BGF, the growth capital investor has invested £4.5 million in Stellar Omada, an Edinburgh-headquartered technology services company.

Founded in 2018 by CEO Colin Frame, Stellar Omada specialises in digital transformation, testing services and programme delivery for clients in the financial services sector.

The business has experienced rapid growth to date, delivering £16.3m revenue in 2022 from £9.1m in 2021, and its clients include some of the UK’s largest banks and pension providers.

The company will continue to be led by founder Colin Frame as CEO and Royston Hoggarth as non-executive chair. Mr Hoggarth began his career with tech-giant IBM. Latterly he has gone on to senior leadership roles at several fintech businesses such as Logica, Hays UK and BT Global Services.

The investment will also see experienced financial services executive Mark Smith and BGF investor Richard Pugh joining the company’s board. Mr Smith has more than 25 years’ experience at board and executive committee level in the banking industry.

Euan Baxter, investor at BGF, said: “Stellar Omada is on an exciting growth journey. We look forward to working with the company’s experienced leadership team to support their ambitious growth plans and we are confident there is huge potential for the business to expand its already impressive footprint in Scotland and the UK.”

Neuranics investment

Scottish sensor specialist startup Neuranics has secured a £1.9 million investment led by Par Equity; GU Holdings, the investment company for the University of Glasgow; Old College Capital, the University of Edinburgh’s venture investment fund; and London-based Creator Fund, which backs scientific founding teams.

Neuranics was founded in 2021 and develops magnetic sensors integrated with semiconductor technology for health, fitness, and metaverse applications.