Scaleup programmes
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Development Bank of Wales
Finance and Risk Capital
Impact for scaleups
252
UK companies backed
34%
Follow-on investments
93%
Investments outside London
118
funds under management
Key sectors
The Development Bank of Wales (DBW), formerly known as Finance Wales, was established by the Welsh Government in 2001 and relaunched in 2017 with an expanded remit to operate as a national financial institution. Wholly owned by the Welsh Government, DBW provides loans, property finance, seed and acquisition funding, and equity investments ranging from £50,000 to £10 million to help Welsh businesses start, scale and succeed. It directs public funds to areas of greatest impact and forms part of the DBW Group alongside Angels Invest Wales and North of England fund manager FW Capital.
Between 2018 and June 2025, the fund participated in 384 fundraisings for 252 UK-based companies. Their average turnover was £14.1m with an average of 23 employees.
DBW continues to focus on working with the private sector to maximise the flow of private capital in Wales. Scaleups that it has supported in the past include Delio, an investment software developer, Cosmetic company Naissance and a bike manufacturer Frog bikes based in the South East
The Development Bank of Wales has maintained its strategic focus on driving sustainable growth and the transition to Net Zero for Welsh businesses in 2025. They achieved a record level of investment in the financial year ending March 2025, completing 560 investments with a total value of over £152 million, which was associated with creating or safeguarding over 6,100 jobs. A key development is the launch of the merged Wales Residential Property Fund, increasing the lending ceiling for residential developers to £10 million and introducing a £60 million Green Development Incentive to promote the construction of more thermally efficient, lower-carbon homes. Furthermore, DBW is extending its Green Business Loan Scheme and developing a new scheme to support the agricultural sector in transitioning to the Sustainable Farming Scheme, all while proactively utilizing the £130 million Investment Fund for Wales alongside co-investors.
