The Launchpad fund, created as part of the BBC Wales and Arts Council of Wales' Horizons scheme to develop new contemporary music, received more than 200 applications.
The winning acts have received up to £2,000 each and can use the money for a variety of purposes.
This includes recording albums, studio time, buying equipment and publicity.
Alternative rock band Estrons will put £1,500 towards promotions of their second album.
The Cardiff band will use Launchpad funding to support the promotion of their next release with a promotional campaign.
Guitarist Rhodri Daniel said receiving the funding was a "real honour".
He added: "We were lucky enough to be chosen two years ago for assistance in funding studio time and a music video, we made every penny count and the results most certainly helped pave the way for success so far.
"We have since brought on board a fantastic team of people and after a full year of touring and recording we're at a crucial junction in our careers. This additional funding and support will no doubt help us increase our exposure and reach a wider audience."
Among the other successful applicants, singer-songwriter Cally Rhodes, from Borth, Ceredigion, will spend time in the studio recording her next album using £1,400.
Indie-pop band Kidsmoke from Wrexham will spend £1,550 on recording a new album and artwork for it using artists from the area.
Singer-songwriter Jodie Marie, from Narberth, Pembrokeshire, will receive £2,000, towards recording her third album.
She said: "The Launchpad fund couldn't have come at a better time for me. It's allowing me to focus on the creative side of music again and I can't wait to show everyone what I've been up to in this next release."
Another indie band, Fleur De Lys, from Anglesey, have been given a £1,000 contribution towards studio time.
Bridgend-based quintet Breathe in the Silence have been awarded £1,000 for studio time to record.
"We put everything we have into this band so having that extra bit of help is incredibly humbling," said a spokesman for the band.
Betsan Moses, head of communications at Arts Council of Wales said: "We were really impressed with the breadth of applications - proof of the diverse and vibrant music scene in Wales right now."
Thirty-eight artists and bands from across Wales have shared a bursary worth £50,000.