Start-ups raised £52m in capital under Government scheme

Start-ups on a Scottish Government-backed scheme raised more than £52 million in capital last year.

In its first annual report, Techscaler said it worked with 517 companies last year, helping them raise £52.1 million in funding.

The scheme – carried out in conjunction with technology incubator Codebase – offers a number of services to burgeoning companies, including mentorship from more established entrepreneurs and has opened 11 hubs, including one in San Francisco.

Wellbeing Economy Secretary Mairi McAllan met with the founders of Techscaler companies on Thursday.

“By empowering start-ups, we are creating a strong economy built on entrepreneurship, innovation, and sustainable growth,” she said.

“The Techscaler programme continues to be one of our most ambitious economic initiatives. Indeed, there is no other programme of its kind in Europe.

“Entrepreneurship is at the heart of our National Strategy for Economic Transformation.

“We are creating one of the finest state-funded entrepreneurial systems in the world dedicated to the creation of high-growth businesses, and the first annual report shows we are already seeing a return on our investment.

“Scotland has the potential to become a leading start-up nation and this Government’s clear aim is to unleash innovation and entrepreneurial talent from all walks of life and in all parts of the country.

“That Techscaler participants have raised a combined £301 million in lifetime capital so far shows the enormous economic potential of our start-up community, and we will continue to help them capitalise on this success.”

CodeBase chief executive Stephen Coleman said the aim of Techscaler is to “make Scotland the best place in the world for founders to launch and grow a tech start-up”, adding: “At CodeBase, we’ve been privileged to propel this groundbreaking ecosystem-building programme into existence for the Scottish Government. We can’t wait to build on this foundation in year two.”