Kelvin Capital posts record first half investment
Kelvin Capital, the Scotland-based investment syndicate, posted record investment of £7.8 million for the first half of 2023, 22% higher than the same period in 2022 (£6.4m).
There was co-investment from Scottish Enterprise in five of its portfolio companies: WellFish Diagnostics, KultraLab, Dyneval, Peacock Technology and FreeFlow Technologies
The first two months of the second half of the year have seen a further £1.8m secured for three other portfolio companies – Innovatium, Sofant Technologies and Biotangents. Kelvin gave no indication of a slowdown in activity.
The investment group founded and managed by John McNicol, Angus Hay and Susie Fisher is chaired by Stuart McKee, the former global head of corporate finance for PWC.
It has more than 340 UK and international angel investors, a diverse portfolio of 20 investee companies and has secured investments of over £106m to date from its syndicate members and external co-investors.
Mr McKee said the quality of Scotland-based businesses working in disruptive or pioneering technology remains at a high level.
“Our investment activity continues to grow with the first half of 2023 raising the most for our portfolio businesses to date,” he said.
“Notably, the latest funding round concluded for WellFish Diagnostics, a business we have backed since early 2022, was oversubscribed and closed with new private equity investment coming from international investors based in London and Norway.”
Mr McNicol added: “Our portfolio of businesses is maturing from early stage companies into established and recognised international operators in their sectors. This can be illustrated by the impressive deals and agreements that are being secured across the world.”
The five companies that have received funding in the first half of 2023 have, since their inception, created 70 full-time jobs.