Venture capital firm Molten Ventures PLC on Wednesday said its portfolio company, Thought Machine Group Ltd, has been valued at $2.7 billion following a round of funding.
Thought Machine, a London-based cloud services provider to banks, raised $160 million in its series D funding round. With this, the firm has doubled its valuation to $2.7 billion from the valuation at the close of its series C round in 2021.
Molten said that this investment will help fund Thought Machine's ‘continued global expansion plans’ into Asia Pacific and Latin America and it's core banking platform, Vault Core.
Molten added that ‘this round provides further confirmation of the scale and funding capabilities of Molten's portfolio’.
The carrying value of Molten's holding in Thought Machine will be finalised as part of the ongoing year-end process in the final results scheduled for June. However, Molten said its recent estimate of its net asset value of no less than 929 pence per share included an anticipated uplift in the Thought Machine valuation. Molten didn't say what percentage stake it holds in Thought Machine.
Shares in Molten were down 1.8% at 555.50 pence in London on Wednesday midday.
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