Finance doubles

Higher VC investment builds on support for early stage firms

Well-Safe Solutions

Well-Safe Solutions was among the big VC recipients

More evidence of growing support for early stage companies has emerged in new figures showing venture capital investment in Scottish scale-ups almost doubled last year.

Fast growth businesses received an estimated £197.7 million, up from about £100m in 2018, driven by a busy fourth quarter and a clearer direction with regard to Brexit.

However, the funding was dominated by a £66m investment in Aberdeen-based Well-Safe Solutions, to fund the next phase in its growth strategy as a well decommissioning company.

The data, revealed in the Global Venture Pulse Survey by KPMG Private Enterprise, follows figures from business angel group LINC showing a record year of investment for syndicates.

The Pulse survey reflects a UK-wide surge in investments with more than £9 billion pumped into growth-hungry companies. Later stage businesses, particularly in the financial services, biotech and healthcare sectors, drove the majority of the deals completed.

Commenting on the findings, Amy Burnett, manager at KPMG Private Enterprise in Scotland, said: “It’s been a fantastic year for Scotland’s scale-up businesses.

Leave a Reply

Your email address will not be published. Required fields are marked as *

This site uses Akismet to reduce spam. Learn how your comment data is processed.