£20 million fund launched for Welsh tech firms

Welsh technology businesses and entrepreneurs can now apply for a £20 million fund launched by the Development Bank of Wales.

Originally established in 2014, the Wales Technology Seed Fund offers investment rounds of up to £250,0000 to early-stage technology businesses across the country.

The first fund ploughed money into 41 small and medium-sized businesses, creating up to 570 jobs. More than half of them are based in West ways or the Valleys.

Over the past few months, the Welsh Government has allocated £233 million of funding to the development bank, and it also recently launched a new £8 million Angel Co-investment Fund.

Economy Secretary Ken Skates said the funding will allow the Welsh tech industry to continue growing. “I am proud to have established the Development Bank of Wales which in parallel with Business Wales is providing businesses with the support they need.

“The Development Bank is ensuring that this latest commitment of over £200m of Welsh Government funding is being used to drive investments that will grow our economy both today and into the future.

“The technology sector is increasingly important to our wider economy and I am committed to providing tech businesses in Wales with the backing they need to start-up, prosper and grow. The Development Bank’s new £20 million Wales Technology Seed Fund is an important part of that support.”

Giles Thorley, chief executive of the Development Bank of Wales, added: “The new £20 million Wales Technology Seed Fund is three times the size of the previous fund with up to £250,000 now available support the growth of developing technology businesses across Wales. This is exactly what early-stage technology businesses in Wales need.

“With £550 million currently in live funds, it’s all about having fuel in the tank to deliver for Wales. The additional funding from Welsh Government gives Welsh business a real advantage as we continue with our work in all regions.

“From Chepstow to Merthyr Tydfil, from Carmarthen and Pembroke Dock to Rhayader and Bangor, our investment teams are working with local businesses to support new and growing businesses to create high-quality jobs.”