A busy year for tech start-ups
As we near the end of the financial year, I’m pleased to report
that it has been another busy year for Finance Wales’ technology
ventures team. Launching the £7.5 million Wales Technology Seed
Fund was a particular highlight and since becoming operational in
June last year it has attracted a great deal of attention from
technology entrepreneurs across Wales and further afield.
So far we’ve made 3 investments from the Welsh
Government fund, totalling £425,000 in nudjed, OobEdoO and W2
Global Data Solutions. Working with xénos to complete these
investments we’ve built strong alliances with both individual
angels and angel syndicates. These partnerships are crucial
to fledgling businesses because of the significant commercial and
other experience business angels can bring.
Thanks to the relationships we’re developing
with a number of Wales’ innovation/accelerator hubs such as ICE,
Indycube and Tech hub we hope we’ll see more high quality
propositions ready for investment from the fund.
We’re also aiming to complete further Wales
Technology Seed Fund investments with crowd funding platforms like
Seedrs and the Syndicate Room before the end of the financial
As a result of our excellent relationship with
the Welsh Government’s High-Potential Starts programme, many of the
companies in our tech ventures portfolio have benefitted from
high-calibre mentoring and support.
Turning to the rest of our tech ventures
portfolio, we’ve completed a number of significant investments from
the Wales JEREMIE Fund alongside institutional investors such as IP
Group, Longbow, Andromeda Capital and Longwall Associates during
the financial year.
A number of our tech ventures portfolio
companies are now starting to develop strong revenue streams from
world-wide sales, as they move from product and technology
development to full-scale commercialisation.
Added to this, we were pleased with the 3
realisations from MedaPhor’s AIM listing, Q Chip’s acquisition and
the acquisition of Mesuro by Canada’s Focus Microwaves.
2015 – 16 already looks set to be an exciting
year for the Tech Ventures team, with a strong pipeline of new
investment opportunities in the med tech and ICT sectors.