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11/03/2015

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 year.

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.