DJ ICEYE Series F financing
Molten Ventures Plc (GROW)
ICEYE Series F financing
09-Jun-2026 / 06:59 GMT/BST
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This announcement contains information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014
("UK MAR"). Upon publication of this announcement, this information is considered to be in the public domain.
MOLTEN VENTURES PLC
("Molten Ventures", "Molten", or the "Company")
ICEYE Series F financing
GBP238m valuation uplift and circa. GBP22 million secondary proceeds
Molten Ventures (LSE: GROW), a leading venture capital firm investing in and developing high-growth digital technology
businesses, notes the announcement made earlier today by its portfolio company ICEYE Oy ("ICEYE") regarding the
completion of a Series F financing round. ICEYE is a world leader in sovereign intelligence from space and operates the
world's largest and most advanced SAR (Synthetic Aperture Radar) satellite constellation.
Transaction summary
ICEYE has raised approximately EUR450 million (USD520 million) in a primary Series F funding round led by General Atlantic.
Together with a secondary placement, the total Series F transaction exceeds EUR1 billion and values ICEYE at a primary
valuation of over EUR10 billion (USD12 billion).
Impact on Molten
At the value of the Series F, Molten's holding value in ICEYE will increase to GBP317 million, representing an uplift of
GBP238 million (+236%) from the 31 March 2026 holding value. As part of the round Molten has realised a further circa.
GBP22 million. The new implied Gross Portfolio Value ("GPV") of GBP317 million is after the proceeds of the secondary sale.
This uplift would increase Molten's GPV by approximately 16% and its Net Asset Value per share by approximately 117
pence, from 760 pence to 877 pence.
In 2025, ICEYE scaled growth, profitability, and cash generation surpassing EUR250 million in revenue, topping over EUR100
million in EBITDA, and securing a contracted order book worth over EUR1.5 billion. Output is set to climb from 50
satellites a year to 100 by 2028, matched by a comparable launch cadence.
Relationship to today's annual results
The Series F transaction completed after the balance sheet date of 31 March 2026 and is therefore a non-adjusting post
balance sheet event. Accordingly, the impact described above is not reflected in Molten's audited net asset value as at
31 March 2026 announced separately by the Company today. The next scheduled Net Asset Value reporting point is Molten's
interim trading update which is scheduled for release in October 2026.
Ben Wilkinson, Chief Executive Officer of Molten Ventures, said:
"When we first backed ICEYE in 2018, we saw a team with the ambition and capability to redefine European deep tech.
Today's announcement, at an over EUR10 billion valuation, is a powerful validation of that conviction and places ICEYE
firmly among Europe's most consequential technology companies. In an era where sovereign, space-based intelligence has
shifted from a strategic asset to a national imperative, ICEYE is uniquely positioned at the heart of that demand.
This is also a milestone for Molten. ICEYE becomes our second decacorn to date, which is a great reflection of our
long-held belief in backing European technology champions at their earliest stages. Over the past year there has been a
distinct shift with the recognition of the need for technological sovereignty; Molten's portfolio of European high-tech
companies is well placed to provide the resilience that is required across technology platforms. We are proud to remain
long-standing shareholders as ICEYE enters its next phase of growth."
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
Joshua Hughes +44 (0)20 7260 1000
Liam Kingsmill
Berenberg
Joint Financial Adviser and Corporate Broker
Ben Wright
+44 (0)20 3207 7800
Harry Nicholas
Mark Whitmore
Sodali & Co
Public relations +44 (0)7889 297 217
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 GBP1 billion of capital into fast growing tech companies and has realised more than GBP750 million to 31 March 2026.
For more information, go to https://investors.moltenventures.com/investor-relations/plc
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ISIN: GB00BY7QYJ50 Category Code: MSCL TIDM: GROW LEI Code: 213800IPCR3SAYJWSW10 Sequence No.: 430594 EQS News ID: 2341816 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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June 09, 2026 01:59 ET (05:59 GMT)
