Here we feature the latest firms and organisations in Wales raising finance to expand and create new jobs.
Hybrisan
Port Talbot-based Hybrisan has joined the fight against the Covid 19 pandemic having secured £500,000 equity investment from the Development Bank of Wales, private investors and a Smart Cymru grant from the Welsh Government.
Hybrisan manufacture liquid sanitiser and use advanced nanotechnology to produce highly advanced material, impregnated with the liquid sanitiser for use in personal protective equipment (PPE) for the NHS and other frontline workers. The liquid sanitiser developed by Hybrisan is 99.9% effective in killing coronavirus without alcohol, even on surfaces.
Established in 2014 by chief executive Dr Lee Bridgeman and his team to conduct research in the life sciences sector, Hybrisan has temporarily moved all its production to combat Covid-19.
Having recently developed an electrospinning recipe which allows the sanitiser liquid to be spun by a cutting edge machine into ultrafine fibres (nanofibres), Hybrisan is now working closely with Welsh Government and other PPE manufacturers to scale up production of electrospun filters for use in facemasks.
The business has used venture capital from the Development Bank of Wales and private investors, as well as Smart Cymru funding. The Smart Cymru grant is to fund further development of antimicrobial non-woven materials.
These form the basis of the filter systems they are developing for use in face masks. Whilst the Development Bank investment has been used to purchase a new electrospinning machine, to enable them to scale up production.
Dr Bridgeman said: “It has been well documented that nanofibrous material – like those developed by Hybrisian – protect against harmful bacteria. We have studied these properties in depth and have now developed products that are proving to be extremely effective against both harmful bacteria and viruses.
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" Our expertise in this field has prepared us for the challenges presented by the coronavirus pandemic and we are pleased to have been able to develop products which will help.”
Dr Chris Mortimer, technical director is taking the lead on scaling up production of their products for use in PPE. He said: “The help we have had from the Development Bank and Smart Cymru is integral to our efforts to help fight Covid 19. With the support we have received we have been able to order our first electrospinning machine.
This completely transforms the plans of the business and allows us to develop nanofibres fit for face mask filtration (up to FFP3 level). Following this we will return to our original business plans where we can revolutionise the wound care market with our novel antimicrobial dressing for chronic wounds.”
Minister for Economy, Ken Skates, said: “We asked industry in Wales to play their part in helping us respond to the many challenges presented by coronavirus and to provide critical supplies to our healthcare heroes on the frontline.
“I am delighted that with help from our SMART Cymru scheme and investment from the Development Bank of Wales, Hybrisan has adapted its business strategy and working procedures to do just that.
“We welcome their production of a variety of sanitising solutions, while work developing innovative face mask filters and materials could prove pivotal in establishing a reliable and resilient supply chain in Wales for this vital form of PPE.
“I would like to thank Hybrisan for their commitment to our efforts to support the NHS and help save lives as we work to defeat this virus.”
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Sarah Smith, technology investment executive with the Development Bank of Wales said: “Technology businesses everywhere have stepped up to the challenge of fighting the current coronavirus pandemic. Hybrisan’s advanced technology is innovative not only for its ability to be effective against Coronavirus but also other exciting applications.
"We’re delighted to be able to support them as they scale up their manufacturing to help support the fight against Covid-19 with effective PPE. Our equity investment has given the business confidence to scale up and commercialise its technology. We’re looking forward to working with the team on their current and future endeavours”.
Leanne Thomas of Greenaway Scott (part of the GS Verde Group) advised Hybrisan and Catherine Golledge of Capital Law acted for the Development Bank of Wales.
Ms Thomas said:“We are delighted to have assisted Hybrisan Ltd on their recent fund raise, and it was a pleasure dealing with the Directors. Hybrisan are a great example of an innovative welsh manufacturer, who are agile enough to pivot and respond to needs, which in this case, could not be more essential. We look forward to seeing them get to work in the fight against COVID-19.”
Bikmo
Cycle insurance provider Bikmo has secured venture capital funding of £1.8m - with plans to relocate to a new headquarters just over the border in North Wales.
The investment is led by Development Bank of Wales, alongside specialist global insurer Hiscox plus existing and new angel investors.
Part of the £1m equity and loan investment by the Development Bank of Wales is enabling Bikmo to move into new premises in Flintshire.
Its current 海角视频 base is just over the border in Cheshire, and its new site will be at the Chester West Employment Park, which straddles the Wales/England border.
Established in 2014, Bikmo uses innovative technology to offer comprehensive insurance for riders.The adventure sports insurance provider Bikmo also has offices in Innsbruck, Austria. Over 15,000 active policy holders are supported by a responsive team of 30 bike fanatics. The funding will now be used to support global growth, including increased investment in the 海角视频, Ireland, Germany and Austria.
David George, Bikmo chief executive, said: “We are here to support people’s active lifestyles, and we want riders to know that we can cover them, plus their bike and equipment, whether on road or trail.
“This investment will enable us to grow and support the recreational riders as we always have, plus the new riders we can all see rediscovering the freedom and utility of riding a bike in the fresh air.
“Cycling is more important than ever for our physical and mental health, and as a practical mode of transport for us all to remain safe and socially distanced. We are all riders at Bikmo so we understand that cyclists need to know that they are protected if something happens.”
Bikmo has also recently appointed Gareth Mills as chief marketing officer.
He joined the team from social fitness network Strava shortly after Bikmo announced their partnership with the most popular 海角视频 cycle-to-work scheme provider Cyclescheme.
Rhodri Evans, deputy fund manager with the Development Bank of Wales, said:“Bikmo benefits from a compelling combination of scalable technology, management experience and a wealth of passion for cycling.
“The opportunity to support Bikmo’s journey is really exciting. The business has progressed significantly in a short period of time including hugely impressive partnership agreements with some high profile brands. They have a clear growth plan in place and we’re delighted to be welcoming them to Wales.”
Ross Dingwall, managing director broker channel at Hiscox 海角视频, said: “Bikmo is a great example of using specialist expertise to make life simpler and easier for customers. Its products are based on a deep understanding of the customer and a company-wide passion for riding.
“When you combine this with innovative technology, it’s a very powerful proposition. We’ve known for some time that this sector has great growth potential, so the opportunities to scale mean Bikmo has an exciting future ahead.
Penderyn Whisky
Penderyn Whisky secured a multi-million pound finance facility from HSBC 海角视频 to aid its ambitious growth targets over the next five years.
The Aberdare based company, which produces single malt whiskies and spirits, is using the funding to secure its production levels and to build and equip its new distillery and visitor centre in Llandudno.
Its new £5m centre, which will open on the site of a former school, is expected to be complete by next spring after securing planning permission last week.
The centre and distillery will create more than 17 new jobs for the local economy and is expected to attract up to 100,000 visitors a year.
It has been backed by a Welsh Government grant of £1.4m from the tourism investment support sheme and food business investment scheme.
Warren Lewis, head of corporate banking in South Wales, HSBC , said: “We’ve been working with Penderyn for the last 20 years and we are continually impressed by its ambitious growth strategy and ability to adapt to changing market conditions.
“Whisky distillers must always be one step ahead as the process of maturing whisky can eat away at cash reserves, so this latest round of funding will help the business lay down enough whisky to be true to its sales projections as well as open it’s second distillery and visitor centre.
“We look forward to visiting the new site when things return to normal.”
Huw Thomas, financial director, Penderyn Whisky, added: “We’ve banked with HSBC 海角视频 since our days as a start-up distillery and the team has been with us at every step of the way since.
“With the bank’s most recent support, we’re able to future-proof the business and expand into a new market for the first time, creating both a visitor attraction in North Wales and jobs for the local economy.
Coleg Cambria
A major redevelopment of one of the 海角视频’s largest further education colleges is set to complete this autumn.
Construction at Coleg Cambria’s Yale campus in Wrexham is on course to finish in November.
The £21m development is being financially supported by Lloyds Bank Commercial Banking and the Welsh Government’s 21st century schools and education programme.
Lloyds has provided a funding facility of £7m for the 96,000 sq ft project, which forms part of a wider £60m investment programme across the college’s property portfolio in Wrexham and Deeside.
The campus overhaul will benefit Coleg Cambria’s 20,000-strong student population.
Gareth Jones, director of finance at Coleg Cambria, said: “Our ongoing investment in education continues to make a significant contribution to the economy in North Wales as we look to invest across all five of our sites.
“We’ve been working towards ambitious plans to expand into higher education and degree-level apprenticeships, and these new facilities will be essential to realising that vision.
“A project of this size is inevitably complex; requiring a flexible approach to finance to ensure every piece of the jigsaw falls into place at the right time. The team at Lloyds Bank have been by our side from conception through to completion to allow that to be possible ahead of schedule.”
Tony Buchan, regional relationship director at Lloyds Bank, said: “As part of our plan to help Britain prosper, we’re committed to boosting the academic and vocational skills Coleg Cambria is developing – alongside more than 1,000 employer partners.
“We’ve seen first-hand the entrepreneurial spirit among the college’ student base so it’s a real privilege to support the development of a modern campus that will help them pursue their future ambitions beyond education.”
“Working capital is essential for the smooth running of businesses like ours and we’re incredibly grateful to HSBC 海角视频, especially our relationship director Craig Grant, for helping us on the next stage of this exciting journey.”