Development Bank of Wales

The Wales Business Fund, managed by the Development Bank of Wales, is a direct lending initiative focused on providing financial support to Welsh small and medium-sized enterprises (SMEs). Established in 2001, the fund primarily targets investments ranging from £50,000 to £2 million, with a particular emphasis on sectors such as commercial products, pharmaceuticals, biotechnology, healthcare devices, manufacturing, and information technology. The fund seeks to assist businesses at various stages of development, including seed, early, and growth stages. It operates from Wrexham and Cardiff, investing in companies based in Wales or those willing to relocate. The Wales Business Fund aims to stimulate economic growth by offering flexible financing solutions tailored to the needs of SMEs, including loans and micro loans for a term of one to five years. Additionally, the fund collaborates with other investors to co-finance projects and enhance the capital available for Welsh businesses.

Bethan Cousins

New Business Director

Rhian Elston

Deputy Fund Manager

Chris Griffiths

Technical Investment Director

Carl L. Griffiths

Technology Seed Fund Manager

Andrew Morris

Investor

Mike Owen

New Investments Fund Manager

Cenydd Rowlands

Property Director

Nick Stork

Fund Manager

Giles Thorley

CEO and Board Member

Past deals in Wales

SolasCure

Series A in 2021
SolasCure Limited is a company based in Wales, United Kingdom, that specializes in developing innovative wound care products for patients with chronic wounds. Founded in 2017, the company has created Aurase, a hydrogel designed for wound debridement, a therapeutic procedure that removes dead, damaged, or infected tissue to enhance the healing process. SolasCure is committed to supporting healthcare professionals by providing effective solutions that improve patient health and wellbeing.

Space Forge

Seed Round in 2021
Space Forge Limited is a company based in Bristol, United Kingdom, that focuses on the development of reusable satellites. Established in 2018, the company specializes in manufacturing super materials, including unique alloys and crystals, that are produced in space and cannot be replicated on Earth. These materials have applications across various industries, including computing, telecommunications, and pharmaceuticals. Space Forge operates laboratories in Bristol and Wales to facilitate its research and production activities.

Dog Furiendly

Seed Round in 2020
Dog Furiendly is a travel platform dedicated to dog owners, providing a comprehensive list of dog-friendly establishments such as pubs, cafes, restaurants, shops, accommodations, attractions, and events. The platform is designed to foster a community for pet dogs and their owners, allowing users to sign up or create a profile to access information about pet-friendly venues. Additionally, Dog Furiendly enables dog owners to leave reviews and participate in local dog walks and events, enhancing the social experience for both dogs and their owners.

FuelActive

Venture Round in 2020
FuelActive Ltd manufactures fuel delivery system. The company’s system helps in eliminating fuel related breakdowns, reduce component replacements, machine downtime and maintenance, harmful emissions, and improves fuel efficiency. It serves construction, mining, transport, military, power generation, marine, and agriculture sector. FuelActive Ltd was formerly known as Fairwater Fuel Systems Limited and changed its name to FuelActive Ltd in June 2007. The company was founded in 1998 and is based in Cardiff, United Kingdom.

Space Forge

Seed Round in 2020
Space Forge Limited is a company based in Bristol, United Kingdom, that focuses on the development of reusable satellites. Established in 2018, the company specializes in manufacturing super materials, including unique alloys and crystals, that are produced in space and cannot be replicated on Earth. These materials have applications across various industries, including computing, telecommunications, and pharmaceuticals. Space Forge operates laboratories in Bristol and Wales to facilitate its research and production activities.

Bombora wave power

Debt Financing in 2019
Founded in 2012 in Perth Western Australia, Bombora is an award-winning ocean energy company. Bombora has established its European operations in Pembrokeshire, Wales in the heart of a dynamic, wave and tidal energy focussed region. Bombora’s innovative mWave produces environmentally friendly, consistent and cost competitive energy for commercial scale energy needs in coastal locations throughout the world.

Clever Chefs

Debt Financing in 2019
Clever Chefs is a Premium caterer which serves truly unique and inspiring local food to weddings & events covering the south of England & Wales. based in Cardiff & Bristol

Oil4Wales

Debt Financing in 2018
Oil 4 Wales is an independent fuel supplier providing a much needed range of services to homes, businesses, commercial premises, agricultural and retail customers throughout Wales.

Carapace Slate

Seed Round in 2018
Based just outside of Cardiff, South Wales, Carapace Slate is a revolutionary, snap-fit roof tile set to make huge waves within the construction sector. Made using the discarded materials from Wales’ industrial past, Carapace Slate is a composite, snap-fit roof tile that captures the natural beauty of quarried Welsh slate by cleverly replicating the character and colouring that is consistent with any regional variety.

NearMeNow

Seed Round in 2018
NearMeNow Ltd. is a company that has developed a mobile application aimed at enhancing the visibility and engagement of local shops and suppliers within their communities. The app offers features such as augmented reality, instant messaging, geo-location tagging, online transactions, and campaign planning, allowing businesses to effectively advertise and compete against larger brands and online retailers. Targeting individual business owners primarily in Cowbridge, Vale of Glamorgan, and other areas of Wales, NearMeNow provides a cost-effective digital solution to help revitalize struggling high streets. Founded in 2016 and based in Caerphilly, United Kingdom, the application is accessible on both iOS and Android platforms, facilitating improved collaboration among local businesses and promoting the benefits of shopping locally.

ECR Concepts Software

Debt Financing in 2018
ECR Concepts Software Ltd provide high quality EPOS system solutions throughout the UK. Based in Cardiff South Wales, we offer tailor made packages and bespoke EPOS systems at affordable prices. We provide installation, training and support for your business. A one-stop solution for everything EPOS. You can visit our showroom in Cardiff where our friendly team will show you the many solutions to improve and help your business.

Urban Intelligence

Seed Round in 2017
Urban Intelligence has developed a suite of products, driven by technology and data science, which can revolutionise property transactions by reducing transaction times and eliminating costs. At the heart of these is SiteScore, a powerful algorithm that analyses the sustainability of over 28.7 million land parcels in England and Wales by reference to the planning environment, geography, transport and educational links and over 100 other data points. SiteScore’s unique algorithm, building on years of research and input from a range of industry professionals, calculates a bespoke score for each site enabling developers and landowners to assess its potential for development. SiteScore will generate a report, similar to a credit rating, scoring the site objectively against various criteria, which will provide data on a site’s sustainability instantly and in one place, replacing multiple manual reports which are time consuming and costly to prepare. This tool will help property developers to quickly evaluate potential sites and focus attention on those with the greatest potential.

Glamorgan Telecom

Venture Round in 2017
Glamorgan Telecom Limited is a prominent provider of telephony solutions and communication services for businesses in Wales and the South West of the United Kingdom. Established in 1993 and based in Cardiff, the company specializes in a range of offerings, including telephone systems, VoIP solutions, session initiation protocol (SIP) services, mobile and computer integration, and call recording. Additionally, Glamorgan Telecom provides hosted services, telephone lines, data and cloud communications, as well as telecom infrastructure maintenance and training. The company caters to various sectors, including office, retail, education, healthcare, financial services, and hospitality, among others. As of August 2020, Glamorgan Telecom operates as a subsidiary of OneCom Limited.

Tatami Fightwear

Debt Financing in 2016
Tatami Fightwear is a producer of clothing and equipment for Brazilian jiu jitsu fighters.

Mainstay Marine Solutions

Debt Financing in 2016
Mainstay Marine Solutions specializes in the design and construction of workboats from its facilities in Pembroke Dock, South West Wales. With a management team boasting over 30 years of experience in the industry, the company is recognized for its commitment to quality workmanship and the production of Welsh products for international markets. Mainstay Marine offers a comprehensive range of services, including new boat builds, refits, maintenance, and repairs. The company is adept at managing multiple contracts simultaneously, ensuring that time and precision are prioritized to meet critical deadlines. This focus on responsiveness and exacting standards helps to maximize the operational lifespan and safety of vessels and associated waterside infrastructure.

Curapel

Venture Round in 2016
Curapel Limited is a privately held healthcare company based in Cardiff, United Kingdom, focused on developing skin healthcare products derived from naturally-occurring ingredients. Established in 2011, the company aims to address common skin conditions through innovative and effective solutions. Its product line includes Histimex, a liquid supplement designed to support the skin barrier in individuals with dry and eczema-prone skin; Melidex, a cream that lightens and evens skin tone after sun exposure; and Olidex, which helps maintain moisture levels in normal skin. Curapel is engaged in research and development of oral and cream-based products targeting various skin issues, including eczema, psoriasis, and skin pigmentation problems. The company seeks to collaborate with established retail partners to enhance its market presence and meet the unmet clinical needs of patients.

Jistcourt

Debt Financing in 2016
Jistcourt South Wales Limited is a construction company based in Baglan, Port Talbot, UK, established in 1980. The firm specializes in building contracting and civil engineering services throughout South Wales, focusing on design and build as well as refurbishment projects. Jistcourt caters primarily to social landlords and local authorities, delivering services across various sectors including education, healthcare, commercial, and industrial developments. Their expertise encompasses new builds, refurbishment, repairs, and specialized projects such as kitchens and bathrooms.

Creo Medical

Venture Round in 2015
Creo Medical Limited is a UK-based medical device manufacturer focused on the research and development of electrosurgical technologies for surgical endoscopy. Founded in 2003 and headquartered in Chepstow, South Wales, the company is known for its innovative medical devices, particularly the Speedboat RS2. This instrument utilizes a combination of bipolar radiofrequency and microwave energy, allowing for effective tissue dissection, resection, ablation, and coagulation. The company has also developed the Croma platform, which integrates these energy modalities through a single accessory port. Creo Medical operates from a facility equipped with a controlled manufacturing area, including a Class 6 Cleanroom, to support its product development and commercialization efforts. The majority of its revenue is generated from Europe, with additional contributions from the UK and other regions worldwide.

Creo Medical

Venture Round in 2014
Creo Medical Limited is a UK-based medical device manufacturer focused on the research and development of electrosurgical technologies for surgical endoscopy. Founded in 2003 and headquartered in Chepstow, South Wales, the company is known for its innovative medical devices, particularly the Speedboat RS2. This instrument utilizes a combination of bipolar radiofrequency and microwave energy, allowing for effective tissue dissection, resection, ablation, and coagulation. The company has also developed the Croma platform, which integrates these energy modalities through a single accessory port. Creo Medical operates from a facility equipped with a controlled manufacturing area, including a Class 6 Cleanroom, to support its product development and commercialization efforts. The majority of its revenue is generated from Europe, with additional contributions from the UK and other regions worldwide.

Cardiff Aviation

Venture Round in 2013
Cardiff Aviation Limited was established in 2012 by seasoned aviation professional Mario Fulgoni, and Bruce Dickinson, vocalist with rock band Iron Maiden. An unusual combination? Perhaps not. Mario is a former airline captain and has held senior management roles in a number of aviation businesses, including airlines and flight training.

Acuitas Medical

Venture Round in 2013
Acuitas Medical Ltd specializes in developing and commercializing Fine Structure Analysis (fineSA), a magnetic resonance-based diagnostic technique designed for the in-vivo characterization of anatomical structures on a fine scale. This innovative software addresses specific clinical imaging challenges, making MRI an effective imaging modality due to its high specificity, excellent signal-to-noise ratio, and lack of radiation exposure. Acuitas Medical's technology is applicable in various medical contexts, particularly in diagnosing conditions such as osteoporosis, liver fibrosis, and cancer. Founded in 2006 and based in Swansea, United Kingdom, the company was previously known as OsteoTronix Ltd before rebranding in 2010.

Creo Medical

Series A in 2012
Creo Medical Limited is a UK-based medical device manufacturer focused on the research and development of electrosurgical technologies for surgical endoscopy. Founded in 2003 and headquartered in Chepstow, South Wales, the company is known for its innovative medical devices, particularly the Speedboat RS2. This instrument utilizes a combination of bipolar radiofrequency and microwave energy, allowing for effective tissue dissection, resection, ablation, and coagulation. The company has also developed the Croma platform, which integrates these energy modalities through a single accessory port. Creo Medical operates from a facility equipped with a controlled manufacturing area, including a Class 6 Cleanroom, to support its product development and commercialization efforts. The majority of its revenue is generated from Europe, with additional contributions from the UK and other regions worldwide.

Acuitas Medical

Seed Round in 2011
Acuitas Medical Ltd specializes in developing and commercializing Fine Structure Analysis (fineSA), a magnetic resonance-based diagnostic technique designed for the in-vivo characterization of anatomical structures on a fine scale. This innovative software addresses specific clinical imaging challenges, making MRI an effective imaging modality due to its high specificity, excellent signal-to-noise ratio, and lack of radiation exposure. Acuitas Medical's technology is applicable in various medical contexts, particularly in diagnosing conditions such as osteoporosis, liver fibrosis, and cancer. Founded in 2006 and based in Swansea, United Kingdom, the company was previously known as OsteoTronix Ltd before rebranding in 2010.

Geosho

Seed Round in 2011
Geosho was founded in 2010 and launched in 2011, with the goal to change how small and medium enterprises in the EU interact with and exploit location based data and smartphones . Based in Wales, Geosho employs 4 staff across the UK. Geosho is a web-based mapping and location data services platform. Geosho have developed a range of market specific products for SMEs using the core platform and API. Geosho want to bring the advantages of web based location & mapping services and their integration into bespoke smartphone applications to all businesses at a cost that is not prohibitive. Geosho use a range of established Open Source Technologies and data to deliver these. Geosho recognises the limitations of Open Source technologies and is now also a partner to ESRI UK and can provide bespoke white label hybrid solutions for larger organisations utilising the new ESRI cloud product. Currently there are three products that are in use around the world with customers across Europe, the US, Asia, Africa and Australasia: Tradeshift - Cartobi - Free and Paid for Spatial Analysis applications for the innovative Tradeshift network. Bausho - Mapping based property management system and range of integrated smartphone apps for Estate Agents and their prospects. Rougeo - a location based content authoring, management and distribution platform that allows location based content to be created and exported in a wide range of accessible file formats including ePub, iPub, & PDF With a range of integrated smartphone apps for the Tourism, culture, heritage and leisure sector. We are also developing a Public Transport app with the pilot due to commence in Q2 2013 and are working with a number of clients on white label projects.

Acuitas Medical

Funding Round in 2010
Acuitas Medical Ltd specializes in developing and commercializing Fine Structure Analysis (fineSA), a magnetic resonance-based diagnostic technique designed for the in-vivo characterization of anatomical structures on a fine scale. This innovative software addresses specific clinical imaging challenges, making MRI an effective imaging modality due to its high specificity, excellent signal-to-noise ratio, and lack of radiation exposure. Acuitas Medical's technology is applicable in various medical contexts, particularly in diagnosing conditions such as osteoporosis, liver fibrosis, and cancer. Founded in 2006 and based in Swansea, United Kingdom, the company was previously known as OsteoTronix Ltd before rebranding in 2010.

Ocelus

Series B in 2010
Ocelus Ltd is an early stage speciality pharmaceutical company, developing and commercialising the microimplant drug delivery system conceived by Dr Andrew Kirby. Founded in late 2007, Ocelus Ltd is based in South Wales, UK, Ocelus Ltd has been awarded two Welsh Assembly Government innovation grants, and has attracted venture capital funding from Finance Wales.

Node Management

Venture Round in 2005
Node Management is a software and multi-media business, recently moved from Wales to Bristol.
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