Scottish Investment Bank leverages record private sector investment of £99m
Scottish Enterprise has today revealed that its investment arm, the Scottish Investment Bank (SIB), invested £66.5m into 155 Scottish companies during 2014/15, leveraging a record private sector investment of £99m.
SIBs investment has more than doubled the amount invested during the previous year, and sees a total of 46 new companies being added to Scottish Enterprise’s investment portfolio.
The organisation has also revealed that it generated over £9.5m of income from its investment activities.
Key results from the 2014/15 accounts include:
- £3m of investment from the Scottish Seed Fund
- £10.5m of investment from the Scottish Co-Investment Fund
- £8m of investment from the Scottish Venture Fund
- £5.8m of follow on investment into existing portfolio companies through the Scottish Portfolio Fund
- £32.4m invested in renewable energy projects through the Renewable Energy Investment Fund
- Over 400 companies helped to prepare for investment
Scottish Enterprise also invested an additional £6.2m, alongside other investors, into the Scottish Loan Fund, managed by Maven Capital Partners, which lent to twelve established SMEs with ambitious growth plans.
Commenting on the results, Kerry Sharp, Head of the Scottish Investment Bank, said: “Scotland is bursting with dynamic businesses with big growth ambitions and in the last year, we have worked with a range of companies at different stages of their development, from start ups such as Big Data for Humans through to expanding companies going global, such as Clyde Bioscience.
“We have continued to invest into Scotland’s growth sectors, including life and chemical sciences, energy, technology and advanced engineering, creative industries and food and drink. We’ve also welcomed nine new investment partners, including seven from outside Scotland, and this is as a very positive endorsement of our ambitious Scottish company base.
“We now have a portfolio of 275 growing companies, employing over 3500 people generating real economic impact for Scotland.”
Deputy First Minister John Swinney said: “These welcome figures highlight a strong performance by the Scottish Investment Bank and private sector investment partners. This report shows companies receiving investment are creating quality jobs and driving significant economic growth in Scotland in world renowned technology fields, like life sciences, enabling technology and renewables. High growth companies with global market ambitions are key to support and accelerate economic growth and unlock Scotland’s long-term potential.”
Scottish Enterprise recently announced that the SIB investment funds will be enhanced, to benefit both Scottish companies and investors through increased flexibility. The changes will see the four existing co-investment funds streamlined into two: the Scottish Co-Investment Fund (SCF) and the Scottish Venture Fund (SVF). For more information, visit our press centre.
Click here to find out more about our annual review and some of the companies which have benefited from SIB investment.
About: Scottish Investment Bank (SIB) is the investment arm of Scotland’s main economic development agency, Scottish Enterprise, operating Scotland-wide in partnership with Highlands and Islands Enterprise. It manages a suite of co- investment funds including the Scottish Co-investment Fund and the Scottish Venture Fund, which are partly funded by the European Regional Development Fund (ERDF). SIB also manages the Renewable Energy Investment Fund and the Scottish Recycling Fund. SIB is the cornerstone investor in the privately-managed Scottish Loan Fund, managed by Maven Capital Partners and an investor in Epidarex Capital’s life sciences fund. Our investment funds support Scotland’s SME funding market to ensure businesses with growth and export potential have adequate access to growth capital. We also provide a team of financial readiness specialists to help companies prepare for new investment and access appropriate finance.
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