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Cymraeg

Early evaluation shows Investment Fund for Wales is improving access to finance and supporting business growth across Wales

Press release 13 October 2026

  • Independent evaluation finds the fund is performing well and operating broadly as intended. 
  • Strong evidence the fund is addressing regional finance gaps and improving access to finance for smaller businesses.
  • £18.2m invested through the Investment Fund for Wales by September 2025
  • 85 investments delivered to 79 Welsh SMEs across Wales
  • Investment Fund for Wales evaluated as part of independent assessment of the British Business Bank’s wider £1.6bn Nations and Regions Investment Funds programme. 

An ‘Early Assessment Report’ undertaken by an independent research company (SQW Ltd) has found that the Investment Fund for Wales is helping to improve access to finance for smaller businesses across Wales, supporting ambitious firms to grow, innovate and scale. 

By September 2025, the Investment Fund for Wales had provided £18.2m of investment through 85 investments to 79 Welsh SMEs, helping to address local finance gaps and increase the availability of funding for smaller businesses.  

The evaluation found that the fund is supporting companies that may otherwise have struggled to secure investment, while also attracting additional private sector finance into the Welsh economy.

The most recent data for June 2026 shows that the Investment Fund for Wales has now invested over £34m across 128 deals.

As of September 2025, investments have reached businesses across all regions of Wales, with South East Wales accounting for 55% of total investments. However, the evaluation highlighted the ongoing challenge of ensuring that investment reaches businesses across the whole of Wales, particularly those located in Mid Wales.

The findings form part of SQW's independent evaluation of the British Business Bank's wider £1.6bn Nations and Regions Investment Funds programme, which includes six funds across England and the Devolved Nations. By September 2025, it had invested £294m across 951 investments to 877 businesses across the UK, attracting £233m of private sector investment and securing £0.79 of private finance for every £1 invested. 

The £130m Investment Fund for Wales was launched in November 2023, with the first investments made in December 2023. The fund is delivered through three finance options: smaller loans of £25,000 to £100,000, debt finance of £100,000 to £2m and equity investment of up to £5m.

In Wales, the Investment Fund for Wales is supporting businesses across a broad range of sectors. Construction was the most represented sector, with 15 firms supported, followed by wholesale and retail trade (11 SMEs) and manufacturing (9 SMEs).

The evaluation found that businesses supported by the programme are already reporting positive outcomes, including improvements in productivity, innovation, workforce skills and growth. It also found evidence that the programme is helping businesses build confidence in accessing external finance and supporting their future growth ambitions

Wrexham-based Play Revolution is one business to have benefited from the Investment Fund for Wales.

Founded in 2008, Play Revolution designs, manufactures and installs indoor and outdoor play systems for leisure centres, family entertainment centres, holiday parks and international operators. The company has also developed TAGactive, a technology-enabled gamified arena experience incorporating radio frequency identification wristbands, real-time scoring and interactive gameplay, which is now installed at more than 75 sites worldwide.

The company received equity investment from Foresight through the Investment Fund for Wales to support its next phase of growth, including team expansion, enhanced sales capability, increased product development and innovation, and expansion into international markets.

The investment is also supporting the company’s continued investment in high-quality employment and skills development in Wrexham, contributing to local economic growth as the business grows.

Gwyn Jones, Managing Director of Play Revolution, said:

We’re incredibly excited to be entering the next phase of growth for Play Revolution Ltd and TAG Active Ltd. The recent investment from Investment Fund for Wales and the Foresight Group is a strong endorsement of our vision and creates significant opportunities to expand into new markets. Just as importantly, it brings long-term stability for our team, our partners and our customers as we continue to grow the business and deliver innovative play experiences around the world.

Adam Kelly, Managing Director of Debt & Regional Funds at the British Business Bank, said:

“This independent evaluation highlights the important role the Investment Fund for Wales is playing in supporting smaller businesses across Wales.

The findings demonstrate how the fund is helping businesses access the finance they need to invest, innovate and grow, whilst also helping to attract additional private sector investment into the Welsh economy.

While still at an early stage, it is encouraging to see strong evidence that the fund is supporting businesses that might otherwise struggle to secure finance and is helping create the conditions for long-term economic growth.

The six Nations and Regions Investment Funds evaluated were the Investment Fund for Wales, Northern Powerhouse Investment Fund II, Midlands Engine Investment Fund II, South West Investment Fund, Investment Fund for Scotland, and Investment Fund for Northern Ireland.

Download report (.PDF, 5.8 MB)

Further Information

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Notes to editors

About the British Business Bank

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive economic growth by helping smaller businesses get the finance they need to start, scale and stay in the UK. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.

The British Business Bank’s core programmes support £23bn 1  of finance to almost 64,000 2  smaller businesses.

British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. It is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. With the exception of BBB Investment Services Limited they are not authorised or regulated by the Prudential Regulation Authority or the Financial Conduct Authority. BBB Investment Services Limited is authorised and regulated by the Financial Conduct Authority. A complete legal structure chart for the group can be found at british-business-bank.co.uk. 

The Nations and Regions Investment Funds are supported by Nations and Regions Investments Limited, a wholly owned subsidiary of British Business Bank plc. They are not authorised or regulated by the PRA or FCA. British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.

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