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Investment Fund for Scotland surpasses £10 million investment milestone in its first year

Press release 22 November 2024

Edinburgh biotechnology specialist Ingenza among the latest to secure funding for expansion.

Photo of British Business Bank, Maven, The FSE Group and DSL members of staff outside in Glasgow holding an Investment Fund for Scotland logo printed on a big sign

The British Business Bank’s Investment Fund for Scotland has committed over £10 million of funding to smaller businesses in Scotland during its first 12 months, supporting firms across a range of sectors and specialisms to thrive and grow.

A total of 26 businesses have received support through the fund to date, involving a mix of both debt and equity funding deals to enterprises across the country. Launched in autumn 2023, the Investment Fund for Scotland aims to improve access to finance and boost the Scottish economy, with loans from £25,000 to £2 million and equity investment up to £5 million available to help small and medium sized businesses to start up, scale up or stay ahead.

Dental biotechnology firm Calcivis, luxury skincare treatments provider The Aesthetics Club, and dog-friendly Stockbridge café Sip & Bark are just some of the businesses that have been supported by the fund over the past year.

Three dedicated fund managers – DSL Business Finance, The FSE Group and Maven Capital Partners – were appointed to manage separate parts of the £150 million fund.

Scotland has a thriving small business community, and it is fantastic to see the impact that our fund has made for so many businesses in just 12 months. Reaching £10 million of equity and loan funding is a significant milestone, and it has helped to unlock significant opportunities for business owners, from expanding teams and developing additional products to securing new premises.

The fund was established to improve access to finance and support growing businesses with investment strategies that best meet their needs, regardless of who they are or where they are based. So far, we have supported firms in technology, life sciences, professional services, hospitality, and more, but this is only the tip of the iceberg. The £150 million fund has the potential to unlock even more opportunities for the businesses underpinning local jobs and economies all over Scotland, and we look forward to building on this promising start.

Mark Sterritt Director, Nations and Regions Funds, British Business Bank

The anniversary comes as Edinburgh-based Ingenza Ltd, a leading biotech research business, has secured funding to double its capacity and create up to 20 new jobs.

Delivered via The FSE Group, the £2 million loan will support the fit-out of new commercial premises, enabling Ingenza to double its office and lab space and meet the growing demand in the pharmaceutical research and development market.

Ingenza engineers biological systems for a diverse range of applications, including therapeutics, enzymes, and consumer products, addressing challenges in human health and the global environment.

This investment enables a crucial step forward for Ingenza. The pharmaceutical R&D market is growing rapidly, and we are well-positioned to capitalise on this growth. By doubling our capacity, we can enhance our offerings, especially in the area of 'First In Human' drug development testing. Ian Shott Chairman, Ingenza
There has been growing momentum around life sciences in Scotland for some time, and it is great to support a key player such as Ingenza with funding to implement its growth strategy. Innovation is one of the priority areas of the fund, and Ingenza is a welcome addition to the portfolio of high-growth businesses that we are already working with, all at the forefront of cutting-edge science and technology. Mark Sterritt Director, Nations and Regions Funds, British Business Bank

Further Information

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Notes to editors

About the Investment Fund for Scotland

Operated by the British Business Bank, the Investment Fund for Scotland (IFS) provides a mix of debt and equity funding. IFS will offer a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the various support and funding organisations from Scottish government as well as local intermediaries such as accountants, fund managers and banks, to support Scotland’s smaller businesses at all stages of their development.

The funds in which the IFS invests are open to businesses with material operations, or planning to open material operations, in all areas of Scotland including but not limited to Northeastern Scotland, Highlands and Islands, Eastern Scotland, West Central Scotland and Southern Scotland.

Supported by Nations and Regions Investments Limited, a subsidiary of British Business Bank plc, the Bank is a development bank wholly owned by HM Government. Neither Nations and Regions Investments Limited nor British Business Bank plc are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).

Learn more about the Investment Fund for Scotland.

About Ingenza Limited

Ingenza Limited is a biotech research business specialising in engineering biological systems for therapeutics, enzymes, and consumer products. With a strong team and patented technology, Ingenza is dedicated to delivering innovative solutions to both public and private sector clients.

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