SCOTTISH Enterprise (SE) has unlocked more than £2bn of private sector investment in early-stage companies operating in Scotland.
Since its co-investment activities began in 2003, the economic development agency has invested more than £770m to help unlock funding from private investors, across its commercial investment activity.
Economy secretary, Kate Forbes, marked the milestone during a visit to Edinburgh-based start-up company, MiAlgae, which is one of the early-stage businesses in Scotland to have been supported.
This has been both from commercial co-investment and also tailored support and advice from Scottish Enterprise to help the company with their scale up ambitions.
MiAlgae has secured over £630,000 in investment from Scottish Enterprise alongside Scottish Co-investment Fund Partner Equity Gap bringing the total public and private sector funding secured to £2.1m since it started in 2016.
Forbes said: “Unlocking £2bn of private funding is a huge milestone for Scottish Enterprise that has had far reaching benefits across the economy. Visiting MiAlgae demonstrated the clear role our enterprise agencies and their strategic investments will play in delivering our economic transformation.
“We want Scotland to be a nation of innovators and entrepreneurs as set out in our National Strategy for Economic Transformation and MiAlgae is an excellent example of an innovative company that is helping to build Scotland’s thriving industrial biotechnology sector whilst generating new, high-value jobs as part of our just transition to net zero.”
Adrian Gillespie, chief executive, Scottish Enterprise, said: “Collaborating with private sector investors has helped transform Scotland’s risk capital market to cultivate an entrepreneurial environment that attracts hundreds of millions of pounds of domestic and international investment to Scotland each year.
“Together, we’ve supported the growth of some of Scotland’s most innovative companies by providing them with the investment and advice they needed to start-up, commercialise and scale.”
Highlighting MiAlgae’s investment experience, Dr Johann Partridge, operations director said: “We’ve had amazing support from the first steps on our journey five years ago to our current demonstration and commercialisation phase.
“Raising funding can be daunting but Scotland’s investment ecosystem has been with us every step of the way and, as a trusted partner, Scottish Enterprise has helped fuel our growth through their advice and support as well as investment.”
Scottish Enterprise’s portfolio currently stretches to some of Scotland’s most innovative businesses such as mycoprotein producer ENOUGH, spin out of University of Strathclyde, which last year raised €42m in a Series B Funding round, and vertical indoor farming pioneer, Intelligent Growth Solutions, which recently concluded its Series B funding round raising over £42m both from a range of international and local investors.