Over the past eight years, my work at the Development Bank of Wales has focused on building the investor network for Wales, and for the last three, that has included supporting the growth of Women Angels of Wales (WAW). This is Wales’s first female-focused angel investment group.
When a business seeks angel investment, it is embarking on a journey that will last years, not months. Early-stage companies will inevitably face challenges along the way – whether that is navigating a competitive market, finding the right talent, or covering payroll in difficult months. That is why it is so important to secure the right investors. The best angel groups offer more than funding; they provide guidance, experience and connections that can make a significant difference to a company’s prospects.
Women Angels of Wales has attracted some of Wales’ most accomplished women in business, all committed to supporting female founders. The group brings together expertise from across industries, from law and finance to life sciences and technology, and that collective knowledge is a powerful asset for any company in their portfolio. As volunteers, the members are motivated by a shared mission, and that shows in the level of engagement they have with the businesses they back.
The financial aspect is important, of course, but angel investment is about much more than writing a cheque. Founders benefit from the angel’s experience, their networks, and their willingness to work alongside them through the ups and downs of building a business. Angel investors can become sounding boards for strategy, open doors to new customers, or step in with practical advice in areas that range from marketing to operations. In some cases, within the WAW team and their wider network, there are many NEDS and fractional C-Suite executives they can draw upon to help when needed.
Importantly, Women Angels of Wales has access to the Development Bank of Wales’ Angel Co-Investment Fund. This means we can match their investment up to £250,000, extending your funding runway and giving you more time to hit milestones before your next fundraise. While the lead investors from the group will negotiate the terms and manage the relationship post-investment, our role is to provide the additional financial backing that can help you achieve your goals more quickly.
The syndicate model they use reflects a broader shift in angel investing. Gone are the days when a single investor would put in a six-figure sum alone. Now, most deals involve a group of ten to 20 angels pooling smaller amounts and working together to support the business. This approach allows investors to diversify their portfolios, share deal flow, and draw on each other’s expertise during due diligence. It also makes investing a team sport, with the group collectively helping a founder to navigate the early stages of growth.
For any founder considering angel investment, I would always advise taking the time to get to know your potential investors. Ask how they work with their portfolio companies, whether they follow on in future rounds, and speak to other founders they have backed. This is a long-term relationship, and having a trusted group of investors who are aligned with your vision can make a real difference to your chances of success.
If you are a female founder in Wales – even at an early stage – it is worth having a conversation with Women Angels of Wales. Their combination of financial support, hands-on experience, and genuine commitment to helping women-led businesses thrive is impressive. The right investors can help you weather the inevitable challenges and make the most of the opportunities ahead.
Carol talks about this and more in The Women Angels of Wales Investment Series podcast episodes Becoming an Angel, and Investing in Women. Listen to the podcast here.
