Welsh ICE in Caerphilly has been chosen to deliver one of four new regional enterprise hubs, with the campus supporting the south east Wales valleys region.

The new contract is part of the Welsh Government's drive to encourage and support entrepreneurism across Wales.

The Wrexham Enterprise Hub has already been established in North Wales. The new hubs will be in north west, mid, south west and south east Wales.

The hubs are funded by the European Regional Development Fund through the Welsh Government and will see more than £4m invested to provide supportive spaces and mentoring for new and growing businesses.

Welsh ICE chairman William Record said the contract was a testament to the impact the Campus has had within the startup and small business community.

He said: "Since its founding in 2012, ICE has gone on to grow into an incredible space for startups and small businesses.

"Since then, we've added further buildings and can now boast more than 30,000 sq ft of office space.

"Our recent independent report found that businesses at Welsh ICE had generated a net GVA benefit of £53m to the Welsh economy across its eight years.

"This was due to the vital funding provided by the Welsh Government, which meant that startups were supported for their first year, with free office space, mentorship and super fast broadband access. This support, combined with the collaborative environment at the ICE Campus, means that more than 77 per cent of businesses that start at ICE go on to survive for three or more years - higher than the UK average of 61 per cent. "

Economy Secretary, Ken Skates said: “My Economic Action Plan is clear that supporting and encouraging entrepreneurship across Wales is absolutely crucial if we are to succeed in growing Wales’ economy.

“And I expect my decision to deliver these businesses hubs to provide a real boost to our regional economies.

“The evidence is clear that by working collaboratively and bringing academia, industry and local partners closer together in the right environment we can deliver a host of wider benefits to areas surrounding the hubs. This can only be good news for our economic regions, and for delivering my ambition of ensuring the fruits of prosperity fall much more evenly across Wales.”