Here we feature the latest equity funding raising and business acquisition deals in Wales.
Game industry veterans Susan and Lee Cummings have secured a significant six-figure investment from Angels Invest Wales, PlayCap and the Games Angels for their new game development studio, 10six Games.
The investment boost comes ahead of the upcoming first game release by 10six Games. The company has also announced the appointment of industry guru Nick Button-Brown as a company director.
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Led by lead investor Huw Bishop, the pre-seed round has been funded by a syndicate of 12 angel investors including members of PlayCap (a global angel network of women from the games industry who specialise in early-stage investments in studios, companies, and tech in games) and The Games Angels (a global angel network of Games Industry veterans). The Development Bank of Wales has provided match-funding from the Wales Angel Co-Investment Fund that is run by Angels Invest Wales.
Susan and Lee Cummings previously set-up Tiny Rebel Games, the award-winning game production studio behind Doctor Who: Legacy and Infinity for mobile devices and computers. Susan also co-founded 2K Games, developing Bioshock, Borderlands, X-Com, 2K Sports, and Civilization.
She is a visiting professor at the University of South Wales along with husband Lee who worked at Sony before moving to Rockstar Games’ Grand Theft Auto team where he was a producer on GTA: San Andreas and GTA 4, and where he was a key member of the redesign team on Bully. More recently, he has led the creative design for various award-winning games including Doctor Who, Star Trek, War of the Worlds, and Wallace & Gromit (under licence).
Mr Button-Brown has worked across the tech and games industry for more than 20 years, including helping grow and scale Improbable, and helping take Sensible Object to a trade sale to Niantic. He is currently chair at Outright Games, Chair at Coherence and on the board at Adinmo. He founded The Games Angels in 2021, a community of games industry veterans investing and supporting start-ups. Nick is also on the board at 海角视频IE (one of the 海角视频’s games industry representative bodies) and OKRE (a charity promoting links between research and entertainment) as well as driving Funding Quest, a programme improving the investability of 海角视频 Games companies.
Ms Cummings said: “Representation in video games is more important than ever, and technological limitations have long constrained the scale of customization developers could offer. With our proprietary technology and our upcoming game “You v Zoombies, we’re breaking those barriers—creating fully personalized, ever-evolving experiences for every player. This level of customisation was previously unattainable, but thanks to advancements in generative AI, we’re making it a reality right here in Wales.”
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Mr Cummings said:“Our technology enables autonomous AI-driven design decisions, from custom starting spells and upgrades to gameplay sequencing and story development. It’s an incredibly exciting breakthrough.
“We’re also grateful for the support of gaming industry expert Nick Button-Brown and our funding partners, who share our vision for the future of personalized gaming.”
Lead investor Mr Bishop said: “It was a pleasure to bring together a group of angels to support 10six Games, a new game development studio led by seasoned founders and gaming rockstars, Susan and Lee Cummings. They have a uniquely exciting vision for the next generation of player character and story customisation in games. Their track record is second to none and I look forward to supporting them in the future”.
Tom Preene of Angels Invest Wales said: “This is a team surrounded by some of the top experts in the global games industry. They are working at the cutting edge of technology and are known for their innovation and creativity. Gaming is a growth industry, and it is exciting to think what it could mean for Wales as more developers start to recognise South Wales as a gaming hub.”
The investment by the syndicate of angels was match funded by the Wales Angel Co-Investment Fund. With equity and loans from £25,000 to £250,000, the £8 million fund is available to syndicates of investors seeking to co-invest in Wales based SMEs. Syndicates are managed by Lead Investors who have been pre-approved by Angels Invest Wales.
Cellar Drinks
Powys-based Cellar Drinks has acquired Hurns Beer Company. The deal, the value of which hasn’t been disclosed, marks a significant milestone in Cellar Drinks’ ambitious growth plans.
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Hurns Beer Company will continue to operate from its existing depots in Swansea and Caerphilly and under its own name. The acquisition also brings opportunities for new and existing Hurns customers with an expanded product range, including new brewery partnerships, an extensive wine portfolio, premium spirits and soft drinks.
Rhys Anstee, managing director of Crickhowell-based Cellar Drinks said: “I am thrilled to take on the stewardship of Hurns Beer Company and cannot wait to build upon its incredible legacy. Hurns has a rich history, and we are committed to honouring its past while also driving it forward into a new era. Our customers can look forward to unrivalled service levels as well as an expanded and diverse product offering, ensuring that we continue to be their trusted drinks supplier for years to come.”
Connie Parry, from the Hurns family, said: “As a family, we are delighted to hand the keys over to Rhys. We have known each other for many years, and he is the ideal custodian to lead the business into its next chapter. The entire team is excited about the future and looks forward to working together to continue growing the business.”
Chyrelle Anstee, director at Cellar Drinks Co, added:“Our new Hurns customers can look forward to a new online ordering facility, lots of engagement from key suppliers, and a new bi-monthly brochure that will allow them to focus on profitability in these uncertain times. We’re committed to offering innovative solutions that make doing business easier and more profitable for all of our customers.”
The Hurns was originally established as the Hurns Mineral Water Company by Arthur A Hurn in the late 1800s.
Burbank
A Cardiff fintech start-up has raised £5m to support global expansion plans. It comes after Burbank earlier this month successfully demonstrated the world’s first certified online card-present transaction.
Known as card-present over internet (CPoI) its tech platform redefines two-factor authentication so allowing shoppers online to simply tap their card to their mobile device and securely enter their PIN to complete a transaction, just like they do in-store. Until now, online payments were card-not-present (CNP) transactions, which have high and increasing levels of fraud.
Currently, online merchants face over $40bn annually in fraud and charge backs, which is when a cardholder disputes a transaction and the merchant is obligated to provide a refund.
The £5m seed funding round was led by Mouro Capital with participation from Anthemis (supported by Foxe Capital), Portfolio Ventures and others. These funds will accelerate the global roll out of Burbank’s platform.
Justin Pike, the Newbridge-born founder and chief executive of Burbank, said, “We are extremely excited to bring this evolution in payments to the world. The payments experience should be the same for everyone, regardless of channel.
“In-store we pay by tap and PIN, which is globally trusted and familiar, and now, for the first time ever, we’re enabling the same process in online channels. Simple, secure, and scalable. The way it should be.”
Manuel Silva Martinez, general partner at Mouro Capital, said: “I’m thrilled to support Justin and his team of payments experts. Burbank offers a simple, seamless integration through a single while-label SDK (software development kit), which securely integrates into existing technology stacks, and supports multiple schemes on iOS and Android. It’s what the market needs.”
Ruth Foxe Blader, general partner at Foxe Capital, added, “CPoI is the first protocol that legally shifts liability away from the merchant. It’s a massively scalable approach, with global demand.”
Burbank’s advanced platform offers unparalleled convenience and robust security, empowering consumer-facing businesses to innovate in customer experience and unlock new revenue opportunities.”
Burbank owns the intellectual property to its technology and said it will soon receive two global patents. Its revenue model will see it taking a percentage of the savings made for merchants on the cost of processing.
Hugh James deal
Cardiff headquartered legal firm Hugh James have advised the shareholders of Kent-based Highway Care Limited on its sale to Ramudden Global, a leading provider of infrastructure safety solutions.
Kent-based Highway Care, a leading provider of innovative road safety solutions, offering a broad range of products, including permanent and temporary road barriers, mobile traffic products, automation systems, and security solutions.
The acquisition by Ramudden Global ensures continued investment in the company’s product development, allowing it to expand its reach and enhance its service offering in the road safety sector.
Huw James corporate and commercial partner Andrew Hoad led the deal, supported by solicitor Daniel Burke.
Mr Hoad said: “It has been a great pleasure working with John and the Highway Care team throughout this sale. We congratulate Ramudden Global on their successful acquisition and look forward to seeing Highway Care continue to flourish under its new ownership.”
Curtis Bowden & Thomas
Acquisitive professional services firm Xeinadin has acquired south Wales accountancy firm Curtis Bowden & Thomas. The value of the deal for the firm, which has offices in Tonypandy and Bridgend, has not been disclosed.
Established in 2003, Curtis Bowden & Thomas provides a range of general accounting and taxation services to local businesses. The 22-strong team will continue to operate from their offices with the support and resources of being part of Xeinadin’s network. The firm will continue to trade as Curtis Bowden & Thomas.
Robert Lloyd, Stephen Smith, and Stephen Davies partners with Curtis Bowden & Thomas, said: “We’re excited to join Xeinadin and continue delivering the high-quality service our clients expect. South Wales faces distinctive challenges, from economic regeneration to skills shortages, and we’re confident that being part of Xeinadin will improve our ability to support local businesses. With access to a wider network of expertise and resources, we’ll be better equipped to help our clients navigate these challenges and drive sustainable growth.”
Last year Xeinadin acquired Carmarthen-based accountancy firm Clay Shaw Butler and Bridgend-based Clay Shaw Thomas.
Derry Crowley, chief executive at Xeinadin, said: “Curtis Bowden & Thomas has built a strong reputation in South Wales by providing businesses with the support they need to thrive, despite the unique economic challenges of the region. With a deep understanding of the local business environment, their expertise aligns well with Xeinadin’s commitment to supporting growth in Wales and we’re excited to welcome them to the team.”
Xeinadin is one of the largest multi-disciplinary business advisory and accountancy firms in the 海角视频 and Ireland, with more than 130 offices, 80,000 clients and a workforce of 2,000.