What does it take for a Welsh tech startup to not just survive, but to achieve a rapid, transformative ’10x boost’?
The answer lies in the latest episode of “How They Funded It“, the podcast series from Welsh ICE and the British Business Bank. This week, we dive deep into the strategic financing journey of DEPLOY Tech, creators of inflatable, flat-packed water tanks transforming concrete infrastructure.
Chief Technology Officer Beren Kayali sits down to detail how she successfully navigated the complex funding landscape to secure over £1.3 million in capital. This episode is a must-listen for founders, offering a tactical breakdown of how a precise mix of grants, prize money, and equity built the foundations for their explosive growth.
Beren Kayali, an accomplished leader who is a Forbes 30 Under 30, an Enterprise Fellow of the Royal Academy of Engineering, and Vodafone Business Woman of the Year 2024 in the UK, details the company’s powerful funding cocktail:
Prize Money (£170K): Their innovative technology also earned them £50K each from the InnovateUK Women in Innovation award and The Royal Academy of Engineering’s Enterprise Fellowship.
Equity Investment (£612K): This included £90K from friends and family, £250K from the Development Bank of Wales (DBW), and £187K from SFC Capital in their pre-seed round, followed by an £85K bridge round.
Grants (£533K): They secured significant non-dilutive grant funding, including £350K from the Smart Grant by InnovateUK and £133K from SmartCymru by the Welsh Government.
The Strategy for a “10x Boost”
Beren shares the critical insight into their fundraising strategy—it wasn’t just about the total figure, but the way different funding types amplified each other:
“The equity funding gives us the freedom, but that one coupled with a government grant there is where the 10x boost happens… your risk appetite increases even further. The return of investment all of a sudden multiplies with a bigger factor.”
The funding was crucial for covering the substantial Capital Expenditure (CapEx) required for a hardware business, including:
- Investing in equipment like forklifts and crane systems
- Relocating to Cardiff to be close to a manufacturing site with key innovative material.
- Pursuing their humanitarian mission, by deploying long-lasting water tanks with Oxfam in places like Turkana, North Kenya.
Beren offers advice for fellow founders regarding investor relations: approach the process like a two-way partnership, and don’t rush to take any money offered.
Welsh ICE CEO and podcast host, Lesley Williams, reinforces the power of their story:
“Deploy Tech’s story is a powerful example of what is possible when innovative businesses connect with the right blend of funding to achieve their ambitions, both commercially and ethically.”
The full episode of How They Funded It featuring DEPLOT Tech is available now!
➡️ Listen and Watch Episode 1 Here
And be sure to keep an eye out for Episode 3, being released on Wednesday, 5th of November! You can find all episodes as they release right here.
