TLDR:
- Tech companies in Wales raised £112m in venture capital funding last year, an 8.7% increase from 2022, bucking the UK downturn.
- Majority of founders in Wales feel the availability of funding is holding back their company’s growth.
Tech companies in Wales showed resilience in 2023 by raising £112m in venture capital funding, marking an 8.7% increase from the previous year. This growth defied the broader UK trend of a 54% decline in tech funding. While the majority of founders in Wales feel that funding availability is a barrier to their growth, overall business leaders in the country see advantages to being based in Wales. The tech sector in Wales saw success from established firms like semiconductor manufacturer IQE and startups like biotech firm CanSense. Regionally focused investment vehicles, such as the Wales fund from British Business Bank, have also contributed to the startup scene in Wales. Additionally, Cardiff’s Tramshed Tech was part of a fund-matching accelerator scheme to boost VC funding for businesses in Yorkshire and Humber by 20%.
