The surest route to success is to play to one’s strengths, and as illustrated by today’s fundraising news from Bioliberty, medical technology is among Scotland’s strongest suits.
Set up in 2020, the Edinburgh-based company has secured £2.2 million in backing to complete development of a soft robotic glove that can restore limb mobility in those who have suffered a stroke. Bioliberty is targeting 2024 for the launch of its Lifeglov into the US market, where there are more than 800,000 strokes every year that leave nine out of 10 people with upper limb weakness.
The deal is the latest to be announced on the back of last year’s record-breaking flow of venture capital money into Scotland, according to figures from accountancy group KPMG.
READ MORE: Glasgow venture capital fund for Scottish firms launched
Scotland bucked the international trend in 2022 with £705m invested in scale-up companies, an increase of 12 per cent on the previous all-time high in 2021. That compared to an overall 30% decline in the volume of deals across the UK.
As many countries around the world are struggling with rampant inflation that is expected to continue hampering economic growth, investors are increasingly turning away from sectors that rely on consumer spending in favour of those where technology is addressing macro concerns. This bodes well for Scotland’s up-and-coming crop of firms focused on environmental and health solutions.
The upward investment trend appears to have continued into the current year as law firm Anderson Strathern today reported a “record breaking” quarter for investment deals between January and March.
The firm’s corporate team in Scotland – which advises private equity funds, angel syndicates, high net-worth individuals, and the investment arms of large organisations – said its clients invested nearly 59% more in the first quarter of 2023 when compared to the same period a year earlier. Among these deals was a £1.35m funding round led by Par Equity into Glasgow-based green energy company Helix Power.
Partner Euan Tripp said Anderson Strathern has also noted increased interest in Scottish companies from south of the Border. This chimes with the news earlier this year that Midlands-based asset manager Mercia is keen to up its presence in the Scottish market, having already invested nearly £30m to date into several of the country’s digital, software and medical technology enterprises.
“We don’t physically have a Scottish office – we basically operate [in Scotland] from our Newcastle office and in the fullness of time that is something for us to consider,” Mercia chief executive Mark Payton told The Herald. “We are looking at growing our position there.”
Popular cafe-bar in Scottish city tourist hotspot up for sale at over £1.5m
A café-bar close to the Royal Mile in Edinburgh has been put up for sale or the first time in 32 years at offers over £1.5m. Property agent Christie & Co has been instructed to sell Saint Giles’ Café Bar.
Self-driving buses to enter service next month
Full-size, self-driving buses will begin public services next month in what is believed to be a world first. Stagecoach announced the ground-breaking scheme over Scotland’s Forth Road Bridge will launch on May 15.
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