Angels Invest Wales secures £3m boost to expand co-investment support
Angels Invest Wales secures £3m boost to expand co-investment support
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Welsh businesses seeking early-stage growth funding are set to benefit from an additional £3 million investment into the Wales Angel Co-Investment Fund, the Welsh Government has confirmed.
The increase takes the fund to £11 million in total and will enable Angels Invest Wales to continue backing entrepreneurs and syndicates across key sectors such as green technology, medtech and fintech.
Since its launch in 2018, the fund has provided match funding for 60 investment rounds in 48 businesses, unlocking £10 million from 520 angel investments. Angels Invest Wales now has more than 200 investors registered on its platform, making it the largest angel network in Wales.
By matching business angel investment, the fund not only injects capital into fast-growing companies but also connects founders with experienced investors who can offer mentoring, sector expertise and strategic guidance. It has also helped expand participation in angel investment, notably through the Women Angels of Wales syndicate, which now counts more than 50 members.
One of its success stories is Deeside-based recycling technology firm Polytag. In May 2024, the company secured a combined £200,000 investment — £100,000 from 15 female investors via Women Angels of Wales and £100,000 from the Wales Angel Co-Investment Fund. Led by CEO Alice Rackley, Polytag provides data-driven systems to help food and drink producers track packaging and recycling. Its technology is already being sought by operators in Europe, India and the US.
Polytag recently won the Best Woman-Led Investment in Innovation category at the UK Business Angels Association Awards, recognising both Rackley’s leadership and the role of lead investor Rachel Ashley in scaling the business.
Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans, said: “The Wales Angel Co-Investment Fund has been a valuable addition to our business support system in Wales. We have added a further £3 million to the fund to ensure even more entrepreneurial talent across Wales can access the finance they need to enable them to start-up, strengthen and grow.”
Rackley credited the co-investment programme with helping Polytag expand internationally. She said: “The support we’ve had from Angels Invest Wales and the Wales Angel Co-Investment Fund was of real benefit when combined with the investment and insight we had from Women Angels of Wales. That allowed us to work on a successful blueprint for digitally tracking packaging and waste, which we’ve taken to other markets.
“Wales is a world-leader in recycling, and Angels Invest Wales has helped us to take the solutions and best practices we provide to brands and companies worldwide.”
Tom Preene, Fund Manager for Angels Invest Wales, welcomed the latest funding commitment. He said: “We’re pleased that the Welsh Government has announced the further £3 million in support for the Wales Angel Co-Investment Fund, which will allow us to continue to grow the angel community in Wales, connecting entrepreneurs seeking finance and expertise with business angels and syndicates.
“We’re focused on diversifying the sources of deal flow opportunities available to businesses and engaging a wider investor base across all sectors in Wales. Indeed, with more than 200 members, we’re now Wales’ biggest Angel network and we’re gaining real momentum having supported investment of £3.1 million, and deployed £2 million from the Wales Angel Co-Investment Fund in the last financial year.”
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