About this programme
Angels Invest Wales is the angel-investment network run by the Development Bank of Wales, a development finance company wholly owned by Welsh Ministers. It connects Welsh businesses seeking private investment with a network of more than 300 registered high-net-worth and sophisticated investors, through an online investment platform and in-person investment forums.
Sitting inside that network is the Wales Angel Co-Investment Fund, launched in 2018 as an £8 million five-year fund. It puts Development Bank of Wales money alongside angel investors' own money on a match-funding basis, so a business raising from an angel syndicate can have that round topped up by the Fund rather than relying on the angels' capital alone. A further boost to the Fund was reported in 2025.
The Fund exists to grow the pool of active angel investment in Wales: it backs the formation of angel syndicates and networks, not just individual cheques, and pairs the money with a support programme for the syndicate.
Angels Invest Wales works with businesses across sectors and stages — start-up, expansion, acquisition and turnaround — provided the business is based in Wales or is actively relocating there.
How it works
A business joins the Angels Invest Wales platform, and its investment case (business plan, pitch deck, financials) is compiled and peer-reviewed before it is shown to the investor network.
Interested angels can invest individually or form a syndicate — the platform sets a minimum syndicate size of 3 investors including a lead investor — to share due diligence, risk and reward on a deal.
Where a syndicate wants to co-invest with the Fund, the syndicate's lead investor applies directly to the Fund for pre-approval; the Development Bank of Wales runs two intake periods a year for these applications, and the syndicate carries out its own due diligence before presenting the deal to the Fund.
The Fund then matches the syndicate's money on a match-funding basis, up to a maximum of 50% of the total deal value.
Per-syndicate co-investment from the Fund runs £25,000–£350,000, with a stated maximum Fund exposure of £700,000 to any one syndicate. Investors using SEIS or EIS are eligible to apply through the same route, so the tax-relief structure can sit alongside the co-investment.
Who can apply
For businesses: based in Wales, or actively relocating to Wales, and able to put together a peer-reviewable investment case (business plan, pitch deck, financial projections, growth roadmap and exit-strategy thinking).
For angel investors joining the network: certified as a high-net-worth individual (annual income of £100,000+) or a self-certified sophisticated investor (net assets of £250,000+, excluding home and pension).
For syndicate co-investment specifically: the syndicate needs a minimum of 3 investors including a lead investor, and the lead investor applies for the Fund's pre-approval directly — the Fund does not accept applications straight from individual angels or from businesses.
How to apply
- Businesses: apply via developmentbank.wales/angels — register on the platform, and have a business plan and pitch deck ready before compiling the fuller investment case for peer review.
- Angel investors: submit the contact form on the Angels Invest Wales site, then register on the platform and confirm high-net-worth or sophisticated-investor status.
- Syndicate lead investors seeking Fund co-investment: apply directly to the Wales Angel Co-Investment Fund for pre-approval, in one of the two annual intake windows, with the syndicate's own due diligence on the target deal completed first.
Documents you’ll typically need
- Business plan
- Pitch deck
- Financial projections showing planned use of capital
- Due-diligence pack on the target deal (for syndicate lead investors applying to the Fund)
Frequently asked
What is the Wales Angel Co-Investment Fund, exactly?
It is an £8 million (since boosted) fund run by the Development Bank of Wales that matches angel syndicates' own investment into Welsh businesses, rather than a grant or a stand-alone loan scheme. It only deploys alongside a syndicate's money.
How much can a syndicate get from the Fund?
Co-investment from the Fund runs from £25,000 to £350,000 per syndicate, capped at 50% of the total deal value, with a stated maximum Fund exposure of £700,000 to any one syndicate.
Can an individual angel apply to the Fund directly?
No. The Fund co-invests alongside syndicates, and applications for Fund pre-approval come from the syndicate’s lead investor, not from an individual angel investing alone.
Does my business apply to the Fund, or to Angels Invest Wales?
Businesses apply to Angels Invest Wales, not to the Fund directly. Once angels or a syndicate decide to invest, the syndicate's lead investor is the one who can bring in Fund co-investment on top of the syndicate's own money.
Does the business need to be based in Wales?
Yes — Angels Invest Wales requires the business to be based in Wales or actively relocating there before it can be shown to the investor network.
Are SEIS/EIS-eligible deals supported?
Yes, investors using the SEIS or EIS schemes are eligible to apply for Fund co-investment through the same route.
Is there a fee to join the network?
Angels Invest Wales states there is no fee to register as an angel investor on the network. No fee information is published for the co-investment application itself.
How long does the Fund run for?
The Wales Angel Co-Investment Fund was set up as a five-year fund; individual deal terms are agreed case by case and are not published.
Reviewed 2026-08-16. Programmes change — confirm current eligibility, amounts and deadlines on the official page before you apply. CapEasy is a private consultancy and is not affiliated with any government authority.