Important update: changes to online applications - If you haven’t started or completed your application yet, please review the updated information to avoid any disruptions. Find out more

Patient
Patient capital to help your business thrive
Flexible
Sector agnostic with a range of funding options
Supportive
A strategic partner who takes a minority stake and can help you build value in your business
Trusted
Investments made in over 200 innovative tech companies

Who are we and what sets us apart?

The Development Bank of Wales is an experienced institutional investor providing seed and venture capital for innovative early-stage technology companies across a diverse range of sectors.

We invest pre-seed through to Series A and beyond, from proof of concept through to scaleup and exit.

(*Figures from 1 April 2017 to 31 March 2025)

Long-term approach

A strong commercial focus with long-term, patient capital to help businesses thrive. We always take a minority stake and can fund multiple rounds, focusing on working with the board to create lasting value over short-term gains.

Ongoing support

We invest as a strategic partner with 'wrap-around' expertise to help you with key challenges including building your management team and board, governance and value creation strategy.

Extensive network

We provide co-investment opportunities via our large network of angels, syndicates, VCs and trade investors. Plus key connections with academia, professional services and as an Innovate UK investor partner.

Trusted experience

A top UK investor with over a decade of tech experience and a strong track record with startups, spinouts and early-stage tech businesses across multiple sectors.

What can we offer?

We can offer Welsh businesses equity finance from pre-seed to Series A, including:

  • Initial seed funding to support launch
  • Equity to finance pre-revenue research and development costs
  • Co-investment from VCs, syndicates, angels and high-net worth individuals
  • Experienced contacts to strengthen management teams and board
  • Loans and equity packages to finance later stages of research and development
  • Follow on investment to help reach key milestones
  • Professional due diligence that prepares you for future rounds of investment
  • Access to our expert investment team who can support and guide throughout the process


To find out where your business sits on the startup scale, and how we can help you, you can click on each of the stages through the bars below for more information.

 

Investment journey supported

Stage of investment
Money we invest
Pre-seed typically covers very early-stage businesses, who have an early prototype or pitch, or require technical validation. Seed investment is to support building your minimum viable product (MVP) and research and development to enable product market fit and early traction.
 Series A funding is to accelerate your growth and is usually the first round of venture capital funding a business would take.
Seed funding
Venture capital
Seed funding
Venture capital

Types of investment

Seed funding is a form of equity finance used by very early-stage companies to help them commercialise their products or technologies and bring them to market. 

For more information about seed funding, please click here.

Venture capital (VC) is a form of equity financing where capital is invested in exchange for equity, typically a minority stake, in a company that looks poised for significant growth. A person who makes these investments is known as a venture capitalist.

Technically, venture capital is a type of private equity. But usually the term 'private equity' is used to mean investments made into more mature businesses by PE firms. 

For more information about venture capital, please click here.

Alongside our funding, we also have a network of angel investors called Angels Invest Wales who can help businesses find the financial investment required for growth. As well as investment, our business angels can add value to their investments by providing skills and contacts that come from years of experience. 

More information on Angels Invest Wales can be found here.

 

How can we help your business?

Click on the relevant link below to find out more about how we can help you.

Seed funding

We offer seed funding through equity investment to tech startups based in Wales.

Find out more

Venture capital

We can provide loans and equity investment to more established Welsh technology businesses.

Find out more

 

Development Bank of Wales tech investment FAQs

We have a dedicated technology venture investments team (TVI) who look to invest in Welsh tech startups.

Meet the team

The Development Bank is a minority investor - this means that we will always hold less than 50% of the company’s equity (usually significantly less than 50%). 

As a long term patient capital investor, we can invest multiple rounds in the same company from pre-seed, seed to Series A. Follow on investment is dependent on a company reaching the milestones identified at the time of investment.  

We invest through pre-seed, seed to Series A, supporting proof of concept through to scale up. Typically investing between £100,000 to £350,000 for seed and in excess of £5 million in more mature businesses.

We are sector agnostic and like diversity. For us it's more about the quality of the proposition than the sector.

We have a growing portfolio of tech companies across a breadth of sectors from Life Sciences, FinTech, Enterprise Software, MedTech,Semi-Conductors & SaaS.

We do back Welsh businesses or companies that are based in Wales, but we will also make investments in businesses that are willing to relocate to Wales in the near future. You can discuss this with our team upon applying.

 

 

When we invest, we will have investor rights which are intended to protect our position by giving us a say on a number of important decisions. These consent rights are normal for any equity transaction.

Post investment, we will attend board meeting as board observer, and we may appoint a non-executive director. All NEDs have a fiduciary and legal responsibility to act in the company's best interests and to represent all shareholders. The NED is appointed by the Board and any fee will be agreed between the company and the individual.

We provide flexible finance options dependent on the company’s requirements. Typical early-stage companies are equity based; however we do offer loans and equity investments for more established businesses and follow-on funding rounds. This flexible approach allows us to support your business through various stages of growth.

Yes. We offer seed funding (equity) to technology startups, university spinouts, and IP-rich companies. This helps them commercialise their products and technologies, turning innovative ideas into market-ready solutions. Our goal is to support visionary entrepreneurs at the earliest stages, providing the crucial funding needed to jumpstart their journey.

We would always recommend that management and founders have their own independent legal and corporate finance advice to represent their interests. 

Our investment documentation is based on accepted industry standards through the British Venture Capital Association but will be tailored to a particular transaction where appropriate.