South Wales electric vehicle firm Voltric is preparing to scale up following financial backing from Development Bank of Wales and angel investors. The EV subscription business secured 'significant' pre-seed investment from a syndicate of eight business angels.
While the value of the funding was not disclosed, this was matched with investment from the Wales Angel Co-Investment Fund, alongside further investment from other private investors. Capital Law represented Angels Invest Wales and the angel syndicate, while Melissa Sikwila acted for Voltric in the deal.
Following the investment, the firm has now opened a new office at Tramshed Tech in Newport and will now be looking to invest in its technology and employ more staff as it looks to scale up.
