TLDR:
Scottish startups secured nearly £100 million in venture capital during the first quarter of 2024, with 19 firms sharing the investment. This marked a significant increase from the previous year, indicating growing confidence in Scotland’s entrepreneurial ecosystem.
Summary:
According to KPMG UK’s Private Enterprise Venture Pulse report, Scottish startups received £98 million in venture capital investment in Q1 2024. This marked a notable increase from the previous year, with standout deals including investments in agriculture tech firm Intelligent Growth Solutions Limited and electric transport company Ember. Overall, Scotland saw over £359 million invested in 115 businesses in 2023.
Amy Burnett, KPMG private enterprise senior manager in Scotland, highlighted the positive figures but also advised caution due to the fluctuating market and upcoming global elections. Graeme Williams, KPMG’s head of corporate finance M&A for Scotland, expressed optimism for the future of venture capital investment in Scottish firms despite geopolitical complexities.
While VC investment in UK businesses overall declined in Q1 2024, Scottish startups bucked the trend with a strong performance. Deal volumes were down nationally, but deal sizes remained healthy as investors focused on promising startups.
