xénos angels continue investment in Wales

 2 December 2009

xénos, the Wales Business Angel Network, has continued its investment run in Wales-based businesses with two investments in North and South Wales.

Consumer medical technology company, Kind Consumer, is set to address the global nicotine addiction problem with backing from xénos angels. The company is establishing a base in North Wales and will use the funding to complete product development and clinical trials of a device that helps people to cut down their reliance on tobacco through cigarettes.

CEO and founder, Dr Sam Bakri, said: “xénos clearly understood our needs and we had significant interest from a number of serious angel investors who have become either non-executive directors or advisors.  Their commitment has been fantastic from our very first investment pitch, they have all followed on through three rounds of funding.”

A syndication of angels has invested an undisclosed amount in the business.

Meanwhile in South Wales, the network has supported the development of a company behind a platform for building money-making content websites. SubHub has received undisclosed investment from xénos angel David Hulston, along with Simon Murdoch, the former managing director of Amazon Europe, who becomes company chairman.

The funding will enable SubHub to expand on its global category leadership by enhancing its website building and monetization tools, and by offering a range of service options at multiple price points.

“What excited me about SubHub is that they are providing a real solution for a problem that is vexing the media industry worldwide -- how to make money from content online,” said Hulston, who was a founder-director of Scipher plc and CEO of QED Intellectual Property Ltd, the leading provider of intellectual property commercialisation and management services.

David Maas, xénos manager, said the two deals demonstrated the diversity of angel investment in Wales. “We have strong IT and digital sectors here alongside growing meditech, cleantech and environmental sectors. The opportunities presented to xénos angels are wide and varied.”

xénos is a subsidiary company of Finance Wales, a provider of commercial funding to businesses in Wales and a member of the BBAA.