ICEYE Series F financing
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Molten Ventures Plc (GROW)
This announcement contains information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 ("UK MAR"). Upon publication of this announcement, this information is considered to be in the public domain.
MOLTEN VENTURES PLC ("Molten Ventures", "Molten", or the "Company")
ICEYE Series F financing
£238m valuation uplift and circa. £22 million secondary proceeds
Molten Ventures (LSE: GROW), a leading venture capital firm investing in and developing high-growth digital technology businesses, notes the announcement made earlier today by its portfolio company ICEYE Oy ("ICEYE") regarding the completion of a Series F financing round. ICEYE is a world leader in sovereign intelligence from space and operates the world’s largest and most advanced SAR (Synthetic Aperture Radar) satellite constellation.
Transaction summary
ICEYE has raised approximately €450 million ($520 million) in a primary Series F funding round led by General Atlantic. Together with a secondary placement, the total Series F transaction exceeds €1 billion and values ICEYE at a primary valuation of over €10 billion ($12 billion).
Impact on Molten
At the value of the Series F, Molten’s holding value in ICEYE will increase to £317 million, representing an uplift of £238 million (+236%) from the 31 March 2026 holding value. As part of the round Molten has realised a further circa. £22 million. The new implied Gross Portfolio Value (“GPV”) of £317 million is after the proceeds of the secondary sale.
This uplift would increase Molten's GPV by approximately 16% and its Net Asset Value per share by approximately 117 pence, from 760 pence to 877 pence.
In 2025, ICEYE scaled growth, profitability, and cash generation surpassing €250 million in revenue, topping over €100 million in EBITDA, and securing a contracted order book worth over €1.5 billion. Output is set to climb from 50 satellites a year to 100 by 2028, matched by a comparable launch cadence.
Relationship to today's annual results
The Series F transaction completed after the balance sheet date of 31 March 2026 and is therefore a non-adjusting post balance sheet event. Accordingly, the impact described above is not reflected in Molten’s audited net asset value as at 31 March 2026 announced separately by the Company today. The next scheduled Net Asset Value reporting point is Molten's interim trading update which is scheduled for release in October 2026.
Ben Wilkinson, Chief Executive Officer of Molten Ventures, said:
"When we first backed ICEYE in 2018, we saw a team with the ambition and capability to redefine European deep tech. Today's announcement, at an over €10 billion valuation, is a powerful validation of that conviction and places ICEYE firmly among Europe's most consequential technology companies. In an era where sovereign, space-based intelligence has shifted from a strategic asset to a national imperative, ICEYE is uniquely positioned at the heart of that demand.
This is also a milestone for Molten. ICEYE becomes our second decacorn to date, which is a great reflection of our long-held belief in backing European technology champions at their earliest stages. Over the past year there has been a distinct shift with the recognition of the need for technological sovereignty; Molten’s portfolio of European high-tech companies is well placed to provide the resilience that is required across technology platforms. We are proud to remain long-standing shareholders as ICEYE enters its next phase of growth."
Enquiries
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 £1 billion of capital into fast growing tech companies and has realised more than £750 million to 31 March 2026. For more information, go to https://investors.moltenventures.com/investor-relations/plc
Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. View original content: EQS News |
| ISIN: | GB00BY7QYJ50 |
| Category Code: | MSCL |
| TIDM: | GROW |
| LEI Code: | 213800IPCR3SAYJWSW10 |
| Sequence No.: | 430594 |
| EQS News ID: | 2341816 |
| End of Announcement | EQS News Service |
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