London-based Draper Esprit is one of the most active venture capital firms in Europe, developing and investing in disruptive, high-growth technology companies. Its vision is to support entrepreneurs who will invent the future.
On Tuesday, Draper Esprit announced that it has rebranded itself as Molten Ventures.
“The time has come to try something fresh. Something that better reflects who we are, how much we’ve grown and where we’re going,” the company mentioned in a blog post.
“From the days when we founded Esprit Capital in 2006, to Draper Esprit’s public listing in 2016, to where we are now in 2021, the firm has grown and evolved into something much larger, more powerful, and more relevant. Our rebrand to Molten Ventures observes and honours that journey,” the company said.
Currently, the firm has a market cap of approx £1.5B (approx €1.75B), a more than 11-fold increase from its listing value of just over £120M (approx €140M) in just 5 years.
Why the name, Molten?
The firm claims to have transformed into a “different beast” from when it was first listed five years ago on AIM and Euronext Growth. The firm is moving away from having a few key players to a fully built out and scaled team that is listed as a FTSE 250 company.
The rebranding also includes the new company’s motto, “Make More Possible,” which reflects the company’s unique position in the ecosystem.
The name Molten was inspired by the natural process of state change by which matter is transformed via the injection of energy – the first transformation is from solid to molten form. The state changes from solid to liquid to gas and beyond, which therefore reflects the core idea of Molten Ventures.
“We believe that venture capital works best when VCs give their energy to help companies succeed. This ‘energy’ goes far beyond providing just capital, it also means experience, knowledge, relationships, and a commitment for the long term,” says the blog post.
Molten Ventures’ portfolio includes 67 companies and it has backed European unicorns such as Revolut and Aircall. It invests in tech startups from Series A through to IPO or acquisition, as well as in Seed venture capital funds.
The firm’s most recent investment was in Irish drone delivery startup Manna, where it led a $25M round of funding. It has also led investments in quantum computing company Riverlane and climate risk platform Cervest.