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Development Bank of Wales

Development Bank of Wales

Government

The Development Bank of Wales provides equity and loan financing to support business growth and technological innovation across Wales.

Portfolio

102

companies

Investment by month

By category

  • SensorTech£15.2M
  • BioTech£14.7M
  • SaaS£14.5M
  • CleanTech£10.6M
  • FinTech£9.8M
  • Other£62.3M

By location

  • Cardiff£27.7M
  • Torbay£15.1M
  • Port Talbot£14.0M
  • Barry£10.4M
  • London£8.9M
  • Other£50.9M

Portfolio companies

1G

10six Games

10six Games develops customisable video games using generative artificial intelligence.

2E

2B Enterprising

2B Enterprising builds enterprise skills programmes for young children through illustrated stories and classroom activities.

A

Agxio

Agxio provides artificial intelligence and data science solutions for the agricultural sector.

AP

Amped PCR

Portable DNA testing systems for field pathogen detection.

A

Amplyfi

Amplyfi builds machine learning and natural language processing solutions for business intelligence.

Antiverse

Antiverse

Antiverse develops AI-designed therapeutic antibodies for challenging disease targets using computational platforms and in-house laboratories.

View all 102 companies
AO

Awen Oncology

Developing targeted anti-cancer drugs focusing on previously untargeted human developmental genes.

BB

Bathing Beauty

Bathing Beauty produces natural and ethical skincare remedies designed for sensitive skin.

BB

Better Boards

Better Boards provides evidence-based evaluations and development programmes for corporate boards.

Bikmo

Bikmo

Bikmo offers specialist insurance coverage tailored for cyclists and adventure sports enthusiasts.

B

Bionema

Bionema creates natural biopesticides to protect crops and eliminate chemical residues.

BB

Bishop Bayliss Developments

Bishop Bayliss Developments builds residential housing properties.

B

Blendini

Blendini operates and maintains race cars for supercar experience days.

BR

Bluestone Resorts

Bluestone Resorts operates a holiday destination in Wales focused on sustainability.

BD

Bond Digital Health

Bond Digital Health provides data connectivity for rapid diagnostic tests.

B

BookingLive

BookingLive provides online booking and reservation software to public and private sector organisations.

B

Bot-Hive

A digital marketplace connecting businesses with robotics and artificial intelligence solutions.

BO

Bwydydd Oren Foods

Wholesale fresh produce supplier serving commercial and public sector clients across Wales.

CF

Camlas Farm Vets

Camlas Farm Vets provides dedicated veterinary services for livestock and commercial farms.

C

CanSense

CanSense develops an early-stage blood test for bowel cancer using laser spectroscopy and artificial intelligence.

C

Careercake

Careercake provides online learning and career development resources for workplace teams.

CH

Cariad Hair

Cariad Hair operates a hair salon providing styling and coloring services.

Ceryx Medical

Ceryx Medical

Ceryx Medical develops next-generation bioelectronic therapies for heart failure.

C

Codeherent

Codeherent provides an intuitive software platform that enables businesses to manage their cloud infrastructure.

CL

Coffi Lab

Coffi Lab operates a community-focused chain of dog-welcoming coffee shops.

CS

Cog-Neuro Speech Therapy

Mobile applications that help individuals regain communication skills following neurological conditions.

Coincover

Coincover

Coincover provides digital asset protection and recovery services for cryptocurrency holders.

C

Cufflink

Cufflink develops secure applications and corporate software to help individuals and organisations manage personal data.

DT

Deer Technology

Deer Technology manufactures remote meter reading devices for utilities.

DP

Digital Profile

Digital Profile runs an online careers portal connecting candidates with employers and training providers.

DF

Dragon Fire Doors

Dragon Fire Doors provides fire door surveys, installation, and maintenance services.

D

Driverly

Driverly provides geo-intelligence services and data tools for car insurers.

DE

Drone Evolution

Drone Evolution provides specialised tethered drone services and training.

F

Finalrentals

Finalrentals provides an online car rental web application for local operators.

FC

Forden Concrete Products

Forden Concrete Products manufactures precast concrete solutions for the agricultural and domestic markets.

F

Forth

Forth offers personal health tracking and female hormone mapping services.

GB

Go Banana

Go Banana operates an online marketplace for building supplies and hardware.

HM

Halen Môn

Harvests sea salt in Anglesey for global food markets.

Halo Therapeutics

Halo Therapeutics

Halo Therapeutics develops an antiviral spray treatment for coronaviruses.

H&

Health & Her

Health & Her develops digital platforms and products to help women manage menopause symptoms.

HI

Hexigone Inhibitors

Hexigone Inhibitors develops smart corrosion protection technologies for industrial metals.

HS

High Speed Transfers

High Speed Transfers provides transport and support services for offshore energy platforms.

HS

Holyhead Shellfish

A Welsh commercial fishing enterprise supplying fresh seafood to local markets.

HM

Hope Macy

Hope Macy builds open banking and artificial intelligence technology to address consumer financial vulnerability.

H&

Hops & Scotch

Hops & Scotch provides mobile bar hire and event hospitality services for weddings and private functions.

H

Hybrisan

Hybrisan manufactures advanced antimicrobial liquid sanitisers and protective nanofibres.

IE

IQ Endoscopes

Developer of disposable single use flexible endoscopes for clinical procedures.

IW

Insight Workplace Health

Insight Workplace Health provides occupational health and wellbeing services to organisations across the UK.

J

Jellagen

Jellagen is a commercial manufacturer of jellyfish collagen for medical and research applications.

JH

John Henry Flowers

John Henry Flowers is an independent florist providing floral arrangements and botanical accessories.

JP

Just Play Golf

Just Play Golf runs a community driving range and coaching facility in Wales.

K

Kaydiar

Advanced footcare solutions created through customisable mesh technology.

K

Kinderly

Kinderly builds digital platforms for early years childcare professionals and parents.

LW

LIGNIA Wood Company

LIGNIA Wood Company manufactures sustainable modified timber to replace traditional hardwoods.

L

Lineat

Converting waste carbon fibre into a reusable sustainable commodity material.

LS

Llusern Scientific

Llusern Scientific develops rapid molecular diagnostic testing systems for human and animal healthcare.

LC

Loft Co

Loft Co develops historic buildings into mixed-use commercial and residential spaces.

L

Loopster

Loopster runs an online platform for buying and selling second-hand clothing.

MB

Mallows Beauty

Mallows Beauty manufactures ethical skincare and body care products focused on self-love and body positivity.

MB

Mallows Bottling

Contract bottling for major retailers in the drinks industry.

MP

Marine Power Systems

Marine Power Systems designs floating wind and wave energy hardware for commercial deployment.

MD

Maverick Diagnostics

Maverick Diagnostics supplies vehicle diagnostic tools and technical support for automotive workshops.

M

Middletons

Middletons retails accessible furniture and mobility products.

MT

Modest Trends

Modest Trends sells fashionable clothing that combines traditional spiritual values with contemporary style.

N

Nisien

Artificial intelligence startup developing real time tools to detect and classify online harms.

O

ONJA

ONJA serves authentic Tanzanian cuisine for dining in, delivery, and takeaway.

O

OpenGenius

OpenGenius develops productivity software including task management and mind mapping applications.

O

Optimise-AI

Optimise-AI provides software to manage building energy and carbon efficiency.

O&

Owen & Owen

Owen & Owen provides land and estate management services as chartered surveyors.

PB

Pelcomb Bridge Holiday Park

A holiday park and restaurant venue offering camping pitches, chalet accommodation and dining facilities.

P

Pelly

Pelly builds a data platform for managing sporting talent and operations.

PP

Pembrokeshire Performance Sailing Academy

Pembrokeshire Performance Sailing Academy provides watersport instruction and professional sailing training.

PH

Picton House

Picton House operates an eight-bedroom hotel and guest house in rural West Wales.

PS

Pinpoint Scientific

Pinpoint Scientific designs and manufactures environmental monitoring solutions for the pharmaceutical industry.

PH

Primesave Homes

Primesave Homes develops residential housing across Wales.

QLM Technology

QLM Technology

QLM Technology builds quantum lidar cameras for methane monitoring.

Q

QuoteOnSite

QuoteOnSite provides a platform that streamlines the quote management process for businesses.

RB

Reacta Biotech

Produces standardised diagnostic kits for clinical food allergy testing.

RB

Red Boat Ice Cream Parlour

Red Boat Ice Cream Parlour produces artisan gelato in unique flavours across North Wales.

RI

Rescape Innovation

Virtual reality technology for patient rehabilitation and pain relief.

RK

Route Konnect

Route Konnect provides video analytics software that anonymously maps movement data for people and vehicles across physical spaces.

S

SPORTTAPE

SPORTTAPE manufactures specialist athletic and sports tapes for teams and athletes.

Sidekick

Sidekick

Sidekick operates a wealth platform for professionals managing growing assets.

SD

Simply Do Ideas

Simply Do Ideas provides cloud software to help organisations test and develop early stage concepts.

SM

Sole Mate

Independent running store providing footwear, apparel and community training advice.

S

Stable

Stable provides freelance technology expertise and digital transformation solutions to public and private sector organisations.

TV

Tahdah Verified

Tahdah Verified develops a cloud-based software platform for training providers and membership associations.

TG

Tenby Golf Club

Tenby Golf Club operates an historic seaside golf course and leisure facilities in Wales.

T

Tendertec

Tendertec develops an artificial intelligence platform to support elderly care and independent living.

Thalia Design Automation

Thalia Design Automation

Thalia Design Automation develops software that enables semiconductor businesses to reuse existing chip designs.

TG

The Gower Deli

A former MasterChef semi-finalist operates a new delicatessen, café, and bakery in Southgate.

T

Thermetrix

Thermetrix develops a thermal imaging device to detect diabetic foot complications early.

T

Tourhub

Tourhub provides a travel aggregation platform for comparing and booking adventure holidays.

V

Validient

Validient supplies automated compliance and due diligence software for the legal sector.

V

Vizolution

Vizolution provides omni channel digital customer interaction solutions for global enterprises.

VI

Vortex IoT

Vortex IoT builds specialist sensors and networks for harsh environments.

W

Wagonex

Wagonex operates a vehicle subscription marketplace platform.

WE

Wayfind Escapes

Wayfind Escapes operates a holiday park and golf course in North Wales.

WM

Welsh Mountain Zoo

Welsh Mountain Zoo operates a charitable animal attraction overlooking Colwyn Bay.

WL

White Lion Hotel

The White Lion Hotel offers accommodation and dining in Machynlleth.

WL

Wild Lakes

Wild Lakes operates an outdoor wake park and climbing centre in Pembrokeshire.

Y

Yimba

Yimba supplies a multimedia and marketing platform that enhances bank digital wallet integrations.


Team

RB

Rhiannon Brewer

Senior Investment Executive

Rhiannon brings two decades of investment experience at Finance Wales and the Development Bank of Wales. She serves as senior investment executive and deputy fund manager for the micro loan fund.

LinkedIn
Carl Griffiths

Carl Griffiths

Technology Seed Fund Manager

Carl brings investment and technology fund management experience from the Development Bank of Wales and Finance Wales. He previously served as managing director at Seren Photonics and ORS.

LinkedIn
Alexander Leigh

Alexander Leigh

Senior Investment Executive

Alexander is managing director at Future Planet Capital and investment director at the UK Innovation and Science Seed Fund. He previously served as an investment executive at the Development Bank of Wales.

LinkedIn
Helen Di-Girolamo

Helen Di-Girolamo

Helen brings communications and marketing experience from roles at the Development Bank of Wales and Finance Wales.

LinkedIn
DG

Duncan Gray

Deputy Fund Manager

LinkedIn
AC

Andrew Critchley

Investment Executive

View all 62 team members
David Blake

David Blake

Investment Executive

David brings investment and engineering experience from roles at Deepbridge Capital and the Development Bank of Wales. He is also a qualified accountant.

LinkedIn
Philip Barnes

Philip Barnes

Technology Ventures Investment Executive

Philip brings investment and sector intelligence experience from roles at Life Sciences Hub Wales and the Development Bank of Wales. He previously held investment and research positions at Finance Wales and Cardiff University.

LinkedIn
Michael Bakewell

Michael Bakewell

Deputy Fund Manager

Michael brings venture capital and portfolio management experience from roles at the Development Bank of Wales and SPARK Impact. He previously held non-executive directorships at Acoustic Sensing Technology and Cable Sense.

LinkedIn
Rafael Joseph

Rafael Joseph

Assistant Investment Executive

Rafael brings investment and deal advisory experience from roles at Mercia Asset Management, the Development Bank of Wales, and KPMG UK. He previously managed acquisitions at The Bunker and started his career with an internship at Growth Capital Partners.

LinkedIn
CB

Colin Batten

MB

Mark Bowman

Venture Fund Manager

Mark brings investment and life sciences operating experience from roles at the Development Bank of Wales and PulmonIR.

LinkedIn
Matthew Wilde

Matthew Wilde

Matthew brings investment and financial experience from his time at the Development Bank of Wales and SWIG Finance, alongside governance roles in the housing sector.

LinkedIn
AM

Andy Morris

Investment Executive

TP

Tom Preene

Angel Invest Wales Operations Manager

Tom brings fund management and banking experience from roles at Angels Invest Wales, the Development Bank of Wales, Handelsbanken, and Coutts.

LinkedIn
Hannah Mallen

Hannah Mallen

Assistant Investment Executive

Hannah brings investment experience from the Development Bank of Wales, following previous roles in product, pricing, and market research.

LinkedIn
Linzi Plant

Linzi Plant

Assistant Investment Executive

Linzi brings investment and operational experience from roles including Franchise Director at LEXISNEXIS DRAGONS Official Page and Technology Investor at the Development Bank of Wales.

LinkedIn
Harry George

Harry George

Assistant Investment Executive

Harry brings investment experience from the Development Bank of Wales, alongside previous portfolio management roles at BBSRC and EPSRC.

LinkedIn
JC

Jack Christopher

Investment Executive

Jack is an investment executive at the Development Bank of Wales, focusing on early-stage investments. He previously held roles at Finquest, NoBa Capital, and Fordhouse.

LinkedIn
BC

Bethan Cousins

New Investments Director

RT

Richard Thompson

Senior Investment Executive

Phil Barnes

Phil Barnes

Investment Executive

Phil brings investment and sector intelligence experience from roles at the Development Bank of Wales and Life Sciences Hub Wales. He previously worked in technology transfer at Cardiff University.

Alun Thomas

Alun Thomas

Regional Manager

Alun brings regional investment and banking experience from roles at the Development Bank of Wales, Finance Wales, and Barclays UK. He currently serves as chairperson for Jenkins Bakery and BIC Innovation alongside consultancy work.

LinkedIn
SH

Scott Hughes

Investment Executive

Donna Strohmeyer

Donna Strohmeyer

Investment Executive

LinkedIn
GM

Gaynor Morris

Investment Executive

Gaynor previously spent over a decade as an investment executive at the Development Bank of Wales, following a long tenure as a business manager at Barclays.

LinkedIn
EW

Emily Wood

Investment Executive

Emily serves as an investment executive at the Development Bank of Wales, following previous support and administrative roles at the bank, Finance Wales, and MotoNovo Finance.

LinkedIn
JW

Jessica White

Investment Executive

Chris Hayward

Chris Hayward

Investment Executive

Chris brings investment experience from the Development Bank of Wales and commercial management experience from HSBC.

LinkedIn
Alex Leigh

Alex Leigh

Technology Investment Executive

Alex is a managing director at Future Planet Capital and a committee member at Midven, following investment roles at the UK Innovation and Science Seed Fund and the Development Bank of Wales.

Nicola Crocker

Nicola Crocker

Nicola manages property funds at the Development Bank of Wales, following previous property and commercial roles at Principality Building Society.

LinkedIn
Rhodri Evans

Rhodri Evans

Deputy Fund Manager

Rhodri brings investment and commercial banking experience from roles at the Development Bank of Wales, Finance Wales, and HSBC Commercial Banking.

LinkedIn
Siôn Wynne

Siôn Wynne

Investment Executive

Siôn brings investment and regional business support experience, having previously served as an Investment Executive at the Development Bank of Wales and in various advisory roles across public sector organisations.

LinkedIn
CB

Col Batten

Investment Executive

AD

Andrew Diplock

Lead Investor

Mike Bakewell

Mike Bakewell

Mike brings venture capital and investment management experience, having previously served as deputy fund manager for technology venture investments at the Development Bank of Wales and senior investment manager at SPARK Impact Ltd.

MO

Mike Owen

Group Investment Director

Clare Sullivan

Clare Sullivan

Regional Manager for West Wales

Clare brings regional banking and investment experience, having previously worked at HSBC and the Development Bank of Wales.

LinkedIn
Anna Bowen

Anna Bowen

Property Development Executive

Anna brings property development and investment experience from her time at the Development Bank of Wales, Finance Wales, and HSBC Commercial Banking.

LinkedIn
Richard Easton

Richard Easton

Portfolio Executive

Richard serves as a portfolio executive at the Development Bank of Wales. His background includes commercial banking and risk roles at HSBC and Santander UK.

LinkedIn
Ashley Jones

Ashley Jones

Investment executive

Ashley brings investment and banking experience from roles at the Development Bank of Wales and Santander UK.

LinkedIn
WJ

Will Jones

Investment Executive

NS

Nick Stork

Fund Manager

Nick brings investment and banking experience from roles at the Development Bank of Wales, Lloyds Banking Group, and HSBC. He also serves as a board observer at Novomorphic.

LinkedIn
Richard Jenkins

Richard Jenkins

Portfolio Monitoring Executive

LinkedIn
Andrew Drummond

Andrew Drummond

Investment Executive

Andrew brings banking and investment experience from HSBC and the Development Bank of Wales.

LinkedIn
KT

Kelsie Taylor

Portfolio Executive

Kelsie is a Portfolio Executive at the Development Bank of Wales, following corporate finance experience at GS Verde Corporate Finance.

LinkedIn
SM

Sam Macalister-Smith

Portfolio Executive

Sam brings investment and audit experience from roles at the Development Bank of Wales, Finance Wales, and KPMG.

LinkedIn
BK

Bethan Knight

Portfolio Executive

Aled Robertson

Aled Robertson

Portfolio Executive

Aled serves as a Portfolio Executive at the Development Bank of Wales, having previously held portfolio and support roles within the same institution. His earlier background includes customer service and claims experience at M&S Bank and Wrexham County Borough Council.

LinkedIn
JT

Joanna Thomas

Deputy Fund Manager

Joanna brings investment and portfolio management experience from roles at the Development Bank of Wales and Finance Wales. She currently serves as deputy fund manager at the Development Bank of Wales.

LinkedIn
TD

Tom Davies

Assistant Investment Executive

Tom brings investment experience from the Development Bank of Wales and audit background from Deloitte.

LinkedIn
Nakeja Howell

Nakeja Howell

Portfolio Executive

Nakeja is a portfolio executive at the Development Bank of Wales. Previously, she served as a portfolio assistant and business analyst at the same organisation.

LinkedIn
John Babalola

John Babalola

Assistant Investment Executive

John brings investment and corporate finance experience from roles at the Development Bank of Wales, GS Verde Corporate Finance, and Union Bank of Nigeria.

LinkedIn
James Ryan

James Ryan

Investment Executive

James brings lending and funding advisory experience from roles at WE ARE UMi and the Development Bank of Wales.

LinkedIn
Carol Hall

Carol Hall

Investment Manager

Carol currently manages the co-investment network for the Development Bank of Wales, following years as an investment manager for Angels Invest Wales. Her background also includes business development roles within accounting firms.

LinkedIn
Andrea Richardson

Andrea Richardson

Senior Portfolio Executive

Andrea brings investment portfolio and commercial banking experience from roles at the Development Bank of Wales and NatWest.

LinkedIn
AR

Adam Ramzaan

Investment Executive

Adam brings investment, mergers and acquisitions, and restructuring experience from roles at the Development Bank of Wales, PwC, and Your.Cloud.

LinkedIn
Emily Hunter

Emily Hunter

Investment Executive

Emily is an investment executive at the Development Bank of Wales. She previously held support and administration roles within the same institution and at Finance Wales.

LinkedIn
JB

James Brennan

Property Development Executive

James brings property development and corporate banking experience from roles at the Development Bank of Wales and Handelsbanken. He previously spent several years at HSBC across business banking and branch management.

LinkedIn
CP

Charlotte Price

Investment Executive

Charlotte serves as an investment executive at the Development Bank of Wales, having previously held support and assistant roles within the same institution.

LinkedIn
MG

Malcolm Green

Portfolio Executive

MG

Malcom Green

Portfolio Executive


Recent investments

Series A
£7.8M

The Series A round was led by Eos Ventures and the Development Bank of Wales to scale investment products and expand operations.

"A lot of hardworking professionals look like they’re doing well on paper, but still feel unsure whether they’re actually making the most of their money. They’ve outgrown entry-level investing tools, yet traditional wealth management often feels overcomplicated and expensive for what it delivers. Sidekick is designed to remove unnecessary complexity and give people access to investment tools that have traditionally sat inside private banking. This funding allows us to scale that approach, expand our investment offering and reach more people who want transparency rather than complexity."
— Matt Ford, Founder and CEO
Pre-Seed

The pre-seed round was led by Huw Bishop and backed by a syndicate of angel investors including PlayCap and The Games Angels.

"Representation in video games is more important than ever, and technological limitations have long constrained the scale of customization developers could offer. With our proprietary technology and our upcoming game “YOU VS ZOMBIES”, we’re breaking those barriers—creating fully personalized, ever-evolving experiences for every player. This level of customization was previously unattainable, but thanks to advancements in generative AI, we’re making it a reality right here inWales."
— Susan Cummings, Co-founder

The funding was backed by Foresight Group and the Development Bank of Wales to accelerate product development and team expansion.

"We are excited to be working with the Development Bank of Wales on our first joint investment into Nisien AI. We are keen to see the improvements Nisien.AI will provide to online safety and look forward to working together with the Nisien team."
— Ruby Godrich, Investment Manager
Seed
£650K

The oversubscribed seed round was led by the Development Bank of Wales and Angels Invest Wales.

"We are delighted to have the continued support of our existing investors, as well as the new investors who share our vision for revolutionizing the car insurance industry. This funding will enable us to accelerate our growth and expand our reach, ultimately benefiting both insurers and policyholders."
— Armin Kia, CEO
Pre-Seed
£355K

The funding round was led by angel investor Robert Williams and supported by the Development Bank of Wales.

"Pelly bridges the gap between data and action. We’ve built a platform that leverages AI to turn complex data into clear, actionable insights for clubs. Our focus is empowering teams to operate with agility, integrating the data they already have, and providing tools that help them win—both on and off the pitch. We’ve been working closely with international academic institutions to develop our prototype. Over 100 industry professionals have been consulted to date, and eight football clubs are now testing the product before going to market in the next few months. The support of our team, advisors, and investors is helping us to accelerate our growth. They’re encouraging us to work smarter whilst opening doors and providing the working capital that we need to fund our early-stage development. It’s a huge vote of confidence in us, our business model, and our potential as a young and driven team."
— Iwan Pritchard, Co-founder