19 December 2017
SIB investment in Curo Compensation
The Scottish Investment Bank (SIB) has completed a follow-on investment of £300k into existing portfolio company Curo Compensation Ltd.
The Scottish Investment Bank (SIB) completed a follow-on investment of £300k into existing portfolio company Curo Compensation Ltd on 15th December 2017 alongside £300k from co-investment partner Downing LLP. The £1.88m funding round was led by new investor Maven Capital Partners who invested £1.2m and supplemented by a further £80k raised from London & Scottish Investment Partners.
Curo Compensation is a SaaS business providing software for calculation of employee compensation, optimum mix of salary and incentive payments and accurate communication with employees. This new funding will support ongoing working capital requirements and the hiring of additional headcount. This will support and accelerate the continued development and commercialisation of the company’s CuroCompV4, in turn taking the company to forecast profitability in 2020.
About the Scottish Investment Bank
The 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), and the Renewable Energy Investment Fund on behalf of the Scottish Government. SIB is also an investor in Epidarex Capital’s life sciences fund and is a participant in the Scottish European Growth Co-Investment Programme funded by the Scottish Growth Scheme alongside the European Investment Fund. SIB provides a team of Financial Readinessspecialists to help companies prepare for new investment and access appropriate finance. SIB’s activities support Scotland’s SME funding market to ensure businesses with growth and export potential have adequate access to growth capital.
Follow us on Twitter at http://twitter.com/scotent
Follow us on Facebook at http://www.facebook.com/scottishenterprise