Deep Tech · VC Firm

Molten Ventures

Molten Ventures is the LSE-listed evergreen VC (LON:GROW) behind Riverlane, the Cambridge quantum error correction company: it led Riverlane's $20M Series A in 2021 (as Draper Esprit) and its GBP 15M Series B in April 2023, but did not participate in the $75M Series C led by Planet First Partners in August 2024. Riverlane remains its only quantum position and was cited as a driver of FY26 portfolio gains.

Active London, United KingdomFounded 2006

Investment thesis

Backs European technology companies from Series A through pre-IPO from a permanent, LSE-listed balance sheet (LON:GROW), free of fund-cycle pressure.

Invests across four pillars: Enterprise & SaaS; AI, Deeptech & Hardware; Consumer; and Digital Health, targeting companies valued from $50M to $1B+.

Quantum exposure runs through a single conviction position, Riverlane: led its $20M Series A (2021, as Draper Esprit) and GBP 15M Series B (2023), held but did not follow in the 2024 Series C; Riverlane was cited among FY26 portfolio fair-value drivers.

Recycles realisation proceeds (GBP 120M in FY26 at 3x MOIC) into new and follow-on investments, with co-investment from its managed EIS and VCT funds.

Anti-thesis

The patterns that trigger a fast no with this fund.

  1. Molten holds a single quantum position and did not follow on in Riverlane's 2024 Series C while every other existing investor did; founders should not expect an active quantum sourcing motion
  2. It typically enters at Series A/B with proven commercial demand; pre-revenue quantum hardware at seed stage falls outside its entry criteria
  3. As a listed evergreen trading below NAV, its deployment competes with share buybacks (GBP 38M returned in FY26), which can cap appetite for new deep tech bets

Notable quantum portfolio

Full portfolio
Riverlane

Frequent co-investors