Revolut backer Molten Ventures hits £175M first close of growth fund

The backer of Revolut, which is reportedly vying to manage a £1bn government-backed fund focused on backing the UK’s most promising startups, has announced the £175m first close of a fund aimed at plugging the scale-up gap. Molten Ventures is looking to raise £350m in total in its Ventures Growth Fund and has announced the £175m first close of the fund, including a £75m cornerstone investment from the British Business Bank, the government body which is a major investor in VC funds.