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Development Bank of Wales Joins Admiral Pioneer in Backing Wagonex

Banc Datblygu Cymru yn Ymuno Gydag Admiral Pioneer i Gefnogi Wagonex



The Development Bank of Wales has confirmed its third equity investment in Wagonex, the UK’s leading mobility subscription platform provider – just one week after the announcement of a first strategic investment by Admiral Pioneer.

Launched in 2016, Wagonex designs, builds, and manages flexible, all-inclusive technology automotive subscription platforms, which enable vehicle suppliers to offer subscription options direct to consumers. They provide a seamless end-to-end customer journey, with an automated credit decision engine, creating flexible contracts inclusive of road tax, insurance, breakdown cover, and servicing.

Wagonex has delivered more than 120 per cent year-on-year growth since relocating to Cardiff in 2019. This followed an initial equity investment by the Development Bank’s technology ventures team as part of a seed investment round.

Toby Kernon, Founder and Chief Executive Officer of Wagonex, said:

“These are exciting times for our business as we continue to capitalise on the opportunities in the car subscription market. The ongoing support of the Development Bank as our long-term institutional investor and the strategic investment by Admiral Pioneer demonstrates the strength of our business and gives us the necessary firepower to rapidly scale in the UK.”

Dr. Richard Thompson, from the Development Bank of Wales technology ventures team, said:

“Wagonex is a great example of how our equity investment can attract fast growth tech businesses to Wales and leverage substantial co-investment. We’re looking forward to working with Toby, the Wagonex team and our new strategic co-investor Admiral Pioneer.”

This latest investment from the Development Bank comes from the Wales Business Fund.

The £204 million Wales Business Fund is financed by the European Regional Development Fund and the Welsh Government. Loans, mezzanine finance, and equity investments are available for deals between £50,000 and £2 million with terms ranging from one to seven years for small and medium-sized businesses (those with fewer than 250 employees) based in Wales, or willing to relocate to Wales.


The Development Bank of Wales funds businesses that they think will benefit Wales and its people. The ones that will create ripples of growth- those that are more than a good business model or a great idea. They finance responsible businesses – those with a strong social, ethical and environmental standards, as well as real commercial promise.

By providing sustainable, effective finance where options have seemed limited, they bring ambitions to life and fuel possibilities for people, businesses and communities in Wales and beyond.

The Development Bank’s ‘big picture’ view means it can often help with debt and equity finance when options seem limited, doing whatever it takes to make a positive difference, bringing together the right people and working collaboratively to find a way to make things happen for Welsh businesses and for Wales.

Its teams are embedded in local communities, working out of regional offices that give customers direct access to key decision-makers and signposted avenues of support. They understand what’s happening in Wales’ villages, towns and cities – the challenges and the opportunities. They see the potential for business growth as a catalyst for enhancing lives and communities in Wales and beyond.

For more information, visit the Development Bank website at to find out more.


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