Molten Ventures Plc (GROW) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen, and welcome to the Molten Ventures and Digital Health presentation. [Operator Instructions] Before we begin, I would just like to submit the following poll, which will appear on your screens now. And I would now like to hand you over to CEO, Martin Davis. Martin, Good morning, sir.

Good morning, Jake. Good morning, everyone. Thank you very much for joining us. And I think for those who've been on a number of these webcasts, you'll be aware that our intention is very much to try to bring retail investors both closer to the company, but also closer to some of the really exciting companies that we invest in. And to understand a little bit more about our portfolio. So I'm absolutely delighted today to be able to kick off this webcast. I'll say a few words about Molten, but really, what we're -- what you're here to hear about is some of our exciting companies and also one of our really important verticals, which is digital health. So I'm very pleased to be joined with Inga Deakin, who leads our digital health team and also with Audrey Tsang from one of our super exciting portfolio companies, Clue and also Javier Suarez from Oliva. So a really good -- I think a really good mix of the types of companies we invest in and an opportunity to learn a little bit more about one of the important verticals that we have in the digital health space. But just before we start, I'd like to say a few words for those who are not familiar how -- I don't know how familiar people are with Molten. I'm not going to go through a great deal. Generally, most of the people who sign up to these listen to our podcast when we talk about the business, particularly our annual results, et cetera. But as you'll be aware, we've been very busy as a business. This is a very exciting time for Venture. It's a very exciting time for innovation and for technology and for those -- for ourselves and those investing in these exciting companies. And you'll be aware that we announced the acquisition of Forward Partners last week and also the equity raise. And I think this demonstrates our determination to make sure that we are able to support the best companies and to enable the best companies to grow and to be properly funded as they grow through their rapid growth stages. I won't talk about the model much, but what I would like to just say very quickly on the right-hand side of the Slide there, you can see a little bit about where we operate within the Venture capital cycle. And I think this is something quite important and quite unique about us because we don't do seed investing, although we obviously are able to access the best seed fund companies through our seed funded funds program, 74 of the best seed funds across Europe, about 1,900 of the best seed-funded businesses. And that gives us the ability to get access into early deal flow, early visibility around some of the most exciting companies coming out of the seed ecosystem. But really where we focus is in the early growth stage. And that's where these companies start to accelerate very rapidly and they need capital and they need energy, they need support as they grow. And that's really what we've been doing for 25 years in helping companies through this really, really important stage of their growth. And in the earlier stages of that, we have our Series A through our EIS VCT and then into Series B plus where we traditionally invested PLC. If you're asking where does Forward Partners fit in, they sit in the slightly earlier stage. So it's very complementary to where we operate. And they give us a nice bridge between the seed fund of funds, the seed-funded businesses. And once they get into this kind of Series A plus deals, that middle area, which is very important for growth and one that we think is increasingly important area for us to focus on. And the Forward Partners' capability and portfolio sits in that space and complements us quite nicely. So we're very excited about where we are as we come through a very difficult year for tech and for the markets and for our sector, but we look forward with positivity to next year, mainly because of the super exciting sectors we're in, and the really exciting companies that we are lucky enough to be able to invest and to help to grow. So really, I think that's all I'll say about our business and move on to the guts of the matter, which is Digital Health here at Molten and I'll hand over to Inga to take us through our strategy and to introduce about the team.

Thank you, Martin, and thank you for the opportunity to talk with you all today. As Martin mentioned, I'm leading on health and life science in the investment team. My background is the PhD in neuroscience and I spent the last 12 years building, investing and growing health and life sciences companies as an investor and operator. I'm going to talk about our perspective on opportunities to invest in innovation in health and life sciences, starting with our view on how as a category and then describe how we broadly group companies in this area within our portfolio. So investing in health is some kind of unique factors to consider. We often think about health with the 3 Ps of patients, providers and payers, which is to remind us that each of these stakeholders interact and maybe has their own motivations and budgets. And if you have a new innovation to help patients, for example, you have to consider the impact on providers and payers. So in that respect, healthcare product is not all often or not always as simple as a business to customer or patient-payer-provider relationship. You have to understand the market carefully before making investment in this space. And our view is ultimately that health innovation is all about patients who are our people and who are individuals, whether they are under the care -- a healthcare professional or not. And there's a lot of good reasons for that and we'll go into that a little bit here. I'm sure that everyone is aware of these trends, but we keep coming back to them to reflect and frame the problem and opportunities in healthcare at a macro level. So first, we are a globally aging population. So the graph on the left here shows the percentage of population over 60 years old, which is increasing in all geographies. Second, we're an overweight population. Recent data from the U.K. government shows almost 3/4 of the middle aged adult population is overweight or obese. And we're also inactive. So thirdly, here, you see the percentage of adults who do not meet the minimum recommended baseline activity targets in the U.K., which is greater than 40% in most areas. So we know these things, but we have to keep reflecting on them. What's the impact? This graph, I think, is particularly important. This came over a decade ago. So you can imagine that it's changed even in the last decade. But it shows what we all know anecdotally from our older families and friends. All the people accumulate multiple health conditions over time. And this research showed that over 50% of people over 75 years old have 3 or more conditions. So whether they be hypertension, diabetes or other conditions, we have to think about these patients, therefore, more holistically. They often with a high level of multi-morbidity so multiple conditions at the same time and things that you live with over a period of time. And at that age, 90% of people are dealing with at least one health condition. And we often think of those healthcare innovations within those 3 Ps, at the point of getting a diagnosis, you have a treatment, you recover, which is a huge -- obviously, a huge part of healthcare. But the reality is there's an increasing population who are living longer, a greater population with long-term conditions, multiple conditions, they go in and out of healthcare settings. So how can we support this much broader group within health. And eventually, we're all on some sort of healthcare journey at various different stages of our life. So the knock-on effect, which we know super well and has been exacerbated by COVID is these increasing healthcare costs, which is shown here on the right, this is some WHO data. And this is increasingly unsustainable. We all know that from the news. This graph shows the per capita spend as a percentage of GDP over the last 2 decades. And note that this stops in 2020. So of course, it's gone up since COVID. So really, our spend can't keep up with the challenges we have in healthcare. So frankly, we're desperate for healthcare innovation across the ecosystem of healthcare and beyond. So how do we think about bringing innovation into this broad ecosystem in health? The health institute for healthcare improvement starting with a triple aim, then it's now expanded to a Quintuple aim, which also gives you a snapshot into the complexity of healthcare. And you can see here that in the top left that improving population health, which is what we probably think of with health innovations, making people healthier, it's just one of these aims. We need to think about all these other factors. So reducing the cost of healthcare, as we've just discussed, enhancing the patient experience and that falls back to the previous conversation around multiple conditions coming in and out of a health care setting just managing your life is all to do with health. And I'm sure Javier will talk a bit about that from a mental health perspective also. So the patient experience is super important. Improving provider satisfaction and honestly, satisfaction sounds like a nice thing to have. In reality, a lot of this is actually reducing burn out. And we know across healthcare professionals in all different specialties, there's a very high level of burnout. So what can we do to use to make their jobs more efficient to improve that output and help them help more patients. And increasing equity. So this is the fifth one, the more recent development in geographies without Universal Healthcare, but we also see that with some geographic differences or socioeconomic differences in the ability to access and afford healthcare. So whenever we look at anything touching health, we think about these Quintuple aim and see how the different stakeholders will interact and how the innovation can promote one of these aims. I think it's important that we have this holistic view of health and use the guiding principle that the patient or the individual is essential to healthcare innovation. And if you can empower those individuals or patients to take control of their health, we can have a massive impact on all of these different aims. And you'll see that today with the 2 example companies you're going to talk to us shortly. So as we've talked in previous sessions like Martin mentioned, for example, on AI, the opportunity for digital tools in health is massive and increasing as the availability of data and integration of software in various healthcare processes increases. And this is a graph from Rock Health, which was the first digital health accelerator program for startups in the U.S. They started about a decade ago, which is pretty much the time frame for the term digital health or software tools in healthcare. And you can show here that this convergence of digital source and healthcare has grown a lot in the last decade. This is showing DC investments. And like all BC back sectors, we saw a spike in '21. But the healthcare sector is typically quite resilient and we've seen a good volume of investments continue through in 2022 and the first 3 quarters of '23. There's also data that exists for European healthcare, Digital health companies and rates investment, which mirrors quite closely this pattern that we've seen of a growth over the last decade. And interestingly, when we dig into that data in Europe, we can see that the contraction post 2021 is largely in some of the later-stage rounds. So actually Series A and seed where we're principally playing and investing is relatively consistent over the last couple of years, because probably, those innovations continue to emerge at the early stage. So as Martin mentioned, we're still actively investing heavily in this space. So just one thing to mention. We have been investing in this space for a while and since the start of these trends. So my first investment in the Telehealth company was in ISO, which was 2013 at the early end of this graph, and we brought Molten in as a co-investor in 2016. So we've learned quite a lot from how Telehealth has been adopted within healthcare systems in that example. And we've also learned quite a lot from other sectors and this is one of the benefits of being within a diverse fund. So topics around data privacy, security, use of AI. We're talking about this in all sectors and particularly the data piece is super important within the digital health vertical. So as a team, we learn within the sector, but also across sectors, across our portfolio companies. So I just wanted to close with a quick snapshot of our portfolio. Some of the companies that are currently within the digital health group. You'll hear today from Clue and Oliva, who sit here in the health group, and again, these are companies who are striving to serve individuals and not patients per se necessarily. They've got a high consumer grade level of experience at the core serve employers, healthcare providers and the great examples of these intersections of those aims and things we need to do to improve healthcare. In the -- so you can see here in that category that includes various stakeholders, regulated products as well as infrastructure technology and software tools. The next group medical devices is to show that we also will invest in hardware companies. So a good example here is Endomag that is a breast cancer surgery guidance tool, which is in market with several million revenue and growing quickly. We tend to invest in those hardware tools slightly closer to commercialization, where we see a lot of this cross-pollination of experience in commercialization across sectors. And another is Aktiia. I'd just like to take a moment to describe this company as it's an interesting intersection. So this is a company targeting hypertension. And again, in that graph of multi-morbidity conditions, hypertension is one of the most prevalent. It affects 1.4 billion people globally, leading to about 18 million deaths per year and is the leading cause of heart attack and stroke and costs about $370 billion a year as the most costly chronic disease because of this terrifically bad sequelae. Despite the cheap widely available cuffs and medications that are known to work, hypertension control rates have declined 25% in the last decade. So in contrast to the inflatable cuff on your arm, which we're all familiar with, the Aktiia product includes a wristband, which can take continuous data measurement of your blood pressure with several hundred measurements per week as opposed to every now and again that you get the cuff out. The individuals can share their data with their physician and track over time, blood pressure. And this company emerged from Switzerland and a top research institute based on the signal processing technology required to make this possible. We led the Series A round, the product is CE marked and now available to buy directly by consumers, individuals, patients, whatever you call them. They saw tens of thousands of devices across Europe and really empowering people to learn more about their blood pressure and engage in their house. This is a company that's just about to open a crowd cube campaign. This is another one of our portfolio companies, which offers an individuals a chance to invest directly into these innovative companies too. So I wanted to flag that one. Today is a great example of this engaging with health and long-term conditions and individuals with a direct route to consumers as well as an intersection with healthcare providers. So the other 2 groups, just to quickly touch on more in the life sciences space. We don't invest in drug development companies directly, classic biotech investments, but we will invest in many adjacent areas. So within life sciences tools or tech bio companies, for example, we have Evonetix, which is a Cambridge U.K. company, building a DNA synthesis machine. So this is used in academic and commercial R&D labs and also in manufacturing. Again, the hardware with a really important digital component. And also companies selling to pharma companies. So again, not the drug asset, but the discovery and development tools that can help get the companies through drug development and throughout into the market. So we have an announcement, which we will announce -- we have a company we will announce shortly, which is doing biological profiling of samples and then interrogating that data with AI and machine learning. And this convergence of biology and increasing availability of data in biology and AI is certainly a particular area of interest, maybe we can discuss another time. So hopefully, this snapshot gives you a quick overview of some of the companies within our broad digital health space, also the philosophy of how we think about health in the broader sense. And we're really delighted to have with us today 2 of our portfolio companies, Clue and Oliva, I think, as I said, really exemplifies some of this thinking and our thesis in this space. So I'd love to hand over now to Audrey to tell us a bit more about Clue. Thank you.

Thank you, Inga. I love so much of what you said and I'm excited to tell you all about Clue and really how we are doing things like improving population health, the patient experience as well as fundamentally changing the equation on health equity. So Clue, we're all about reproductive health tech for everyone. And we are a pioneering menstrual and reproductive health platform and supporting people from -- in their entire journey from someone's first period to menopause. And as one of the first data- and science-driven period trackers on the market, 10 million people globally trust Clue every month to help them understand their body and have agency over their health. And this is in a world where the gender health gap really still leaves half the world's population insufficiently supported. So Clue, there are a few screen shots here that I wanted to show just to give you a sense. Because I think a lot of -- a lot of what we understand when we talk about women's health or reproductive health is invisible. It includes being a patient, but it also includes what it is to live with female biology. And so what Clue does is it gives you the ability to quantify and visualize your cycle by tracking and through data and when you can observe and track what's happening in your body, you can make sense of it and ultimately do something about it. You can have actionable advice or insights or recommendations. And so put another way, tracking leads to data, data leads to insight, insight leads to agency and agency is honestly the key to health and well-being. So let's see, we have 10 million monthly active users all over the world and literally all 190-plus countries. We have a -- we are loved and trusted by the user community. We have a 4.8-star rating across -- I think the most impressive part is it's like over 2.5 million reviews where this is the case. And we also produce science-based, database health content that people can trust in our website that has about 4 million monthly web leaders. As I mentioned, we support people from first period to menopause. And we do this through a couple of different what we call modes in the app. And so fundamentally, people are tracking and they're getting insights on their health and this starts with period tracking. While many of those 10 million users are kind of a Freemium funnel that come through fundamentally wanting to understand, well, when's my next period and what are some of the patterns that I might notice. They can get that and they can also get advanced education and insights into what that means. Our premium products consists of period tracking, conception, pregnancy and peri-menopause and that's what you see in the middle. Period Tracking Plus gives you advanced insight as well as predictions as well as specialized content. Clue Conceive is -- that is CE Mark, but actually our entire app is CE-marked, which means that we as a company and as an operate under a medical device regulation and we hold ourselves to the quality and standards of a medical device company. I think this is actually important to point out that this is a rare thing in the consumer health space because so much of what is done is unregulated. And there are -- there is no data or actually operating procedures underlying that, that enable a -- let's say, consumer health or wellness app to stand up to the claims it does. It's very different for Clue, for something like Clue Conceive, which is helping you which is helping you in your journey to conception. We have a data-driven algorithm to help you better understand when is your optimal fertile window for conception. And that is all not only evidence based but it is also designed, developed and delivered under quality management standards. We support people through their pregnancy as well, giving people weekly insights into what might be happening with their pregnancy and to ensure that they -- and ensure they have a healthy pregnancy. And our newest product is Clue perimenopause. Many of you actually may not have heard the term perimenopause. We discovered this when we asked our user base and found that about 70% of our user community, which is a community that tracks their cycle and understand somewhat the menstrual health and 70% of them are not aware of what peri-menopause is. Some have heard of menopause, which is when your cycles have ended for 12 months or more, the peri-menopause is up to a decade of transitional period that leads up to menopause. There is a lot to be done here in this space. It's hugely underserved. It affects literally every single person with the cycle. And what we do is help people understand their symptoms, observe their body and get high-quality educational content and insights to help them better navigate and manage this very common transitional phase in menstrual and reproductive health. And last but not least, something that we're very excited about that we actually have is a digital -- an all-digital birth control feature, which is FDA-cleared. That's a Class II medical device. It's designed to be a nonhormonal easy-to-use, widely accessible and affordable method of birth control. In a world where, honestly, women are saying that I've tried so many forms of birth control, none of them have worked for me and I'm out of options, or in a place like even the U.S. where there's 19 million women living and reproductive in contraceptive deserts, meaning they cannot get access -- meaning they cannot get appointments or prescriptions or fill their prescriptions for birth control. We put out an all-digital growth control in order to -- in order to make sure that people have another option when it comes to that. That is part of our suite of products and capabilities, and we're excited to be bringing something in the contraceptive space to market to mass market availability in the next year. And I wanted to also call out a point really on HealthEquity and the kind of bigger picture. It's examining again like why is it that Clue we've invested so much of our time, energy and why I'm sure Molten has invested as well in making sure that women and people with cycles have this service. Well, centuries of [indiscernible] around what are just basic bodily functions for half the world's population, contribute to our users often saying like I just wish people took me more seriously and I just wish the healthcare system took me seriously. Much of this journey, if you're not a technical patient in the healthcare system in the women's health journey is not actually understood. It's under research. It's under innovated. It's underserved. Many times, it's not reimbursable like having a period, wanting to get pregnant. None of that -- actually going through peri-menopause, none of that is well reimbursed or well understood. And actually, much of it, if it is understood, is also under-diagnosed. Take the fact that women still tend to be diagnosed later than men for the same conditions, actually, specifically, 72% of cases, women wait longer for that diagnosis than men do. Or that women are less likely to be given treatment for their pain and are more likely to have to wait for paying medication. These are all indications and these are our kind of broader health sets that point to what our user community is also telling us about the fact that their health is not currently today being taken a seriously and it's being underserved. So I wanted to point out that we have absolutely the capability to do that, to do something about that. And in fact, we're tired of it too and we want to do something about that. We have a very rich data set of our 10 million monthly active users on a regular basis, tracking what's happening in their cycle. And that's 650 million cycles tracked with 15 billion health data points. This is an unprecedented data set. We've historically contributed this anonymized data to supporting the research that we have on women's and women's health and reproductive health, and we've done various different research projects, but something that we're extremely excited about coming up is that we've recently launched what call the house record feature, where we've asked our user community to contribute their confirmed diagnosis for many of these underdiagnosed and understood women's health and reproductive health conditions. And in just a few weeks of having launched this, we have about 150,000 reported diagnoses across 75,000 individuals that we can then use to really change what we can do and what we can deliver in the women's health space. And so with this type of data set and with these confirmed diagnosis, we can really make -- we can not only help people track and understand what they experience but also give them further insights and potentially give them the insights that would lead to diagnosis of many of these conditions in the future. And so we're extremely excited about that. And as a whole, I'd say when it comes to improving population health, improving health equity, improving that patient experience and truly engaging people in their health, we're excited at the role Clue will play in shaping the future of reproductive health. Should I pass it back to you at this point, Inga ?

Thank you so much Audrey, a perfect example. Thank you so much for talking us through that and many exciting new things to come, new discoveries and new impacts to come through that Clue platform. So thank you. Love that I pass over to Javier, who is the Chief Exec of Oliva. Let him do the introduction and talk a bit about this company also. Thank you.

Thanks so much Inga. It's a real pleasure to be here. Thanks for the opportunity to speak and share about Oliva. Perhaps I'll start really quick by sharing a little bit why Oliva exists and then I'll go forward with what we actually do. So this all started -- this whole journey started while I was building my first company, TravelPerk. It's an all-in-one business travel solution. It grew really fast. We're now 1600 people, raised a lot of money. So it was very good. It went very well and it's still going really well. But this led me to burn out. It is my first company. I complete this regarding my well being. And so that took me to look for some professional help, a therapists. And I'm sure that many of you here have experienced a similar journey. You can either ask a friend or a colleague and try to use what they did. And in most cases, it doesn't because we're very different. Another one is you can go into Google. And you can find hundreds of different providers. You can try to pick the friendliest phase, maybe a term that you connect with and self diagnose. Of course, that often doesn't lead to the right outcomes. You can go to the public health services where you might wait up to 16 weeks and it's proven that 50% of people that go through it don't return after the second appointment because they simply don't feel that connection that match with what they've been given. So in my case, after 9 months and really trying and speaking to different therapies, a lot of energy, a lot of money that went into that. I finally found one that worked for me and up better and kept running the company. But then I looked around and it really made me think how many of these people might come to exact same thing right now and I knew [indiscernible]. So it made absolutely no sense to me that in today's days and age, this is happening, right, that it is so difficult to find that support. So I kind of went really deep and started doing some research. And what I concluded was that there's a massive amount of evidence base of what works in mental health, that's been proven, right? So we don't really need more science. What we need is access to that science at scale, right? That's one thing. Two is, unfortunately, the prevalence for mental health has doubled in the recent years. It's gone from [indiscernible]. So it's only getting worse. This is, of course, increasing demand at twice the rate of the supply in terms of clinicians, right? So there's a huge imbalance there that's growing. And the good thing though is that COVID helped a lot to increase the adoption of digital mental health 10x globally because people didn't have another option. So that happened very fast. And it also became very clear to me that finally, technology was accelerating fast enough to able to solve some of those supply constraints. And this is what convinces me that this problem needed to really be sorted now, right? And that's basically what created a [indiscernible] became from personal problem that a lot of people have. And what we're aiming to become essentially is the lifelong partner of professionals and their families when it comes to emotional professional growth. So we focus a lot on the well-being and the mental health side of things. And to explain why life long because we don't want to be a solution that is only there why you're employed. With us, the individual can keep Oliva after they leave the company and so can their families, meaning that they have access to all those professionals but also everything they worked on in the past, and they have those learnings in their pocket and understand what has worked and what hasn't. And that's who we become this really true lifelong partner. And -- but -- so how do you start, right? And we wanted to start having impact from day one. So what we did is that we went with a human-led approach. We wanted to get the right human and the right type of care by vertical integrating that with technology and getting that to people. And that we've done very successfully now. We now serve hundreds of companies with a 5-star average in terms of satisfaction from all different personas. And now we're moving to the next stage that we think, okay, we really understand how to do human led support, but that obviously has a constraint. So that's where technology comes into place. And technology is very exciting for us but we also and ensuring that we do that carefully, right, because one thing is technology and the other thing is adoption of technology. So we're doing first is that we're enhancing the human-led care with technology, so to speak, you have a session. We can extract a lot of insights and data from that to be able to give more insights to the practitioner but also to the human. And then we're using technology to make it a lot easier for individuals and practitioners to engage meaningfully in between sessions, which ultimately should lead to a faster time to outcomes and recovery and a much better experience, right? And we're not really bringing all these mental health online, we're crafting it from the ground up for online, right? And so we're in that -- particularly in that place right now where we're enhancing care and very rapidly moving to a place where we think in the next 3 to 5 years, we'll be able to support quite a few people with AI net support. Because their reality is that a lot of people don't want to commit to a human but also humans are constrained. So we are really need to reserve the human led support for those that really wanted and needed and those that don't want it can still contribute to their mental health with AI-led support. But we need to do that in steps until the technology is proven from a scientific perspective that it can work at scale and while adoption increases as well. So we're in a very good intersection right now where I think all of the problems that held us back until now to really bring that access to the scales and to the masses is there. And ultimately, what we see is that by helping these professionals, the company is, of course, profit, right, from it. So we give them insights to understand how they're getting that value. But right now, we're focusing in the mid-market. And as that cost of care goes down, we want to be able to also serve other types of organizations and even perhaps take a B2C approach. Because the goal here is for as many individuals to live the best life they can today. And that's what makes Oliva.

Thank you so much, Javier. So I think, Martin, I think that's the end. Do you want to wrap up?

Yes. Yes, I will. Thank you very much, Inga. And of course, thank you very much, Javier and Audrey. Just a few words from me before we -- I think we were [indiscernible] at quarter past, so we will get you done on time. Our purpose at Molten is to advance society through technological innovation and that's something that really drives us as a business. And I think what we've heard today is a really good example of how we can do this with Inga's Quintuple aims and to improve healthcare. And I think this vertical is a really good example of how we can help to scale these companies. And it's not just about providing capital. It's also about providing experience, energy but also deep knowledge of how to scale companies into large, well-run commercial organizations. And we do believe that's the best way for us to deliver our purpose. And so I think today is a really good example of how we have a very diversified set of businesses and whether it's reproductive female health tech, right the way through to corporates helping with mental health, both areas that are so important as technology as technology -- society as it grows. And our job is to help to make these big businesses that can have a much greater impact and an outsized impact in these particular areas. And so it's a very exciting time to be in investing in tech. It's a very exciting time for us right now to be in the health tech space. And again, Inga, thank you very much and both Audrey and Javier for your time today. As I mentioned earlier on, this is part of a program to bring to investors an indication of the breadth and depth and diversity of the portfolio that we manage and also how we try to advance society through this technological innovation. We'll be back early in the new year with another area. If you're interested, please provide us feedback on both what you heard today but also on what you'd like to hear in the future if there's any particular areas that you would like us to talk about or particular companies that you'd like to see. We'd be very interested to bring them to this wider retail audience. I think everybody on this call knows that Venture -- the returns of Venture and the exciting companies we invest in has been the preserve generally of institutional large private investors. And for us, bringing these -- the opportunity to a much broader retail investor community is something that's very important to us. And so these lines of communication are a way for us to help that. Now if you want more updates on Molten, we'd ask you to sign up to our newsletter. You can see the links up here on the screen now. It's all available on our website. But we think this is a really exciting time for tech. It's a really exciting time for tech in Europe and for us to be investing. So we look forward as we start to close out this year to a very -- it's been a very tough year for the whole sector, and we understand that. But we do think things will improve and we think next year is -- we look forward with great excitement to next year. And I hope that today is giving you an indication of why we're so excited to be investing in this space. So with that, I'll end by wishing you all a very good Friday and upcoming weekend when it arrives. And I will hand you back to Jake from Investor Meet Company. Over to you, Jake.

That's great. Martin, Inga, Audrey, Javier. Thank you very much indeed for updating investors this morning. Could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can really better understand your views and expectations. This will only take a few moments to complete but I'm sure it'll be greatly valued by the company. On behalf of the management team of Molten Ventures plc, we would like to thank you for attending today's presentation. That now concludes today's session. So good morning. See you all.