TLDR:
– £360M in VC investments made in 115 Scottish firms in the past year
– London attracted the most UK VC investment in 2023, but significantly down from 2022
A report by KPMG revealed that 115 Scottish firms received over £359 million worth of VC investments in 2023. This marked a decline in global VC activity compared to previous years. Standout deals included alternative meat start-up ENOUGH and fintech firm DirectID. Despite the challenges, investors continue to focus on emerging technologies like Cleantech and AI in Scotland.
The report also highlighted that London attracted the most UK VC investment in 2023, although it was significantly lower than the previous year. While there is a craving for stability in the fundraising environment, UK businesses will need strong business models and management teams to attract VC investment in the future.
