Deeside company benefits from angel investor support
The Welsh Government has added £3 million to the Wales Angel Co-Investment Fund, strengthening support for entrepreneurs and investors.
Launched in 2018 with an £8 million budget, the fund has helped to leverage £10 million of private capital for Welsh businesses, with 60 investments made across 48 companies. More than 200 angel investors are now active on the Angels Invest Wales platform.
Deeside-based recycling technology firm Polytag is among the businesses to have benefited from the fund. In May 2024, the company secured £100,000 from a syndicate of 15 female investors from Women Angels of Wales, which was match-funded with a further £100,000 from the Wales Angel Co-Investment Fund.
Led by CEO Alice Rackley, Polytag provides data-driven technology to track packaging recycling. Its work supports the Welsh Government’s deposit return scheme and has attracted international interest from operators in Europe, India and the United States.
The company recently won the Best Woman-Led Investment in Innovation category at the UK Business Angels Association Awards, recognising both Rackley and lead investor Rachel Ashley.
Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans, said: “The Wales Angel Co-Investment Fund has been a valuable addition to our business support system in Wales. We have added a further £3 million to the fund to ensure even more entrepreneurial talent across Wales can access the finance they need to enable them to start-up, strengthen and grow.”
Alice Rackley, CEO at Polytag, said: “The support we’ve had from Angels Invest Wales and the Wales Angel Co-Investment Fund was of real benefit when combined with the investment and insight we had from Women Angels of Wales. That allowed us to work on a successful blueprint for digitally tracking packaging and waste, which we’ve taken to other markets.”
Tom Preene, Fund Manager for Angels Invest Wales, said: “We’re pleased that the Welsh Government has announced the further £3 million in support for the Wales Angel Co-Investment Fund, which will allow us to continue to grow the angel community in Wales, connecting entrepreneurs seeking finance and expertise with business angels and syndicates.”
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