Molten Ventures plc has agreed a £150 million debt facility with J.P. Morgan Chase Bank and Silicon Valley Bank.
Shares in the VC – formerly known as Draper Esprit – are listed on UK-based London Stock Exchange and European Euronext public markets. It has bases in London, Cambridge and Dublin.
Molten’s portfolio includes Cazoo, Cervest, Freetrade, Graphcore, Perkbox, Ravelin, Revolut and Thought Machine.
The debt facility comprises a £90m term loan and a revolving credit facility of up to £60m on three-and two-year tenors respectively, both with one-year extensions up to five years. It is secured against various assets within the group.
It will be used to invest in and develop more high-growth digital technology businesses, as well as for corporate purposes. It repays in full the company’s existing £65m facility with SVB and Investec.
“We are pleased to enter this new relationship with JPM alongside the continued support of SVB to secure further investment capital for the company,” said Molten CEO Martin Davis.
“The debt facility has been scaled to realign our capital structure with our previously stated target of 10% of portfolio value and provides increased funding flexibility.”