Trust Issues: Investing in venture capital with GROW’s Andrew Zimmermann

2025-10-06

In this episode of Trust Issues, we speak with Andrew Zimmermann, chief financial officer at Molten Ventures (GROW), a FTSE 250 listed venture capital firm. GROW owns and manages a portfolio of early-to-growth stage investments, as well as managing third-party capital via EIS and VCT schemes and allocating to a fund of funds programme focusing on the seed stage. GROW owns a diverse portfolio of technology-focused businesses offering exposure to the exciting UK and European start-up scene. Andrew highlights a few...

In this episode of Trust Issues, we speak with Andrew Zimmermann, chief financial officer at Molten Ventures (GROW), a FTSE 250 listed venture capital firm.

GROW owns and manages a portfolio of early-to-growth stage investments, as well as managing third-party capital via EIS and VCT schemes and allocating to a fund of funds programme focusing on the seed stage. GROW owns a diverse portfolio of technology-focused businesses offering exposure to the exciting UK and European start-up scene.

Andrew highlights a few examples of the themes and companies within GROW’s portfolio, including the finance app Revolut; Leger, which makes hardware wallets for cryptocurrencies and non-fungible tokens; and the blood pressure monitoring firm Hilo. He also explains what made him want to join Molten, and assesses the outlook for the European venture capital sector.

00:00 Introduction

01:52 What made you want to join Molten?

03:53 How big is GROW’s investment team and how deep is its expertise?

04:39 What are early- and growth-stage investments?

06:27 The technology sectors in which Molten invest

07:28 Examples of the companies in which Molten invests

11:53 What are preference shares and how do they work in practice?

12:46 How GROW’s core and emerging sleeves futureproof the portfolio

13:56 Details on GROW’s scouting network of EIS and VCT portfolios

15:05 How is GROW’s portfolio valued?

16:07 The outlook for the European venture capital sector

16:32 What are Molten’s strategic priorities and how will they be achieved?