Molten Ventures has written up the value of its stake in British fintech Revolut as the investment firm’s annual report shows the total value of its portfolio has grown to £1.38bn.
Molten Ventures said it now values its stake in Revolut at £65.1m, a 20% year-over-year increase as of March 2024, but still down on the £91.3m value it ascribed to its stake in 2022.
The venture capital firm also made an additional £4m investment into Revolut during its latest reporting period.
The London-listed VC firm backed Revolut during its $250m (£196m) Series C round in 2018. Revolut’s last publicly shared valuation stood at $33bn in 2021.
An investment trust managed by Schroders wrote up the value of its stake in Revolut by 45% in April, in a further sign that investors are once again warming to one of Britain’s biggest fintech companies.
The Molten Ventures report also revealed it has slashed the value of its stake in semiconductor company Graphcore by 45%, down from £37.2m in 2023 to £20.6m. It comes amid speculation that the Bristol-based firm is in talks about being acquired.
Other firms in Molten’s portfolio include quantum computing company Riverlane, fintech Thought Machine and digital training platform CoachHub.
Molten Ventures invested £65m during the year ended 31 March 2024. The company said the weighted average revenue growth of its core portfolio is expected to be over 50% for the calendar year 2024.
“This has been a productive year for Molten. We’ve continued to enhance our innovative platform to capture the exceptional investment opportunities available in backing high growth, disruptive, UK and European technology firms,” said CEO Martin Davis.
“The underlying performance of our portfolio companies remain strong, with valuations continuing to stabilise as the macroeconomic environment shows signs of improvement.”
In its last report, the VC revealed its portfolio value had dropped by nearly £200m. The firm’s current portfolio value remains around 10% less than in 2022.