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Equity funding boosts Scottish firms

Posted on 30 Mar 2019 and read 1316 times
Equity funding boosts Scottish firmsThe Scottish-European Growth Co-Investment Programme (SEGCP) has delivered £6.12 million of equity investment to the first cohort of companies to come through the process, facilitating investment rounds totalling £16.26 million.

The programme is delivered by the Scottish Investment Bank (SIB) — the investment arm of Scottish Enterprise (www.scottish-enterprise.com) — in partnership with the European Investment Fund (EIF) and is backed by the Scottish government through the Scottish Growth Scheme.

It aims to increase the available equity funding options for companies that are ‘at the next stage in their growth journey’.

Within this first cohort, companies that have benefitted from investment to accelerate their growth ambitions and create new jobs include chemistry technology firm DeepMatter and data analytics company ONZO.

Derek Mackay MSP, cabinet secretary for finance, economy and fair work, said: “This programme — the first under the Scottish Growth Scheme — was designed specifically for companies seeking large equity investment to support their growth plans.

"Both ONZO and DeepMatter have been able to expand and create job opportunities, while attracting additional new investment through the programme. SEGCP — through the ScottishInvestment Bank — will continue to support businesses with a wider range of growth plans and aspirations.”

Kerry Sharp, director of the SIB, said: “ONZO and DeepMatter are exactly the type of ambitious companies our innovative programme is designed to support.

"By understanding the financing needs of our businesses, introducing new investors to the Scottish market, and actively filling the gap in funding availability, SEGCP has enabled the companies to deliver their growth ambitions.

"The programme is only one of the available financing support mechanisms we have at SIB.

"We are here to invest in growth, and I encourage companies looking to raise additional funds — and investors interested in considering fantastic investment opportunities in Scotland — to get in touch with us.”