Scottish Loan Fund invest £3.5m in Fife based Paywizard
The Scottish Loan fund has invested £3.5m in Fife based software developer, Paywizard.
Paywizard, which has a customer base including BT Sport, NBC Universal, Setanta Sports and NHK Cosmomedia Europe, plans to use the funding to capitalise on growing pay TV and video-on-demand markets by rolling out its software and services internationally.
Deputy First Minister, John Swinney, said: “The Scottish Government welcomes the announcement that the Scottish Loan Fund has invested £3.5 million in Paywizard, an innovative and growing software developer. This investment will help the company to expand and ensure job security for employees. This is very positive news for Fife after recent job losses. We remain committed to supporting economic growth and job creation in central Fife and continue to work as a part of the Fife Taskforce to establish how we can continue to attract investment and support the area.”
Adrian Gillespie, Managing Director, Scottish Enterprise and member of the Fife Jobs Taskforce, said: “We are delighted that Paywizard have now announced their international expansion plans. Scottish Enterprise has been working with Paywizard to secure their new funding package which will allow the business to expand globally. This is a fantastic boost for the Fife area and complements the work of the Fife Jobs Taskforce in attracting additional investment to the region.”
Michelle Kinnaird, Investment Director at Scottish Investment Bank, added; “Paywizard is a great example of an ambitious local company with global potential. It is exciting to see through the support of the Scottish Loan Fund secured on Friday that they are able to continue to expand their international reach into emerging markets in Africa and South America”
The Scottish Investment Bank (SIB), the investment arm of Scottish Enterprise, is the cornerstone investor in the Scottish Loan Fund which is run by Glasgow-based private equity firm Maven Capital Partners.