Molten Ventures

Investors buy exposure to Molten Ventures on the London Stock Exchange, where the fund has traded under that name since a 2022 rebrand cut its remaining ties to the US Draper network; before then it operated as Draper Esprit. Rather than winding down after a fixed term, it runs as an evergreen structure, recycling proceeds from exits into new positions so it can back a company from its earliest funding round through to the run-up to an IPO. PrimaryBid and Thought Machine sit among its holdings.

June 2026 brought its most recent notable deal: alongside IQ Capital, and with the British Business Bank also putting in money, Molten co-led an oversubscribed £40m Series A for IMU Biosciences, whose platform reads clinical signals from blood samples with more precision than standard assays, aimed at oncology and metabolic-disease diagnosis.

Being listed rather than a private partnership gives ordinary shareholders, not just institutional limited partners, a route into European private-technology investing, with net asset value published every quarter. That structure has taken on more weight lately as grant funding for UK life-sciences research tightens, leaving vehicles like Molten to fill more of the gap.