Tech companies in Wales have said there needs to be a wider number of funders and that the current marketplace is too dominated by the Development Bank of Wales. In a report on the state of the Welsh digital economy, tech-led start-ups and scaling startups said access to finance in Wales is not nearly diverse enough.
The report, published by the Coalition for a Digital Economy (Coadec), found that most founders and tech firms in Wales were concerned that public funds, such as the Development Bank of Wales, dominated the funding landscape.
The development bank, wholly-owned by the Welsh Government, is Wales' largest startup investor in terms of participation in equity deals at 391 between 2011-2020. Angel Invest Wales, the largest Angel network in Wales, consists of around 300 Angels which is funded entirely by the Development Bank of Wales.
