Molten Ventures makes further investment in German space company Isar
Molten Ventures PLC on Wednesday said it has invested €30 million in German space launch company Isar Aerospace’s latest fund raising.
The London-based backer of digital technology businesses described itself as a ‘significant strategic backer’ in the €270 million series D financing round, alongside Los Angeles-based private equity firm Island Green Capital and existing investors.
The capital will drive global scaling and ramp up serial production of the Spectrum launch vehicle, Molten Ventures noted.
Isar Aerospace was founded in 2018 near Munich, Germany, to open space as a platform for future technologies and innovations, making space scalable.
Molten Ventures said Isar is one of the most ‘compelling’ opportunities in the space technology sector.
Molten already has a holding in Isar within the core portfolio through an investment in Earlybird funds. The fair value of that Isar holding was £40 million at March 31, delivering a multiple on invested capital of around 10.1 times as at that date.
Chief Executive Ben Wilkinson said: ‘Isar Aerospace represents one of the most significant opportunities in the European space technology sector. It exemplifies what we do as venture capital investors: identifying and providing our investors with exposure to category-defining companies, backing them from an early stage, continuing to support these companies at key value inflexion points, and ultimately being well-positioned to realise outsized returns.’
Shares in Molten Ventures rose 1.4% to 633.50 pence each in London on Wednesday and have leapt 94% in the past 12 months.
On Tuesday, shares soared after the company noted a successful fundraise by ICEYE Oy, an Espoo, Finland-based satellite company.
Molten said it expects the value of its holding in ICEYE to rise to £317 million following the fundraise, more than trebled from around £79 million at the end of March. As part of the €450 million funding round, Molten realised a further £22 million of its investment in the company.
Molten sees this uplift boosting its gross portfolio value by 16% and NAV per share by 15% to 877p from 760p.
In May, Molten realised a further £63 million of its holding in neobank Revolut Ltd, taking total proceeds to about £120 million, or 20 times invested capital.
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