Following the announcement of a £100m ($167m) life sciences fund last year, the Welsh Government is considering a similar fund to attract and support ICT firms, according to a report by Wales Online.
Also pegged to be £100m, the investment fund will be used to invest in the early stage into Welsh startups and small-to-medium enterprises, which could also include spin-outs from universities such as Cardiff, Swansea, South Wales, and others.
The fund will also be used to entice companies to the area to help build the country’s tech clusters. Following the creation of the life sciences fund last year, the Welsh Government participated in a £13.8m investment round in life sciences firm ReNeuron to attract the firm to the Welsh capital of Cardiff.
The fund, if the Welsh Government choose to pursue it, would likely be made up from a commitment of £50m from the Welsh Government with the remaining half made up through fundraising activities to match its commitment.
Picture: Caerphilly Castle. Credit: Philip Capper
