REG-Molten Ventures Plc Modo Energy Series B investment, and ICEYE fundraise with partial realisation

Molten VenturesAnnouncement

09/12/2025 07:02

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   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 £25 million Series B round by investing £12.5 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  €150  million  in  new  funding  and  a  €50  million  secondary
   placement, resulting in a  company valuation of €2.4  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  £17.5 million  in
   cash proceeds.

    

   As at 30 September  2025, the fair value  of Molten’s investment in  ICEYE
   was £74 million. At the value of the round, our remaining holding would be
   valued at circa  £85 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
   £104 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  £50  million
   committed to  the  share buyback  programme  since July  2024,  circa  £44
   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)
                                                 1 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
                                                 2 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  £1bn
   capital into fast growing tech companies and has realised more than  £700m
   to 30 September 2025.

    

   For            more             information,             go             to
    3 https://investors.moltenventures.com/investor-relations/plc

    

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   ISIN:          GB00BY7QYJ50
   Category Code: MSCL
   TIDM:          GROW
   LEI Code:      213800IPCR3SAYJWSW10
   Sequence No.:  410698
   EQS News ID:   2242112


    
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References

   Visible links
   1. mailto:ir@molten.vc
   2. mailto:molten@sodali.com
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