Drone Evolution receives £180,000 investment from Wales Angel Co-investment Fund

12.10.18. mh DBW Drone Evolution 14

The Wales Angel Co-investment Fund, which is part of the Development Bank of Wales, is set to invest £180,000 in Drone Evolution.

The first £90,000 of match funding will go to a five-person syndicate investing in Drone Evolution.

The joint investment of £180,000 is the first portion of a potential £270,000 investment which will be used to buy drone equipment.

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The money will also be used to develop the company’s premises, which will also function as a state-of-the-art training facility for the sector.

Drone Evolution is a commercial drone services company which says it plans on changing the way businesses and organisations use drones and increase public safety.

The firm, which will initially have a fleet of up to five high specification drones, was set up earlier this year and became operational at the beginning of November.

Following the investment, it expects to recruit up to 12-15 staff over the next three years.

The Caerphilly-based company, advised by Siôn Tudur at Loosemores Solicitors during the deal process, will also be developing its own drone products and providing training for users.

Drone Evolution’s managing director, Clayton Earney, said: “This is a show of faith from investors that this is a business that’s worth investing in, and they think it’s an exciting opportunity in a sector that’s growing fast.”

The £8m Wales Angel Co-investment Fund was launched in April and seeks to extend angel investment activity over the next four years through enhanced investment syndicates throughout Wales.

Lead investor, Andrew Diplock said: “What I look for in any business are the right individuals with the right experience, a great business model and a growth ambition for an ultimate exit. Drone Evolution ticked all the boxes for this investment.”

He added: “The fund gives the opportunity to the angel community to drive their own selection of investment opportunities. Crucially, it’s an angel-led activity that is agile and innovative and credit goes to the Development Bank of Wales and Angels Invest Wales for enabling this to happen in Wales to help Welsh entrepreneurs.”

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Alex Douglas

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