Four tech startups from The Welsh Innovation Centre for Enterprise (Welsh ICE) have managed to raise £671,000 in funding. The companies included Caerphilly-based ProfitSourcery, which raised £71,000 from four private investors, and three other tech firms in stealth mode.
ProfitSourcery is a market intelligence SaaS firm that allows users to sell retail products and lets you generate profits straight from Amazon in the fastest way possible. It is basically a product sourcing tool and claims its strength is in selling products on your behalf. All you have to do is provide the products, which are then identified for you, with profit regularly coming in as per their arbitrage model. The firm says the new funding will be used towards cash flow and to further develop its product.
Ed Brooks, founder of ProfitSourcery, commented,
This investment means that we continue on track for our new product launch in February which we are all rather excited about. It’s also important to point out that we met most of our investors through being situated at ICE – the network of people here is pretty extensive and I can only see that growing as more businesses join the community.
The remaining three companies still in stealth mode remain undisclosed but managed to raise £100,000, £250,000 and £250,000 from a mixture of private investors and funding organisations. All of the companies are part of the Welsh ICE community, having been supported either through the ICE accelerator, the ICE 50 or the pre-start 5-9 club programmes.
Gareth Jones, CEO of Welsh ICE, commented,
In our first year, there were no significant fundraising rounds, but year on year we have seen continued growth, and that has raised ambitions for other members seeing peers achieve success in raising capital.
Hoping to drive innovation across the Welsh tech community, he also said,
As each generation matures, and there are more founders around to act as mentors, we will hopefully see business people in Wales tapping into these tools of success, leading to increased jobs, opportunities, and levels of aspiration across the region.