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Molten Ventures PLC on Monday said net asset value fell in its recent half-year, as it warned uncertainty will continue in the medium-term due to the wider macroeconomic climate.
The London-based venture capital firm said NAV per share on September 30 was 837 pence, down 11% from 937 pence on March 31. Gross portfolio value was £1.45 billion, down from £1.53 billion.
‘Molten has not been immune from the challenging market conditions for technology companies worldwide. Wider macroeconomic factors - rising inflation and global interest rates - have impacted public markets and particularly the valuation of technology stocks and, in turn, this has fed through into the private arena where valuations have also declined, and investment capital has slowed,’ said Chief Executive Officer Martin Davis.
The company turned to an interim pretax loss of £158.0 million from a £247.4 million profit a year ago.
Molten agreed a new £150 million debt facility with JP Morgan Chase Bank and Silicon Valley Bank UK in September. The debt facility is made up of a £90 million term loan and a revolving credit facility of up to £60 million secured against various assets and interests held by the company.
The debt facility will be used for investment and corporate purposes, as well as repaying in full its existing £65 million facility with SVB and Investec.
Molten Ventures is committed to 10 new seed funds via its fund-of-funds programme, bringing its overall seed portfolio to 67 funds.
Shares in Molten Ventures were down 2.8% to 437.20 pence in London on Monday morning.
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