# Molten Ventures launches Irish focused fund to back promising Irish tech

- Link: https://www.directorstalkinterviews.com/molten-ventures-launches-irish-focused-fund-to-back-promising-irish-tech/4121124326
- Published: 2023-07-28T07:20:08+01:00
- Author: Madison Wilson

**Molten Ventures plc** (LON:GROW, Euronext Dublin: GRW), a leading venture capital
firm investing in and developing high-growth digital technology businesses, has 
announced the launch of its Irish focused fund, with investment from existing Molten
shareholder Ireland Strategic Investment Fund (“ISIF”), to back high growth technology
companies whose core activities, management and expertise are located in the Republic
of Ireland.

This builds on Molten’s existing presence and strength in Ireland, where it has 
been active for over 10 years and where current portfolio companies Manna, Sweepr,&
Open and Vaultree are based. Previous successful investments in Ireland include 
Movidius and Clavis Insights. The fund brings additional third party capital alongside
Molten’s existing investment criteria and deployment plans, thereby unlocking further
capital for the Irish market.

The first close of the new fund is €50m with the scope for this to increase with
participation from an additional syndicated partner. Molten’s commitment as a 55.5%
LP is €27.75m, with ISIF committing the remaining €22.25m. Two existing Irish portfolio
investments of Molten will be transferred into the fund at their net asset value
generating immediate cash proceeds of around £2.5m to Molten. The fund has a ten-
year lifespan, with future investments expected to be made over a three year period
subject to the existing Molten investment criteria.

In line with the Group’s stated strategy to build out third-party managed funds,
the new fund will generate both management and performance-related fees for Molten
through its role as manager, bringing an additional pool of capital alongside the
plc balance sheet, EIS/VCT funds and syndicated Fund of Funds programme.

> **Martin Davis, Chief Executive Officer of Molten Ventures, commented**:
> _“We have always been invested in the success of high-growth technology businesses
> in Ireland, which is a key European centre for the global technology industry.
> The launch of our new Irish focused fund continues our long-standing relationship
> with ISIF as a strategic partner and enables us to continue to back promising 
> Irish technology companies and visionary founders inventing tomorrow. We look 
> forward to updating you on the progress of our investments in due course.”_

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