10th July 2015

Wales Technology Seed Fund passes £1 million milestone after first year

A Welsh Government fund specifically created to invest in technology start-ups and IP-rich university spin-outs in Wales has invested £1.2 million in nine Welsh technology start-ups creating 28 jobs in just over 12 months.

Finance Wales’ investments from the Wales Technology Seed Fund are helping these businesses to commercialise and bring to market innovative products and services in a range of sectors including health and fitness, bioscience, entertainment, data management and travel.

Welcoming Finance Wales’ announcement, Economy Minister Edwina Hart said: “The Wales Technology Seed Fund has had a significant impact in its first year.  It’s already boosting the growth of technology businesses, helping to create high-calibre job opportunities and bring innovative new products to market.

“I’m also pleased to see the range and diversity of businesses working across the sectors that are benefiting from the Fund which is providing the finance needed to take their businesses to the next level.”

The Wales Technology Seed Fund can make equity investments of up to £150,000 and these can be used alongside a range of other Welsh Government support as well as further investment from Finance Wales.

These companies can also benefit from Finance Wales’ links with leading private and institutional co-investors as they grow and Finance Wales can also support new management teams through its network of industry experts.

Wales Technology Seed Fund Manager James Henderson believes the fund is helping to provide the vibrant community of technology start-ups in Wales with the finance they need: “There’s a huge amount of innovation in Wales at the moment and we’re backing ambitious young entrepreneurs who aren’t following traditional employment routes as well as exciting new spin-outs from Wales’ excellent universities.

“The Wales Technology Seed Fund is helping disruptive, technology-driven businesses to commercialise their big ideas and turn them into businesses.  We can introduce the businesses we invest in to experienced co-investors and industry experts early on, helping their management teams build commercial traction.”

Caerphilly health technology business, nudjed and Cardiff-based Nemesis Bioscience have both benefitted from investments from the Wales Technology Seed Fund.