As it grows and grows we’re seeing more of the GBEA community connecting and working together, whether that’s entrepreneurs working with each other or partners.
One of the most prevalent areas of connection is with our Welsh partners, Development Bank of Wales.
In the third of this series, we’ll be taking a look at how Development Bank of Wales has been supporting members of the GBEA community.
Scott Morgan is the founder of Nutrivend, which provides vending machines containing healthy and nutritious products. In 2017, former Wales rugby international Scott was crowned Start-Up Entrepreneur of the Year for Wales and the South West.
Scott launched the company in 2012 following a £50,000 micro loan and angel investment from Angels Invest Wales, a network which is part of the Development Bank of Wales and inlcudes GBEA judges Hayley Parsons OBE and Ashley Cooper as members.
Realising large investment was fundamental to the company’s growth, Scott decided to sell some shares in the business and take on an equity partner. Nutrivend secured equity investment worth £675,000 from the Development Bank of Wales.
Since launch, Nutrivend has gone from Scott working as a one-man band to 20 staff and depots across the UK.
After completing the equity investment, Scott said: “Equity for us means we get to benefit from the support and expertise of an experienced investor as well as its financial backing.”
Sam Macalister-Smith at Development Bank of Wales said: “We’re always pleased to see our portfolio businesses prosper and to be able to support them with follow-on investment. Equity can be a good fit for successful companies like Nutrivend who are looking to accelerate their growth. With a strong management team in place and a sector with year-on-year growth we’re happy to support the company’s long-term expansion plans.”
If you have a business in Wales and are looking for more information on how Development Bank of Wales could support you, please get in touch with a member of the team here.