Start-up incubator Welsh ICE secures £250k in funding to support Welsh business

Welsh ICE, a start-up incubator based in Caerphilly, has secured £250k in funding to help it support young local businesses.

Fairwood Trust, the Welsh Government, Lloyds Bank and the WCR Group have provided the funding in a bid to support start-up businesses in creating jobs for the Welsh economy.

It’ll be delivered through a new programme called ICE 50, which will see 50 start-ups receive a fully-funded business package, including a full-time desk, a tailored mentoring programme, creative workshops, full telephone and high-speed internet access, and one-to-one support for 12 months.

Online community tool Noddlepod, B2B digital health platform Nudjed, design agency Rose-Innes and CGI and animation studio Bomper have all benefited from similar funding in the past.

As a result, they’ve been able to been able to grow in terms of revenue as well as staff. The incubator estimates that the new round of funding will help create around 125 to 250 new jobs for the Caerphilly area.

Gareth Jones, CEO at Welsh ICE, said: “It’s wonderful to be working in partnership with so many great organisations, and the size of the funding package will lead to the creation of inspiring jobs in a beautiful part of Wales.

“This support will allow us to reach out to those businesses and aspiring entrepreneurs who are looking for that little bit of extra support that they need to get started, get launched and grow into a sustainable business.”

Economy Minister Edwina Hart said: “Welsh ICE has developed some genuinely innovative ways of nurturing start-up and early stage businesses and the Welsh Government is pleased to provide support, alongside the private and third sector, to new generation companies which create jobs.”

Charles Middleton, director of the Fairwood Trust said: “Fairwood Trust is dedicated to the support of individuals in South Wales with an ambition to develop themselves and grow their own business.

“We are very pleased to be working in partnership with Welsh ICE to deliver funded spaces to individuals looking to start their own social enterprises.”

A limited number of places will be available each month for the next 6 months, and businesses from all sectors and industries are welcome to apply.

Entry for the first round will close November 5th, and businesses are invited to submit their ideas to ICE through the website (www.welshice.org) or by contacting Gareth Jones via garethjones@welshice.org. The submissions will be evaluated by a panel of judges.