Here we feature exciting start-ups firms across the Welsh economy to watch. Drawn from a wide range of sectors some are already delivering significant growth both in domestic and international markets. The list appears in alphabetical order.
Aermach
Cardiff-based Aermach specialises in the sale, lease and exchange of airframe and engine whole assets and components.
It now stocks more than 700 line items and has a customer base which spans every continent.
In the next five years it will continue to add products and services and is currently working on a business plan which will more than double revenue by 2024. It is also aiming to purchase an increased number of its own engines for teardown purposes, shortening the supply chain and giving access to a more reliable source of material which will further increase market share and open new opportunities to pursue.
Agxio
Aberystwyth-based Agxio has developed an innovative platform that automates the role of the data scientist and machine learning engineering to deploy AI solutions in the agricultural, life sciences and biotech industries. To support its expansion plans the firm was boosted earlier this year with a £2.1m equity round.
The funding will be used to further grow the team, enter new AI, agritech and life sciences markets, and continue developing the platform. The firm has been backed by the Development Bank of Wales.
Atherton Bikes
Atherton Bikes is a new venture from world leading mountain bike siblings Gee, Dan and Rachel Atherton. They have partnered with a team of engineers from F1, aerospace and NASA to produce a new mountain bike using 3D printing in titanium (addictive manufacturing)The business, which plans to hit 2,500 sales globally in year three, has brought its previous two sites in Wales under one roof at a eco-park on the edge of the Snowdonia National Park at Machynlleth. The business is chaired by entrepreneur and Dragon’s Den investor Piers Linney.
Au Vodka
Starting with a limited run of 2,000 bottles to now manufacturing 35,000 bottles daily, Swansea-based Au Vodka has experienced skyrocketing growth.
The brand, underpinned by excellent marketing, use of social media, and product endorsement, has also enjoyed international expansion – and is now sold in 40 countries from Spain to Australia and most recently 32 states across the US. AU Vodka has also experienced exceptional revenue and profit growth. Its latest audited figures to April, 2021, showed revenues soaring from just over £705,000 a year earlier to £38.3m, with a pre-tax profit of £12.8m. Growth is continuing as the business moves from a promising start-up to thriving mid-sized business.
Caru Spirits
Skewen-based Emily Richards launched Caru Spirits in April. The company makes sustainably produced brandy liqueur for distribution to local markets, online retailers including Amazon, and independent shops in Wales such as the Loafley Bakery and Deli in Tenby.
Caru Spirits is inspired by the slow food movement, linking the pleasure of using traditional methods, sustainable ingredients and slow consumption for maximum taste.
Castell Group
Social housing and commercial property developer Dorian Payne, who started his entrepreneurship journey aged 16 while studying accountancy at college, has a pipeline of developments valued at more than £100m through his Swansea-based company Castell Group.
It currently has 130 homes under construction with a development pipeline of nearly 450 across South Wales. The projects will be delivered over the next two to three years, with Castell Group on track to achieve its target of consistently delivering more than 300 affordable homes per annum in South Wales.
Chetwood
Digital bank Chetwood, based in Wrexham, has brought four consumer facing products to market and is close to launching a fifth which will be its first mortgage proposition.
Chetwood’s credit card is just one year old so there will be a focus on growing that to maturity while building a mortgage proposition that will be launched next year.
Another area of focus will be expanding its range of distribution partners to serve products to consumers across the UK. It will also continue to pursue banking-as-a-service and software-as-a-service opportunities where Chetwood can add value to businesses looking to offer financial services to their own customer base.
Dragon Fire & Water
Cardiff-based firefighters Ryan Godfrey and Andrew Hearne, established Dragon Fire & Water Services in late 2021 with the support of a British Business Bank Start Up Loan, and with the aim of utilising their in-depth knowledge of firefighting to change the way services are provided for special effects in TV and film requiring rain, wet downs and fire cover
. Using their fleet of water carriers, dams and specialist pumping equipment, Dragon Fire & Water are already a vendor for Disney Lucasfilm and the BBC, and work with special effects companies such as AnyFX and RealSFX.
Drop Bear Beer
Drop Bear Beer is a specialist brewer of alcohol-free craft beers.
Established in 2019 by Joelle Drummond and Sarah McNena, the B-Corp business has attracted more than £2m of investment to build the UK’s largest alcohol-free brewery. As a result, it is projecting revenue of £13m over the next three years from sales in the UK and internationally.
Swansea-based Drop Bear is the world’s first female and LGBTQIA+ founded alcohol-free brewery. The business has been instrumental in challenging stereotypes and bringing more diversity to a traditional industry.
Dryad
Abergavenny-based Dryad is a sustainable women’s sportswear company, which also advocates for better equality in sport. It is run by Matt Thomas, a triathlete, and Joby Barnard, a designer with a passion for running.
Since its inception, which was backed with a British Business Bank Start Up Loan, Dryad has collaborated with apparel design company Sseams to create a line of women’s activewear using recycled fabrics that have a fully traceable value chain. The company also allocates a portion of profits to organisations that help increase participation in sports for girls and women.
Most recently they made the Runner’s World list of the top 10 most sustainable brands and won two Editor’s Choice awards in Women’s Running magazine.
Explorage
Anglesey-based Explorage is an online marketplace for self-storage founded by Anna Roberts ounded by Anna Roberts.
It is looking to exploit a global storage market which is valued at £48bn. There are approximately 27,000 new storage bookings each month in the UK yet finding, comparing and reserving the right solution is inconsistent and long-winded.
To support its expansion plans the business has secured a six-figure investment, including funds from a syndicate of angel backers led by Camau Nesaf’s Huw Bishop, the Wales Angel Co-Fund and M-SParc.
Global Centre of Rail Excellence
The Global Centre of Rail Excellence (GCRE) – a Welsh Government £250m project which is being delivered via an at arm’s length special purpose vehicle company of the same name – is behind ambitious plans for the world’s first integrated rail rolling stock and rail infrastructure testing facility in the Dulais Valley.
The £250m project has taken a significant step forward with the acquisition of a 700-hectare former opencast mine from Celtic Energy. The Welsh Government has committed £50m with £20m in non repayable grant funding from the UK Government, an element of which has already been drawn down. Professional advisory firm EY has been appointed to raise more than £100m in equity investment with around £70m anticipated in debt finance. They will publish a fundraising prospectus shortly.
InnDex
InnDex was founded by civil engineers George Smithies and Aaron Vousden to address what they saw as being a lack of innovation and the adoption of digital tools in the construction sector.
From its HQ in Beaumaris, the company has developed an impressive and growing client base for its end-to-end digital workforce platform, which eliminates silo working by keeping everyone involved in projects informed and connected. Its impressive client base includes Siemens, Atkins and Glencar construction. Inndex also has offices in London and the Republic of Ireland.
Intuitix
Intuitix has developed an innovative platform that brings project data into easy-to-use templates and tables – supporting corporate clients to deliver projects from inception to completion.
The start-up, which is based in Cardiff and was incorporated after its team came through the Alacrity Foundation graduation entrepreneurship programme in Newport, is addressing the common problem of corporate data often being unstructured, unused or poorly communicated. It is gaining impressive traction with regulated businesses to support innovation. They include the likes of South West Water, Severn Trent and Anglia Water. It also boasts BAE Systems as a client and to support its next phase of growth is targeting another seed investment round next year.
Niche Website Builders
Based in Merthyr, Niche Website Builders is a digital marketing agency focusing on content creation, link building and “done-for-you” web builds. It operates mainly in the business to consumer space, but is increasing offering business to business capacity and working as a white-label partner for other agencies.
Around 70% of its client base are US based with 10% in the UK, and the remainder elsewhere globally. The business have a team of around 140 employees – 110 in UK and 30 in the Philippines. Set up in 2019 the business is on track to deliver revenues of £5.2m this year and £7.2m in 2023.
Tarian Drums
Pontyclun-based Tarian Drums creates bespoke high-end drums using sustainable and locally sourced wood and materials for some of the world’s most renowned professional drummers. The company recently signed a contract to provide customised kits for British rockers, The Struts, who have opened for the Foo Fighters, The Rolling Stones and Guns N’ Roses.
Founders Rhys Thomas and Geraint Frowen received a loan to establish the business through the British Business Bank’s Start Up Loans programme, which they used to create sustainable drum moulds, working with the University of South Wales engineering department, and to cover costs of materials like water-based paint and sourcing local sustainable wood for the drum casts.
Sero
Cardiff-based Sero works in the residential housing sector, providing technology and services to enable housebuilders to reduce their carbon footprint and energy costs for their residents or home buyers.
There are 27 million homes in the UK and Sero plans to support as many as it can as the UK economy moves to net zero. It is currently working in the social housing sector and building new relationships within financial services. This will be a key area growth and follows its series A investment from Legal & General Capital and Hodge Bank last year
Validient
Cardiff-based Validient provides a digital client onboarding and compliance management system for law firms to enhance their processes from identity checks to ongoing due diligence.
It is generating strong interest in the legal sector, having in January secured a seed funding round to support its expansion. It is the only Welsh legaltech company to get a place on the LawtechUK Sandbox which will support its UK-wide expansion plans.
QLM
QLM Technology is a photonics technology company based in Cardiff which recently raised £12m to support its growth plans.
The firm , which also has operations in Bristol and San Francisco, has also struck a collaboration agreement with US energy sector tech firm Schlumberger – which was the lead investment in the series A funding round.
With the support from Innovate UK, QLM has developed a new type of LiDAR (laser imaging, detection, and ranging) camera based on quantum technology that can see and accurately quantify greenhouse gas emissions. The gas imager enables customers to monitor, detect and accurately locate and quantify emission sources for rapid repair. A related version of the product enables remote quantification of flare efficiency.
Voltric
Voltric is an electric vehicle subscription established by chief executive Julian Mensah and co-founder Brent Oldfield and now based at Tramshed Tech in Newport.
It has been working with manufacturers that include MG UK, Kia UK, Fiat, Tesla and Mercedes. Additional dealer partners include KIA Fish Brothers, Richmond Motor Group and Sytner Mercedes. There are more manufacturers and dealer partners expected shortly as the company scales up its mobility offering, creating a true MaaS (mobility-as-a-service) platform. This will allow users access to a host of solutions for their transport needs
It has already secured significant pre-seed investment from a syndicate of eight business angels led by lead investor Eamon Tuhami. This was matched with investment from the Wales Angel Co-Investment Fund, alongside further investment from other private investors.
Wagonex
Wagonex designs, builds and manages flexible, all-inclusive technology automotive subscription platforms, which enable vehicle suppliers to offer subscription options direct to consumers.
They provide a seamless end-to-end customer journey, with an automated credit decision engine, creating flexible contracts inclusive of road tax, insurance, breakdown cover and servicing. It has delivered more than 120% year-on-year growth since relocating to Cardiff in 2019.
Its growth prospects have seen the Development Bank of Wales recently confirming its third equity investment into the firm.
Weigh to Go
Ex-chef Owain George established a refill shop on wheels – Weigh to Go – last year for households and communities who are looking to become more sustainable in their domestic buying choices, to help reduce single- use packaging.
The Weigh to Go van visits communities across South Wales on a weekly rota, with locally and UK-sourced dried foods, herbs and spices, pasta, rice, lentils, seasonings, beans and plant-based cleaning and lifestyle products.
Since last year Weigh to Go’s offering has evolved and the company now offers online ordering and a click and collect system and recently secured a bricks and mortar shop location in Ogmore-by-Sea.
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