Molten Ventures NAV up on higher cash investments

Venture capital tech specialist Molten Ventures on Monday reported a rise in net asset value (NAV) for the six months to September 30 on the back of a sharp rise in cash investments.

The company, formerly known as Draper Esprit, said NAV rose to 887p from 743p a year ago as gross portfolio value increased to £1.35bn from £984m. Molten invested £165m in the period compared with £32m last year.

“Market conditions remained buoyant during the period. The shift to online, accelerated by the pandemic, has remained a permanent fixture of our daily lives largely due to advances in the technology infrastructure, which was available during previous investment cycles,” said chief executive Martin Davis.

“While we cannot be certain about what the future holds in the technology landscape … we are sufficiently diversified to counter volatility. We anticipate fair value growth in the region of 35% for the full year to 31 March 2022, subject to wider market conditions."