Draper Esprit (LSE:GROW) is rebranding to Molten Ventures. Draper Esprit trades on the London Stock Exchange as well as the Euronext Growth Market in Dublin, and is included in the FTSE 250. The venture capital firm has invested in numerous Fintechs including companies like Revolut, Crowdcube, N26, and others. Its current portfolio holds investments in 67 different private firms across a broad swath of tech companies. The company’s market cap stands at around £1.6 billion.
In a release, Draper Esprit said the change was driven by the “recognition of its unique role in the democratisation of venture capital.” Molten invests in European early stage firms and seed funds, with a goal of making more it possible for public market investors, not just a small club of LPs, to participate in the growth opportunities that are available within the private markets ecosystem.
Regarding seed venture capital funds, the VCs Fund of Funds program comprises 42 European funds, including Seedcamp, Earlybird, IcebreakerVC, and Future Positive Capital. These funds encompass £75 million in investment during the past three years and the VC expects the same amount will be committed for the next three years.
Since 2016, Molten Ventures reports that it has raised £600 million (approx. $808 million) and seen cash realisations of £380 million (approx. $512 million) with £206 million (around $278 million) in the last full year.
In total, the VC has deployed over £700 million ($942 million) into companies and has an annual rate of deployment of approximately £200 million ($269 million).
Martin Davis, CEO of the newly branded Molten Ventures commented:
“Our rebrand to Molten Ventures is rooted in the team’s long experience of transformation – both our own, and our successful efforts to help our portfolio do the same. It encapsulates that moment when VCs give their energy to help companies succeed and indicates what transformation means to us – for our portfolio, for our investors and for our society we make more possible. Our new motto also reflects our unique contribution as a listed venture capital firm to identify and fully support the vision of Europe’s most successful companies and in doing so delivering value for our shareholders.”
Stuart Chapman, co-founder at Molten Ventures, explained they have transformed the VC model by going public as they could not see how conventional VCs could support entrepreneurs in the long run:
“When we founded the company in 2006, little did we realise we would be a FTSE250 company, but we knew that like any business we would need to be willing to transform ourselves to succeed. Our new name represents the knowledge that we can only succeed if we help our portfolio companies succeed, and that the transformation of venture capital itself is a necessary part of that success.”
In a blog post, Chapman added that from the founding of Esprit Capital in 2006 to the public listing of Draper Esprit in 2016, it is “no longer the small firm that I helped co-found and help build.” Chapman focused on three terms, innovation, entrepreneurial, and risk:
“Those are the three words I would want us to stay true to: we continue to innovate, we feel entrepreneurial, and we understand the word risk. With those at our core, I am incredibly excited for the future, in a brand that allows us to grow and evolve.”
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