Wales Deals Josh Morris

The Development Bank of Wales is to launch a new subsidiary in the hopes of matching more Welsh businesses with angel investment.

The development bank's plans to launch the subsidiary, Angels Invest Wales, was revealed by Neil Maguinness, the bank’s director of risk, compliance and legal development.

The bank's North Wales team has doubled over the past year with plans to move into its new headquarters on Wrexham Technology Park this summer.

Funds under management at the development bank have also increased by £130m to over £1bn.

Speaking at a meeting of Wrexham Business Professionals, Maguinness said: "Angels Invest Wales will specialise in bringing Welsh businesses seeking funding together with high net worth individuals who themselves are seasoned and successful business people.

"Angels Invest Wales complements the equity funding the Development Bank already offers, helping to attract more investors both from within Wales and further afield.

"In addition to this, an exciting collaboration between Cardiff University, the Office for National Statistics and the Development Bank will see the launch of an independent research body in later this year.

"Economic Intelligence Wales will improve the supply and quality of Wales-specific economic data through the publication of quarterly reports, the first of which will coincide with its launch.

"This will enable a better understanding of the dynamics of the Welsh economy and trends in the supply of and demand for finance by Welsh businesses.

"In turn, this will inform policy and funding initiatives so that the Development Bank’s activities remain centred around addressing the funding gap for businesses in Wales."