By Daniel Hunter
A Welsh Government fund has invested £1.2 million in nine Welsh businesses, creating 28 jobs over the past 12 months.
Managed by Finance Wales, the Wales Technology Seed Fund was set up to invest in technology start-ups. It aims to help young businesses to bring innovative products to the market in a range of sectors including health and fitness, bioscience, entertainment, data management and travel.
The Wales Technology Seed Fund invests up to £150,000 per business, alongside other Welsh Government support.
Wales Technology Seed Fund manager James Henderson said: “There’s a huge amount of innovation in Wales at the moment and we’re backing ambitious young entrepreneurs who aren’t following traditional employment routes as well as exciting new spin-outs from Wales’ excellent universities.
“The Wales Technology Seed Fund is helping disruptive, technology-driven businesses to commercialise their big ideas and turn them into businesses. We can introduce the businesses we invest in to experienced co-investors and industry experts early on, helping their management teams build commercial traction.”
Economy Minister Edwina Hart said: “The Wales Technology Seed Fund has had a significant impact in its first year. It’s already boosting the growth of technology businesses, helping to create high-calibre job opportunities and bring innovative new products to market.
“I’m also pleased to see the range and diversity of businesses working across the sectors that are benefiting from the Fund which is providing the finance needed to take their businesses to the next level.”
Health tech firm nudjed was the first to receive funding from the Wales Technology Seed Fund in October last year. Warren Fauvel, founder and chief executive, said: “The Wales Technology Seed Fund was an ideal source of funding at the right time for nudjed. It allowed us to launch successfully, develop the business and go on to secure further investment.”
Through Business Wales, the Welsh Government is headline sponsor of the inaugural Entrepreneur Wales Awards and sponsors the Accelerated Growth Business Entrepreneur of the Year and Entrepreneurs' Champions of the Year categories. Entries close at 5pm on 14 August. To enter, visit www.entrepreneurwalesawards.com