Development Bank of Wales
The Development Bank of Wales (Banc Datblygu Cymru) is the Welsh Government's wholly-owned development bank, launched in October 2017 as the successor to Finance Wales. It provides debt, mezzanine and direct equity finance of up to GBP 10 million to small and medium-sized businesses in Wales, investing off its own government balance sheet across early-stage, development-capital, succession and acquisition deals, and manages named vehicles such as the Wales Flexible Investment Fund, the Wales Business Fund and the GBP 20 million Wales Technology Seed Fund II. The group manages funds in excess of GBP 2 billion and has made over GBP 138 million of direct equity investments since 2017. The legal entity is a public limited company incorporated in August 2000 as Finance Wales and rebranded to the Development Bank of Wales in 2017; its fund-management activity is carried out through FCA-authorised subsidiaries DBW Investments and FW Capital Limited (Financial Conduct Authority firm reference number 506719).
Key facts
Recent exits
Coverage notes
1 fund tracked, 45 portfolio companies (38 active · 7 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
45 companiesFunds & portfolio
Every fund Development Bank of Wales has raised, with its portfolio companies. Hand-checked from public filings.
Development Bank of Wales (Balance Sheet)Evergreen2000 · 26yr€2.3B38 active · 7 realized
Unrealized
38 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Gaming |  UK | 2024 | |
| EdTech | UK | 2026 | |
| Industrials | UK | 2025 | |
| MedTech | UK | 2025 | |
| AI/ML | UK | 2020 | |
| Industrials | UK | 2020 | |
| Biotech | UK | 2024 | |
| Biotech | UK | 2016 | |
| MedTech | UK | 2022 | |
| Fintech | UK | 2020 | |
| Biotech | UK | 2026 | |
| Industrials | UK | 2026 | |
| Business Services | UK | 2026 | |
| Industrials | UK | 2018 | |
| TMT | UK | 2021 | |
| HealthTech | UK | 2019 | |
| Fintech | UK | 2023 | |
| MedTech | UK | 2020 | |
| Industrials | UK | 2021 | |
| Industrials | UK | 2026 | |
| TMT | UK | 2024 | |
| Industrials | UK | 2017 | |
| Industrials | UK | 2024 | |
| Biotech | UK | 2026 | |
| Fintech | UK | 2024 | |
| Biotech | UK | 2026 | |
| TMT | UK | 2019 | |
| TMT | UK | 2019 | |
| PropTech | UK | 2026 | |
| ClimateTech | UK | 2024 | |
| ClimateTech | UK | 2024 | |
| ClimateTech | UK | 2021 | |
| Biotech | UK | 2019 | |
| ClimateTech | UK | 2021 | |
| Industrials | UK | 2025 | |
| Industrials | UK | 2020 | |
| HealthTech | UK | 2024 | |
| TMT | UK | 2019 |
UK· Entry 2024UK· Entry 2026UK· Entry 2025UK· Entry 2025UK· Entry 2020UK· Entry 2020UK· Entry 2024UK· Entry 2016UK· Entry 2022UK· Entry 2020UK· Entry 2026UK· Entry 2026UK· Entry 2026UK· Entry 2018UK· Entry 2021UK· Entry 2019UK· Entry 2023UK· Entry 2020UK· Entry 2021UK· Entry 2026UK· Entry 2024UK· Entry 2017UK· Entry 2024UK· Entry 2026UK· Entry 2024UK· Entry 2026UK· Entry 2019UK· Entry 2019UK· Entry 2026UK· Entry 2024UK· Entry 2024UK· Entry 2021UK· Entry 2019UK· Entry 2021UK· Entry 2025UK· Entry 2020UK· Entry 2024UK· Entry 2019Realized
7 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| MedTech | UK | 2017 | 2024 | Trade Sale | |||
| Industrials | UK | 2018 | 2024 | MBO | – | ||
| HealthTech | UK | 2021 | 2024 | Trade Sale | – | ||
| MedTech | UK | 2012 | 2016 | IPO | – | – | |
| Logistics | UK | 2021 | 2025 | Recapitalization | – | – | |
| TMT | UK | 2017 | 2020 | Trade Sale | – | ||
| Industrials | UK | – | 2022 | Trade Sale | – |
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About Development Bank of Wales
The Development Bank of Wales is Wales's national development bank with more than £2.0 billion of funds under management as of December 2024, headquartered in Wrexham. The firm was launched in October 2017 succeeding Finance Wales (which operated 2001-2017) and operates as a state-backed institution wholly owned by Welsh Ministers, with the group including fund managers Development Bank of Wales and FW Capital plus the Angels Invest Wales network. The bank passed £1 billion of cumulative investment in 2025.
Investment thesis
The Development Bank of Wales deploys capital through approximately 15-20 funds across the group, targeting development finance including SME debt, equity finance, property development and seed and growth capital with a social and economic-impact mandate. The strategy deploys patient capital where the commercial market underserves SMEs. Sector focus spans technology, sustainability and green tech, manufacturing, life sciences, property and construction and business services. Geographic deployment is Wales (with FW Capital also active in North West England).
Recent activity
Recent realised exits include logistics and freight (2025) plus ongoing diversified SME equity portfolio exits across 2024-2025. Recent acquisitions include equity investments in sustainable carbon-fibre recycling tech (2024-2025), solar and energy ventures (2025) and pre-seed technology rounds (2025). The platform continues active deployment across the Welsh development finance mandate. Detailed buyer names and multiple data available on Pro at €29/month.
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