Funding for research firm
ScotBio targets global growth after securing £2m deal
Kelvin Capital, Investing Women, Oghma Partners and private investors in the UK and US have supported ScotBio, formerly Scottish Bioenergy, in one of the largest private investment rounds in Scotland this year.
The funding will allow the company to increase production and expand its team to respond to the growing international market for products free of artificial additives, which is expected to experience rapid growth in the next few years.
Following an initial £500,000 investment from Kelvin Capital and Investing Women in 2017, Scot Bio successfully scaled up to 16,000 litres of production and developed multiple product samples and for fast-moving goods companies worldwide.
It also brought its first commercial product to market by partnering with Edinburgh-based drinks producer Firkin Gin to create Firkin Blue.
David Van Alstyne, pictured, chief executive at ScotBio, said: “This is exciting news for Scot Bio and a demonstration of the high quality of our product and the exceptional team behind it.
Chairman Tom Craig added: “This is a very exciting business to be involved in. It has patented IP [intellectual property] and a huge worldwide market opportunity. “I am delighted to be working with David and his team.”
Jackie Waring, founder and chief executive of Investing Women, said: “We have a strong association with the great team at Scot Bio.
“We are therefore delighted to continue our support in this latest round of funding which will help the company further develop its unique product and realise its huge global potential.”