Matthews scales back ambitions for Welsh VC fund

According to press reports, Welsh billionaire Terry Matthews has decided to downsize plans to focus on investments in the Principality due primarily to limited dealflow. Wesley Clover, the fund which he launched in early 2001 with a target of £175m and managed by former CEO of Ubiquity Software Simon Gibson, has only succeeded in investing a little over £10m in the region. Wesley Clover Wales, Wesley Clover Canada and Celtic House Investment Partners have now been merged into a single entity.

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