Cardiff based OpenGenius secures £1.1m funding as it sets sights on stock market float
With the backing of an equity investment package of £500,000 from the Development Bank of Wales and a further £600,000 from private investors, OpenGenius has its sights on global expansion and stock market flotation.
Cardiff-based OpenGenius, which develops high-tech software for innovators and creative teams, has enjoyed increasing momentum over the past few years.
In 2017, OpenGenius became the first Welsh company to be selected for the international ‘accelerator’ training and networking programme (ELITE) at the London Stock Exchange.
Owner and founder Chris Griffiths commets: “OpenGenius is excited to gain this investment; it will play a big part in the company’s development over the next year as we continue to expand our international customer base.”
The company’s innovative approach extends beyond its products. Its headquarters lie in Tec Marina, a creative workplace in Penarth. The unit (‘Wales’s answer to Silicon Valley’) was built specifically for OpenGenius to foster an atmosphere of open thinking and entrepreneurship.
Alexander Leigh, a Technology Venture Investments Executive with the Development Bank of Wales who led the transaction comments: “This £1.1m investment will provide OpenGenius with the capital it needs to further refine its innovative SAAS platform and accelerate its global expansion plans.
“As lead investor the development bank recognises the importance of the co-investment from sophisticated private investors who bring considerable sector experience to the company.
“Chris Griffiths is a respected, Welsh entrepreneur and has built an impressive organisation with an experienced management team which now has the ability to scale up and create additional high calibre jobs at its headquarters in Tec Marina.”
This latest equity investment from the development bank follows a number of recent venture deals focussed on the rapidly expanding software sector within Wales.
OpenGenius joins a cohort of the very best Wales based software companies within the Development Bank’s Tech Venture investment portfolio.
This investment was funded by the Wales Business Fund which is part-funded by the ERDF, through the Welsh Government.
It was created specifically to support businesses with fewer than 250 employees based in Wales and those willing to move here.