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Finance Wales Confirms £300,000 Investment in Deeplake Limited

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A £300,000 loan by Finance Wales in software development business Deeplake Limited will create eight new highly-skilled and well paid jobs.

Based in Church Village, Deeplake is the market leader in digital communication for social landlords and local authorities throughout the UK, Ireland and Australia. Established in 2008, the privately-owned business currently employs 18 people and will use the loan from Finance Wales to develop new software products for the larger private landlord housing market.

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Paul Webb, Chief Executive of Deeplake explains:

“As market leaders in digital customer communication technology, we develop software that is cost effective and efficient while providing the best possible customer experience. We currently support over 130 social landlords in the UK with tenant communication solutions, covering almost 1% of the UK population, and integrating with all leading housing management systems. These include a range of digital platforms that are developed by our own very talented software engineers, particularly benefitting from the expertise at the University of South Wales. We are ideally positioned near the University and therefore able to attract graduates from their growing pool of talent.”

“This £300,000 loan from Finance Wales will enable us to create the opportunity for an additional eight software developers and technical salespeople to join our team to focus on the development of digital communication solutions for the private landlord housing market, and our expansion into Canadian and Nordic markets. This sector offers great potential for our business with over two million private landlords in the UK and the number of private tenants steadily rising as the affordability of property reaches record lows.”

Steve Galvin, Senior Investment Executive for Finance Wales believes that Deeplake has an exciting business model to drive growth by developing software that gives landlords enhanced digital communication channels.

He says:

“The rental property market is changing rapidly with increasing legislation such as the introduction of Rent Smart Wales. Deeplake has positioned itself well at the forefront of the social and private landlord housing sectors, creating a platform for further growth with the development of additional software products.”

“With an excellent management team and robust financial models, Deeplake is exactly the type of home-grown business that can truly benefit from the Wales Business Fund. Our investment is testament to our faith in their ability to drive the growth of the business, create well paid and highly skilled jobs and repay our loan enabling recycling of funds for other Welsh businesses that can benefit from our legacy fund.”

The £171 million Wales Business Fund is part-funded by the European Regional Development Fund through the Welsh Government.,

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The Development Bank of Wales exists to help businesses in Wales start up, strengthen and grow, by getting them the capital they need across a range of routes.

As a unique resource in Wales, we offer flexible finance to all businesses at all stages, with funds available from £1,000 to £10million.

Our teams of friendly and dedicated staff all across Wales are on hand to provide guidance on the right investment and support for your business, and can provide the local insight which we know business owners value.

We’re one of the top five institutional venture capital investors in the UK by volume, with more than £100m invested in tech businesses.

We also work alongside partner organisations like Business Wales, and offers co-investment alongside banks, crowd funders, grants, private and corporate investors and other lenders.

And we’re committed to helping Welsh businesses improve their sustainability and achieving net-zero goals, helping them to transition to Wales’ green business future.

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

 

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