Four Welsh ICE tech startups land £671,000 in funding

Four Welsh ICE tech startups land £671,000 in funding

14th November 2016

Rachel Harris

Four Welsh ICE tech startups have secured an amazing £671,000 in funding.

The companies include ProfitSourcery, which raised £71,000 from four private investors, and three other tech firms in stealth mode.

ProfitSourcery is a market intelligence SaaS firm that allows users to sell retail products at a profit on Amazon. The firm says it will use the funds towards cashflow and to further develop its product.

Ed Brooks, founder of ProfitSourcery, commented: “This investment means that we continue on track for our new product launch in February which we are all rather excited about. It’s also important to point out that we met most of our investors through being situated at ICE – the network of people here is pretty extensive and I can only see that growing as more businesses join the community.”

The remaining three companies still in stealth mode remain undisclosed, but raised £100,000, £250,000 and £250,000 from a mixture of private investors and funding organisations.

All of the companies have been supported either through the ICE accelerator, the ICE 50 or the pre-start 5-9 club programmes.

CEO Gareth Jones said the announcement (along with Myra Tabor’s appointment) form part of efforts from the organisation to drive a spirit of ambition amongst small business in Wales, in a bid for the region to be recognised alongside the Northern Powerhouse or Shoreditch as having the right conditions to grow a successful business.

The funding comes from a range of sources including private, international and local investors as well as financial institutions.

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