute their confirmed diagnoses for many of these underdiagnosed and under understood women's health and reproductive health conditions.

28:20 And in just a few weeks of having launched this, we have about a 150,000 reported diagnoses across seventy five thousand individuals that we can then use to really change what we can what we can do and what we can deliver in the women's health space. And so with this type of data set and with these confirmed diagnosis, we can we can really make we we can not only help people track and understand what they experience, but also give them further insights and potentially give them the insights that would lead to diagnosis of many of these conditions in the future. And so we're extremely excited about that. And and and as a whole, I'd say when it comes to improving population health, improving health equity, improving that patient experience, and truly engaging people in their health, we're excited at at the role CLUBE will play in in in shaping the future of reproductive health.

29:26 Should I pass it back to you at this point, Inga? Thank you so much, Audrey. Perfect example. Thank you so much for talking us through that and many exciting new new things to come, new discoveries, and new impacts to come through that Glue platform. So thank you. Love now to pass over to Harry, who is the chief exec of Oliver, and, let him do the introduction and talk a bit about this company also. Thank you. Thanks. Thanks so much, Inge. And it's a real pleasure to be here. Thanks for the opportunity to speak and share about Aleva. Perhaps I'll start really quick by sharing a little bit why Aleva exists, and then I'll go forward with what we actually do. And so this whole started this whole journey started while I was building my first company, Travel Perk. It's an all in one business travel solution. It grew really fast. We're now at 600 people, raised a lot of money. It So was it was very good. It went very well, and it's still going really well. But, this led me to burnout. It was my first company. I completely disregarded my well-being.

30:27 And so that took me to look for some professional help, a therapist. And I'm sure that many of you here have experienced a similar journey. You know, you can either ask a friend or a colleague and try to use what they did, and in most cases, it doesn't because we're very different. Another one is you can go into Google, and you can find hundreds of different providers. You know, you can try to pick the friendliest face, maybe, you know, a term that you connect with and self diagnose. Of course, that often doesn't lead to the right outcomes. You can go to the public health services where you might wait up to sixteen weeks, and it's proven that fifty percent of people that go through it don't return after the second appointment because they simply don't feel that connection and that match with what they've been given. So in my case, after nine months of really trying and then speaking to different therapists, you know, a lot of energy, a lot of money that went into that, I finally found one that worked for me and got better and kept running the company.

31:24 But then I looked around, and it really made me think how many of these people in my company are going through the exact same thing right now, and I knew it was a bunch. So it made absolutely no sense to me that in today's days and age, this was happening, right, that it was so difficult to find that support. So I kind of went really deep and started doing some research, and and what I concluded was that there's a massive amount of evidence based of what works in mental health that's been proven. Right? So we don't really need more science. What we need is access to that science at scale. Right? That's one thing. Two is, unfortunately, the prevalence for mental health has doubled in the recent years. It's gone from one out of four to one out of two, so it's only getting worse.

32:10 This is, of course, increasing demand at twice the rate of the supply in terms of clinicians. Right? So there's a huge imbalance there that's growing. And, the good thing, though, is is that COVID helped a lot to increase the adoption of digital mental health, 10x globally, because people didn't have another option. So that happened very fast. And it also became very clear to me that finally technology was accelerating fast enough to to be able to solve some of those supply constraints. And this is what convinced me that this problem needed to really be solved now. Right? And and that's basically what created Oliva. It became from personal problem that a lot of people have. And and what we're aiming to become essentially is the lifelong partner of professionals and their families when it comes to emotional professional growth. So we focus a lot on the well-being and the mental health side of things.

33:07 And to explain why lifelong, because we don't wanna be a a solution that is only there while you were employed. With us, the individual can keep a leave after they leave the company and so can their families, meaning that they have access to all those professionals, but also everything they've worked on in the past. And they have those learnings in their pocket and understand what has worked and what hasn't. And that's how we could become this really true lifelong partner. And but so how do you start? Right? And we wanted to start having impact from day one. So what we did is that we went with a human led approach. We wanted to get the right human and the right type of care by vertically integrating that with technology and getting that to people.

33:52 And that we've done very successfully now. We now serve hundreds of companies with a five star average in terms of satisfaction from all different personas. And now we're moving to the next stage that we think, okay. We really understand how to do human led support, but that obviously has a constraint. So that's where technology comes into place. And technology is is very exciting for us, but we're also, ensuring that we do that carefully. Right? Because one thing is technology, and the other thing is adoption of technology. So what we're doing first is that we're enhancing the human led care with technology, you know, so to speak. You have a session. We can extract a lot of insights and data from that to be able to get more insights to the practitioner, but also to the human.

34:38 And then we're using technology to make it a little easier for individuals and practitioners to engage meaningfully in between sessions, which ultimately should lead to a faster time to to outcomes and recovery and a much better experience. Right? And and we're not really bringing all these, you know, mental health online. We're crafting it from the ground up for online. Right? And and so we're in that exactly in that place right now where we're enhancing care and very rapidly moving to a place where we think in the next, you know, three to five years, we'll be able to support quite a few people with AI led support. Because their reality is is that a lot of people don't wanna commit to a human, but also humans are constrained. So we really need to reserve the human led support for those that really want it and need it. And those that don't want it can still contribute to their mental health with AI led support. But we need to do that in steps until the technology is proven from a scientific perspective that it can work at scale and while adoption increases as well.

35:46 So we're in a very good intersection right now where I think all of the problems that hold us that held us back until now to really bring that access to the scales and to the masses is there. And and, ultimately, what we see is that by helping these professionals, the companies, of course, profit, right, from it. So we give them insights to understand how they're getting that value. But right now, we're focusing in the mid market. And as that cost of care goes down, we wanna be able to also serve other types of organizations and even perhaps take a b two c approach. Because the goal here is is for as many individuals to live the best life they can today. And that's what makes. Thank you so much, Tammy.

36:35 Pleasure. So I think, Martin, I think that's the that's the end. Do you want to wrap up? Yes. Yes. I will. Thank you very much, Inge. And and, of course, thank you very much, Javier and and Audrey. Just a few words from from me before we I think we were due to aim at at quarter past, so we will get you done on time. Our purpose at MOLTEN is to advance society through technological innovation, and that's something that really drives us as a business. And I think what we've heard today is a really good example of how we can do this with with Aims and and to improve health care. And And I think this vertical is a really good example of of how we can help to scale these companies. And and it's not just about providing capital.

37:26 It's also about providing experience, energy, but also deep knowledge of how to scale tech companies into large, well run commercial organizations. And we do believe that's the best way for us to to deliver our our our our purpose. And so I think today is a really good example of how we have a very diversified set of businesses and whether it's, you know, reproductive female health tech right the way through to corporates helping with mental health, both areas that are so important as as as we as technology assists society as it grows. And our job is to help to make these big businesses that can have a much greater impact and an outsized impact in these particular areas.

38:12 And so it's, you know, it it's a very exciting time to be in in in investing in tech. It's a very exciting time for us right now to be in the health tech space. And and and, again, Inge, thank you very much, and both Audrey and Javier, for your time today. As I mentioned earlier on, you know, this is part of a program to bring to investors an indication of the breadth and depth and diversity of the portfolio that that that we manage and also how we try to advance society through this technological innovation. We'll be back early in the New Year with another area. If if you're interested, please provide us feedback on both what you heard today, but also on what you'd like to hear in the future if there's any particular areas that you'd like us to talk about or particular companies that you'd like to to see. We'd be very interested to to to bring them to this wider retail audience.

39:07 I think everybody on this call knows that it you know, venture the the returns of venture and the exciting companies we invest in has been the preserve generally of of institutional large private investors. And for us, bringing these the opportunity to a much broader retail investor community is something that's very important to us. And so these lines of communication are a way for us to to help that. Now if you want more in updates on on MOLTEN, we'd ask you to sign up to our newsletter. You can see the links up here on the screen now. It's all available on our website. But we think this is a really exciting time for tech. It's a really exciting time for tech in Europe and for us to be investing. So we look forward as we start to close out this year to a very it's been a very tough year for the whole sector, and we understand that. But we do think things will improve, and we think next year's we look forward with great excitement to next year. And I hope today's given you an indication of why we're so excited to be investing in this space.

40:10 So with that, I'll I'll end by wishing you all a very good Friday and upcoming weekend when it arrives, and I will hand you back to Jake from Investor Meat Company. Over to you, Jake. That's great. Martin, Inger, Andre, Javi, thank you very much indeed for updating investors this morning. Could I please ask investors not to close this session? It shall now be automatically redirected for the opportunity to provide your feedback in order that the management team can really better understand your views and expectations. This will only take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of MOLTEN VENTURES PLC, we would like to thank you for attending today's presentation. That now concludes today's session. So good morning to you all.