Startup companies participating in the Scottish Government’s techscaler programme have raised more than £118 million since the scheme was launched at the end of 2022.

It raised £54.1m in its first year from both private and public sources. Of the total, the government has invested just under £13m in grants, described by Deputy First Minister and Economy Secretary Kate Forbes today as “a good return”.

The number of firms receiving support rose to 978 from 502 in 2023, with 1,411 entrepreneurs getting help, up from 610.

Further activity included two international pop-ups in Singapore and San Francisco. Ms Forbes said that a further pop-up in Japan, along with wider activity across the country, will be launched next week. There is also a suggestion of expanding to China.

Techscaler was founded to help tech founders grow their businesses and is backed by £42 million from the Scottish Government.

Ms Forbes speaking at the Edinburgh Futures Institute, claimed that the figures show that Scotland is the “one of the best place in the world to launch a start-up tech company.”

Launching the Techscaler annual report, she added:   “While this is a relatively young programme, what this report makes clear is that it is delivering results.

“We’re proud of our collective achievements over the first two years of Techscaler, delivering strong support for our ambitious founders and startups both here in Scotland and increasingly as they target global markets, building on our position as a catalyst driving innovation, partnerships, and collaboration across the Scottish tech ecosystem.”

Speaking afterwards, she said the mentoring, networking and education has been the biggest impact on the startups.

Responding to Labour’s technology consultation launched earlier this week, she said: “Well done for catching up. We are not just talking about it, we are delivering.”

Comment: Scotland’s technology sector is now a political battleground and must emerge stronger