PwC supports Capricorn and IIC to make first investment in AMPLYFI
06 Sep 2023
PwC is pleased to announce, after nine months in which PwC has supported Capricorn Fund Managers (“CFM”), the Innovation Investment Capital fund (“IIC”) has made its first investment into Cardiff-based AMPLYFI, which uses AI to generate market insights and actionable data to improve decision-making in risk management, sales, marketing and strategy.
IIC is designed to increase the availability of patient capital in Southeast Wales by encouraging economic growth through investments in innovative, scalable and R&D focused businesses - with the initial £50 million provided by the CCR City Deal. Since its launch in November 2022, it has received over 140 applications for investment.
PwC has provided Cardiff Capital Region City Deal with support in setting up and launching the fund, and has advised and provided operational support to Capricorn Fund Managers in the sourcing of investment and screening and reviewing potential investee companies. As the fund’s Alternative Investment Fund Manager, Capricorn Fund Managers provide portfolio and risk management services.
Founded in 2015, Cardiff based AMPLYFI has created an AI-powered market intelligence platform that monitors and analyses content from the web, summarising developments and generating insights enabling users to uncover trends, opportunities and exposing links. This investment aims to enable AMPLYFI to leverage Gen AI to further streamline research and analysis, in addition to expanding the team in Wales to enable it to continue to deliver products and services to its blue chip customer base.
Since its launch, IIC has received over 140 applications for funding from potential investee companies around South East Wales, from Bridgend to Chepstow. The fund is sector-agnostic and has received applications from a wide range of sectors including medtech, fintech, consumer, energy and environment, construction and artificial intelligence, among others. Further investments are expected in the coming months, which will help to catalyse regional growth through new employment opportunities and accelerated economic development.
PwC Partner Rob Asplin said:
I’m really pleased that we’ve been able to support Capricorn and the IIC in making its first investment into the region. What stood out throughout our discussions and process with AMPLYFI was the strength of the management team, the rapidly growing generative AI market and AMPLYFI’s existing blue-chip customer base. We look forward to seeing many more potential investee companies approach the fund in the near future.
Rhys Thomas, Chief Operating Officer at CCR, said:
“Our mission at CCR is to re-energise the whole South East Wales region. The AMPLYFI investment aligns with this mandate of backing innovative businesses in many different sectors, encouraging the new jobs and good growth that lies at the heart of our Regional Economic & Industrial Plan. We expect further IIC investments very soon, far beyond just the technology sector and the city of Cardiff. These are exciting times.”
Paul Teather, AMPLYFI CEO, added:
"We are thrilled with this new investment, which will allow us to continue expanding AMPLYFI operations in Wales and develop our leading global AI-powered market intelligence platform. We are excited that IIC is attracted to AMPLYFI and we look forward to expanding our team and putting our technology in the hands of many more users.”
Lynda Stoelker, Chief Operating Officer, Capricorn Fund Managers, concluded:
“What has been evident throughout this process has been the extraordinary number of high quality-SMEs across the region. We are in a great position, with a healthy pipeline of potential investments in different sectors. AMPLYFI, as IIC’s first investment, sets a very high bar and we are delighted to be a part of their journey.”
Disclaimer
Capricorn Fund Managers Limited (Capricorn) is the alternative investment fund manager (AIFM) for Innovation Investment Capital Limited Partnership (IIC) and is authorised and regulated by the Financial Conduct Authority (FRN 505252). PricewaterhouseCoopers LLP (PwC) is authorised and regulated by the Financial Conduct Authority (FRN 221411). It is able to offer a limited range of investment services to clients (if they are an incidental part of PwC’s professional services). PwC is acting on behalf of Capricorn for the provision of advisory and operational services in support of the IIC.
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