6th January 2022

Strong Pipeline For Development Bank Of Wales

The Development Bank of Wales is sitting on a strong pipeline of activity, a senior figure has said.

Investment director Mike Owen noted that while that the organisation naturally does not yet know how the Omicron variant will impact the country’s economy in 2022, it is braced for activity.

“We’ve got plenty of funding and firepower available to ensure that help is available for those that need it,” he told Insider.

“The economy needs us to support and help scale fast growth businesses. Our pipeline is strong so we’re expecting more of the same but with new funds and a particular focus on helping the Welsh Government to reach its goal of Net Zero Wales.”

The Development Bank of Wales is currently seeing more co-investment deals with investment syndicates formed by Angels Invest Wales, the largest angel network in Wales.

“Businesses are recognising the benefits of securing capital and expertise through these angel syndicates and the network facilitated £2.4m in angel investment in the first half of 2021/22 compared to £700,000 in the same period last year,” added Owen.

Looking a little closer to home, he noted that the organisation is “constantly trying to increase our impact and pride ourselves on delivering a personal service”.

“We also recognise the need to enhance our digital offering and so we are investing for the future in our digital transformation programme. It will give us the platform to improve customer communication and the tools to better proactively manage fast growth businesses so that we can give them the tailored support they need to flourish.

“Another key area for us next year will be to build our ESG credentials. We have always been an investor with social impact, and we need to broaden this and contribute to the decarbonisation agenda in Wales.”