Development Bank of Wales

Development Bank of Wales is an independent venture capital firm established in 2001, headquartered in Cardiff, with additional offices across Europe. The organization focuses on providing commercial funding to small and medium-sized enterprises (SMEs) in Wales, investing both private and public funds, including EU resources. It specializes in various forms of financing, such as bridge financing, succession funding, project finance, and micro loans, catering to a diverse range of sectors including technology, healthcare, manufacturing, and services. The firm aims to support startups and established businesses alike, offering investments from £0.001 million to £2 million, with potential follow-on funding up to £5 million. Development Bank of Wales targets companies with a turnover of up to €50 million and a workforce of no more than 250 employees, fostering growth and innovation within the Welsh economy.

Mark Bowman

Venture Fund Manager

Bethan Cousins

New Business Director

Rhian Elston

Investment Director and Member of the Investment Committee

Rhodri Evans

Deputy Fund Manager

Carl Griffiths Ph.D

Technology Seed Fund Manager

Chris Griffiths

Technical Investment Director

Carl Griffiths

Technology Seed Fund Manager

Hannah Mallen

Techonology Venture Investment Graduate

Andrew Morris

Investor

Mike Owen

Group Investment Director

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 biotechnology company based in Wales, United Kingdom, focused on advancing treatment options for patients with chronic wounds. Founded in 2017, the company is developing Aurase, a hydrogel designed to enhance wound bed preparation through the application of a recombinant enzyme derived from maggots. This innovative approach aims to facilitate wound debridement, a crucial therapeutic procedure that removes dead, damaged, or infected tissue, thereby accelerating the healing process. By leveraging biomimicry and evidence-based medicine, SolasCure seeks to improve patient outcomes across various healthcare settings.

Space Forge

Seed Round in 2021
Space Forge Limited is a company based in Bristol, United Kingdom, that specializes in the development of reusable satellites for manufacturing purposes. Founded in 2018, it focuses on creating advanced materials, including metals and crystals, that are not feasible to produce on Earth. By leveraging the unique conditions of space, Space Forge aims to manufacture super materials that enhance the efficiency of various industries, including computing, telecommunications, and pharmaceuticals. The company operates laboratories in Bristol and Wales, where it conducts research and development to support its mission of leading a clean industrial revolution through innovative manufacturing processes that reduce energy loss and carbon emissions.

Space Forge

Seed Round in 2020
Space Forge Limited is a company based in Bristol, United Kingdom, that specializes in the development of reusable satellites for manufacturing purposes. Founded in 2018, it focuses on creating advanced materials, including metals and crystals, that are not feasible to produce on Earth. By leveraging the unique conditions of space, Space Forge aims to manufacture super materials that enhance the efficiency of various industries, including computing, telecommunications, and pharmaceuticals. The company operates laboratories in Bristol and Wales, where it conducts research and development to support its mission of leading a clean industrial revolution through innovative manufacturing processes that reduce energy loss and carbon emissions.

Bombora wave power

Debt Financing in 2019
Bombora is an ocean energy company founded in 2012 in Perth, Western Australia, with established operations in Pembrokeshire, Wales. The company specializes in wave energy conversion technology through its patented mWave system, which harnesses wave energy to generate clean, renewable electricity. Bombora's technology utilizes pumped air to optimize energy extraction from various wave conditions, making it suitable for commercial-scale energy needs in coastal regions globally. By providing consistent and cost-competitive energy, Bombora aims to contribute positively to environmental sustainability and community well-being.

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.

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 is a property technology company that aims to transform the valuation of land and property through innovative technology and data science. It has developed a suite of products to streamline property transactions, notably featuring SiteScore, a sophisticated algorithm that evaluates the sustainability of over 28.7 million land parcels in England and Wales. By considering factors such as planning environment, geography, transport links, and educational facilities, SiteScore generates a tailored score for each site, allowing developers and landowners to assess their development potential effectively. This tool produces comprehensive reports that aggregate crucial data on a site’s sustainability, significantly reducing the time and cost associated with traditional manual reporting. By enabling property developers to quickly identify and focus on the most promising sites, Urban Intelligence enhances decision-making in real estate development.

Glamorgan Telecom

Venture Round in 2017
Glamorgan Telecom Limited is a prominent provider of telephony solutions and communication services based in Cardiff, United Kingdom. Established in 1993, the company specializes in distributing a range of telecom systems, including VoIP, remote networking, SIP trunks, and mobile integration. It also offers services such as call recording, wireless solutions, hosted services, telephone lines, and data and cloud communications. Serving various sectors, including office, retail, healthcare, and education, Glamorgan Telecom aims to enhance business connectivity and efficiency through its comprehensive offerings. The company operates as a subsidiary of OneCom Limited, further strengthening its position in the communication and connectivity market in Wales and the South West.

Mainstay Marine Solutions

Debt Financing in 2016
Mainstay Marine Solutions specializes in the design and construction of workboats, leveraging over 30 years of expertise in boat building. Located in Pembroke Dock, South Wales, the company is recognized for its high-quality craftsmanship and commitment to producing exceptional Welsh products for a global clientele. Mainstay Marine Solutions offers a comprehensive range of services, including new workboat construction, refits, maintenance, and repairs, ensuring that clients receive thorough support throughout the lifecycle of their vessels. The company is dedicated to meeting critical deadlines with precision, maximizing the operational time of vessels and associated infrastructure while prioritizing safety and efficiency.

Jistcourt

Debt Financing in 2016
Jistcourt South Wales Limited is a construction company based in Baglan, Port Talbot, United Kingdom, established in 1980. It specializes in providing building contracting and civil engineering services throughout South Wales. The company focuses on design and build, refurbishment, and repair projects, catering primarily to social landlords, local authorities, and various sectors including education, healthcare, and commercial and industrial developments. Jistcourt's expertise encompasses architectural engineering and technical building services, enabling clients to develop and maintain durable structures that meet diverse community needs.

Creo Medical

Venture Round in 2015
Creo Medical Limited is a medical device manufacturer based in Chepstow, South Wales, specializing in the research and development of electrosurgical devices for surgical endoscopy. Established in 2003 and originally known as MicroOncology Ltd, the company focuses on innovative technologies that enhance surgical procedures. One of its key products is the Speedboat RS2, which integrates bipolar radiofrequency and microwave energy into a single platform for various applications, including tissue dissection, resection, ablation, and coagulation. Creo Medical operates from a modern facility equipped with controlled manufacturing areas, including a Class 6 Cleanroom, to support its research and development efforts.

Creo Medical

Venture Round in 2014
Creo Medical Limited is a medical device manufacturer based in Chepstow, South Wales, specializing in the research and development of electrosurgical devices for surgical endoscopy. Established in 2003 and originally known as MicroOncology Ltd, the company focuses on innovative technologies that enhance surgical procedures. One of its key products is the Speedboat RS2, which integrates bipolar radiofrequency and microwave energy into a single platform for various applications, including tissue dissection, resection, ablation, and coagulation. Creo Medical operates from a modern facility equipped with controlled manufacturing areas, including a Class 6 Cleanroom, to support its research and development efforts.

Creo Medical

Series A in 2012
Creo Medical Limited is a medical device manufacturer based in Chepstow, South Wales, specializing in the research and development of electrosurgical devices for surgical endoscopy. Established in 2003 and originally known as MicroOncology Ltd, the company focuses on innovative technologies that enhance surgical procedures. One of its key products is the Speedboat RS2, which integrates bipolar radiofrequency and microwave energy into a single platform for various applications, including tissue dissection, resection, ablation, and coagulation. Creo Medical operates from a modern facility equipped with controlled manufacturing areas, including a Class 6 Cleanroom, to support its research and development efforts.

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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