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Finance Wales continues to provide key backing to businesses

The Welsh Assembly Government investment bank subsidiary, Finance Wales, has led the latest cash injection into specialist revenue-generating website builder, SubHub.

More than £700,000 has now been raised following this latest round of fundraising by Finance Wales and Business Angel investors David Hulston and Simon Murdoch.

SubHubAmerican co-founder of the company Evan Rudowski said, “These new funds will help us to accelerate faster…..Cardiff has been good to us and we are pleased to strengthen our ties to the area with the participation of David and Finance Wales.”

At the other end of the investment path, Finance Wales has successfully exited from its involvement with hi-tech venture Abriox – which has acquired its investor’s equity stake.

Finance Wales made an early stage £120,000 investment into the Newport Company which provides oil and gas companies with specialist equipment to remotely monitor the condition of their networks.

The investment supported the commercialisation of the Abriox system in the UK and its expansion into new international markets.

AbrioxAbriox Managing Director Neil Summers said: “The investment from Finance Wales enabled us to develop new products and new markets…..It’s a good time for us to buy back Finance Wales’ shareholding, which supported our growth at a crucial stage.  We’ve had an excellent relationship with Finance Wales and are pleased with the opportunities that its investment provided.”

-Ends-

21 January 2010

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