What does it really take to grow a business in Wales? Often, the biggest hurdle isn’t ambition or hard work; it’s securing the right finance, at the right time, to move into that crucial next phase of growth.
That challenge is exactly what we’re tackling in our brand-new podcast series, “How They Funded It,” created by Welsh ICE in partnership with the British Business Bank. This six-part series dives deep into the stories of Welsh entrepreneurs who have successfully navigated the funding landscape, from loans and equity to grants and beyond.
We’re thrilled to kick off the series with an incredibly timely and relevant success story: Wizard Eco. This Wales-based company is at the forefront of the green revolution, delivering over 500 sustainable home retrofits every year, covering everything from solar panels and air source heat pumps to insulation under the Government’s ECO4 and GBIS schemes.
Like many growing businesses, Wizard Eco hit a point of success that required an immediate financial injection to capitalise on major opportunities.
Director of Renewable Technologies, Callum Hiscott, reflects on this moment in the episode:
“Like any business, you get to a point where you’ve grown really nicely, you’ve got good revenue coming in and lots of jobs on the table. But then you need that extra boost to move into the next phase of growth.”
That ‘extra boost’ came in the form of £400,000 in working capital funding secured through the Investment Fund for Wales.
This significant support was critical for Wizard Eco, enabling them to:
- Expand their team rapidly to meet demand.
- Invest in a new renewable energy hub to increase capacity.
- Win major contracts with national utility companies.
Wizard Eco’s success highlights the vital role that targeted funding programmes play in supporting Welsh SMEs.
The working capital was provided via the Investment Fund for Wales (IFW), which is managed by the British Business Bank. The IFW is a £130 million fund that provides a mix of debt and equity, offering commercial finance options from smaller loans of £25k up to equity investment of £5 million.
As Welsh ICE CEO and podcast host, Lesley Williams, notes, the goal of the series is to demystify this process:
“So many businesses face the same challenge: how to access the right kind of funding, at the right time, to make their ambitions a reality. This podcast shares practical examples, but it also celebrates the inspiring journeys of Welsh entrepreneurs who have taken that step.”
Wizard Eco’s story is just the beginning. Future episodes of How They Funded It will feature entrepreneurs from a wide range of industries, each showcasing a different path to finance and the growth that followed.
The first episode of How They Funded It is available now!
➡️ Listen and Watch Episode 1 Here
And be sure to keep an eye out for Episode 2, being released on Wednesday, 22nd of October! You can find all episodes as they release right here.
