DJ Modo Energy Series B investment, and ICEYE fundraise with partial realisation
Molten Ventures Plc (GROW)
Modo Energy Series B investment, and ICEYE fundraise with partial realisation
09-Dec-2025 / 07:00 GMT/BST
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Molten Ventures plc
("Molten Ventures", "Molten", or the "Company")
Modo Energy Series B investment, and ICEYE fundraise with partial realisation
Molten Ventures (LSE: GROW), a leading venture capital firm investing in and developing high-growth digital technology
businesses, is pleased to announce a Series B investment in Modo Energy and partial realisation of its holding in
ICEYE.
Emerging Portfolio investment
Molten has led a GBP25 million Series B round by investing GBP12.5 million in its Emerging Portfolio company Modo Energy, a
company building the global standard for benchmarking and valuing electrification assets. Molten first invested in Modo
Energy in 2024; this new funding round will support Modo Energy's international expansion into 20 markets and further
enhance its platform. AI has the potential to transform how the world values and finances electrification; Modo Energy
is uniquely positioned to lead this transformation through its ownership of the entire modelling stack and has already
established the trust required across the financial ecosystem. This investment is in line with Molten's articulated
strategy of concentrating on its core expertise of leading Series A and B investments.
Core Portfolio update
ICEYE has raised additional capital at an increased valuation following strong commercial traction. ICEYE operates the
world's largest synthetic aperture radar ("SAR") satellite constellation, providing objective, near real-time insights
to detect, understand, and respond to change on Earth, day or night, in any weather. SAR technology enables persistent
monitoring by using radar pulses that penetrate clouds, smoke and darkness, supporting rapid response across defence
and intelligence, security, disaster response and recovery, insurance, maritime monitoring, and finance sectors. With
62 satellites successfully launched to date, ICEYE plans to scale production to an average of one satellite per week
from next year, deploying sovereign space capabilities for allied nations at unprecedented speed and scale.
Molten first invested in ICEYE's Series B round in 2018, with follow-on investments in 2019 and 2021 during its Series
C and D rounds. Since our initial investment, ICEYE has demonstrated significant growth, recently securing EUR150 million
in new funding and a EUR50 million secondary placement, resulting in a company valuation of EUR2.4 billion. As part of our
active portfolio management, Molten has undertaken a partial realisation of its holding in ICEYE, at a valuation above
the most recent valuation date of 30 September 2025, generating circa GBP17.5 million in cash proceeds.
As at 30 September 2025, the fair value of Molten's investment in ICEYE was GBP74 million. At the value of the round, our
remaining holding would be valued at circa GBP85 million, resulting in a total multiple on invested cost ("MoIC") of 4.6x
(including the realised proceeds).
Capital allocation update
This realisation now brings total cash proceeds generated from realisations in the current financial year (ending 31
March 2026) to circa GBP104 million, representing 7.6% of opening gross portfolio value ("GPV") and tracking towards the
internal annual target of 10% of opening GPV through the cycle.
The ongoing strong level of realisations is supporting both investment activity as well as the Company's share buyback
programme, recognising the NAV per share accretive effect of these buybacks. Of the GBP50 million committed to the share
buyback programme since July 2024, circa GBP44 million has been completed to date.
Ben Wilkinson, CEO, commented:
"The deals in today's update bookend our process of value creation, from early deployment, on this occasion at Series B
into Modo Energy, to partial realisation in ICEYE, one of the most mature of our Core Portfolio holdings. We continue
to demonstrate the continued growth of our assets and our ability to support the scaling journey of the high growth
businesses in our portfolio. Having flagged at our recent results that we're working on a pipeline of realisation
opportunities, we're pleased not just for Modo and ICEYE, but also for our investors as our realisations continue to
track well against our target for the year."
Enquiries:
Molten Ventures plc
+44 (0)20 7931 8800
Ben Wilkinson (Chief Executive Officer)
ir@molten.vc
Andrew Zimmermann (Chief Financial Officer)
Deutsche Numis
Joint Financial Adviser and Corporate Broker
Simon Willis
+44 (0)20 7260 1000
Jamie Loughborough
Iqra Amin
Goodbody Stockbrokers
Joint Financial Adviser and Corporate Broker
Don Harrington
+44 (0) 20 3841 6202
Charlotte Craigie
Tom Nicholson
William Hall
Sodali
+44 (0)7970 246 725/
Public Relations
+44 (0)7443 648 021
Elly Williamson
molten@sodali.com
Sam Austrums
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 Technology; and Digital Health with highly experienced partners constantly looking for new opportunities in each.
Listed on the London Stock Exchange, 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 its IPO in June 2016, Molten has deployed over GBP1bn capital into fast growing tech companies and has realised more than GBP700m to 30 September 2025.
For more information, go to https://investors.moltenventures.com/investor-relations/plc
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December 09, 2025 02:00 ET (07:00 GMT)