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- The Summary: week ending 19 January 2024
The Summary: week ending 19 January 2024
Mike Watson
January 19, 2024
It’s early Friday afternoon and time for your favourite summary of this week’s best Scottish business news stories.
Let’s go…..
Games developer Build A Rocket Boy secures £86.6 million
Build A Rocket Boy, a game developer based in Edinburgh, secured over £86.6 million in a Series D funding round led by RedBird Capital Partners. This investment supports the development of the company's flagship products, including the open-world platform EVERYWHERE, game series MindsEye, and design tool suite ARCADIA. Julia Wittlin from RedBird Capital will join the company's board of directors. The round also featured contributions from Galaxy Interactive and NetEase Games.
Key Individuals:
Leslie Benzies, founder and Chair, Build A Rocket Boy
Julia Wittlin, RedBird Capital Partners.
Intelligent Growth Solutions secures £22.5 million funding
Intelligent Growth Solutions (IGS), a vertical farming company, has secured £22.5 million in Series C funding. This funding will support its global expansion, following its announcement at COP28 to build a 'GigaFarm' in the UAE. The fundraising was led by existing investors, including COFRA Holding, DC Thomson, and S2G Ventures. Andrew Lloyd, former deputy CEO, has been appointed as the new chief executive, and Sonya Hotson joins as CFO.
Key Individuals:
Andrew Lloyd, Chief Executive, IGS.
Sonya Hotson, Chief Financial Officer, IGS.
Whisky discovery app, Bevvy secures £1.2m seed funding
Whisky discovery app, Bevvy has raised £1.2 million in seed funding, primarily from Scottish angel investors and a Denver-based family office. The funds will be used use to expand Bevvy's market share and enter new territories, including the U.S. in 2024.
Key Individuals:
Laurie Black, Co-Founder and Head of Whiskey, Bevvy.
Lucas Heron, Co-Founder, Bevvy.
Atanas Tonchev, Co-Founder, Bevvy.
Greg Gormley, Finance Director, Bevvy.
Xergy opens two new offices to allows for expansion
Technology firm, Xergy, has opened new offices in Broughty Ferry and Perth, Australia, to meet growing demand for its project management software, Proteus. This expansion will create 10 new jobs, increasing the company's workforce to 34.
Key Individual:
Colin Manson, Co-Founder, Xergy.
Edinburgh Airport bought in $12.5 billion deal
Edinburgh Airport has been acquired by BlackRock, the world's largest asset manager, as part of a £9.43 billion deal. This acquisition includes both Edinburgh and Gatwick airports, previously owned by Global Infrastructure Partners (GIP). Adebayo Ogunlesi, GIP's chairman and CEO, will join BlackRock's board.
New Scottish Enterprise strategy could transform Scotland’s economy
Scottish Enterprise is refocusing its strategy to unlock thousands of new jobs and drive economic growth in Scotland. This change aims to address challenges in business innovation, capital investment, and international activity. The agency has set three new missions: developing an energy transition, scaling innovation and entrepreneurship, and increasing productivity through capital investment. The strategy, endorsed by First Minister Humza Yousaf, will focus on high-growth sectors like renewable energy and fintech, aiming to create over 60,000 jobs and generate £14 billion in additional turnover by 2030.
Key Individual:
Adrian Gillespie, Chief Executive, Scottish Enterprise.
New £2m distillery planning application made
A £2 million off-grid rum distillery is proposed for the River Clyde in South Lanarkshire by Neil Pringle. The project aims to blend traditional methods with modern technology, cutting energy consumption by 80%. It will include a visitor center, cafe, and plans to produce 60,000 liters of alcohol annually, including rum, vodka, and whisky. The initiative is expected to create 33 full-time jobs.
IT firm opens new Edinburgh office
Abacus Group, an investment firm managed service provider, has opened a new office in central Edinburgh following its revenue growth of 15% last year and 21% in 2022. The new site, accommodating 15 employees, is part of Abacus's expansion and recruitment plan in Edinburgh, aiming to fill additional roles and increase headcount by 10% to 20% this year.
Key Individual:
Tom Cole, Managing Director for UK and Europe, Abacus Group.
Whisky responsible for £7.1 billion economy boost
The Scotch Whisky industry contributed £7.1 billion to the UK economy in 2022, according to a report by the Scotch Whisky Association (SWA). The industry supports 66,000 jobs, 41,000 of which are in Scotland.
Key Individual:
Mark Kent, Chief Executive, Scotch Whisky Association.
£26 million investment for Trojan Energy
Aberdeenshire-based electric vehicle charging company Trojan Energy has secured a £26 million investment to expand its operations. The funding includes £8 million from BGF and an £18 million follow-on investment from the Scottish National Investment Bank. Founded in 2016, Trojan Energy specialises in on-street electric vehicle charging with a patented technology that integrates chargers seamlessly into the pavement.
Key Individuals:
Ian Mackenzie, Chief Executive, Trojan Energy.
Keith Barclay, Investor, BGF.
Nicola Douglas, Executive Director, Scottish National Investment Bank.
Insurance Broker opens new Glasgow office
Ayr-based MacKay Corporate Insurance Brokers, has expanded its operations with a new office in Glasgow.
Key Individual:
David MacKay, Managing Director, MacKay Corporate Insurance Brokers.
Scottish Edge round 23 opens on 7th Feb 2024
Scottish EDGE is Scotland’s biggest business funding competition offering grants and loans from £10k to £100k to help grow your startup, social enterprise or charity.
Bridge of Weir Leather opens new Warwick design studio
Bridge of Weir Leather has opened a new Advanced Design Studio in Warwick, establishing a design 'skunk works' in the heart of the UK automotive industry. This move aims to accelerate the development of leather as an automotive interior material. The studio allows closer engagement with automotive customers like Jaguar Land Rover and Aston Martin.
Key Individual:
James Muirhead, Sales Director, Bridge of Weir Leather.
Author, Alexander McCall Smith, has invested in Stewart Christie & Co, Scotland's oldest bespoke tailoring business. This Edinburgh-based company, with a history of dressing royalty and Hollywood stars, has welcomed McCall Smith alongside existing investors like Managing Director Daniel Fearn and Creative Director Vixy Rae.
Key Individuals:
Alexander McCall Smith, Investor.
Daniel Fearn, Managing Director, Stewart Christie & Co.
Prof James McCallum, Chairman, Stewart Christie & Co.
Craneware sees growth in US healthcare market
Scottish tech company, Craneware which specialises in billing software for the US healthcare market, reported an 8% growth in revenue to about $91 million for the six months ending in December. The firm also saw an 8% increase in adjusted EBITDA to roughly $27.5 million.
Key individuals
Keith Neilson, CEO, Craneware
Aurora Energy receives £20 million SNIB backing
The Scottish National Investment Bank has invested £20 million in Aurora Energy Services. This Inverness and Aberdeen-based company plans to use the funds to expand its network of training hubs for Scotland's renewables sector. The investment also supports Aurora's development of a globally recognized apprenticeship scheme.
Key Individuals:
Douglas Duguid, Chief Executive, Aurora Energy Services.
Jimmy Williamson, Executive Director, Scottish National Investment Bank.
AAB unveils first US acquisition
Aberdeen-based accountancy and business services group AAB has unveiled its first U.S. acquisition. AAB acquired Dominion Systems Inc., its U.S. payroll partner, in March 2023. The acquisition includes sophisticated U.S. payroll software and an experienced team, now trading as AAB Payroll Inc.
Key Individuals:
Chris Andree, President, AAB Payroll Inc.
Richard Attisha, from TAG Alliances.
£7.5m regulatory innovation funding available
InnoScot Health is urging Scottish innovation and science collaborators to apply for a share of £7.5 million in grant funding from Innovate UK. The funds are available for organisations looking to develop new tools, data sets, and approaches that enhance regulatory decision-making in the health and life sciences sector.
Key Individuals:
Elaine Gemmell, Head of Regulatory Affairs at InnoScot Health
Luxury fashion brand adds Pampas to portfolio
Luxury boutique Oliami in Auchterarder has acquired Pampas, a women's fashion store in Glasgow's west end. Pampas, a key player in Glasgow's fashion scene since 1990, will now operate as 'Pampas by Oliami'.
Key Individuals:
Nadia Alexander, Founder, Oliami.
Flowcopter lands £950,000 Scottish Enterprise funding
Flowcopter, a drone technology manufacturer, received nearly £1 million from Scottish Enterprise to develop a new unmanned aircraft. This aircraft operates on less than 30% of the aviation fuel used by helicopters. The funding will aid Flowcopter in creating a drone capable of carrying up to 100kg, targeting industries like retail, renewables, and agriculture, as well as emergency rescue and humanitarian aid. This investment has led to the creation of at least seven new jobs at Flowcopter's Midlothian base.
Key Individuals:
Peter McCurry, MD Flowcopter
N4 Partners invests further in NeuroClin
N4 Partners has made a further significant investment in NeuroClin, a neurological research organisation. This investment enhances N4's stake in NeuroClin, which is becoming a prominent name in neurological research, focusing on conditions like Alzheimer's, Parkinson's, and depression. NeuroClin, backed by Foresight Group, Fullbrook Thorpe Investments, and N4, has undergone transformative changes, including appointing Jeff Thomis as chair and increasing its employee count to around 60.
Key Individuals
Allan Dowie, partner , N4 Partners
Jeff Thomis, Chair, NeuroClin
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New MD at Edinburgh Boiler company
Dougie Bell has been appointed as the new managing director of The Edinburgh Boiler Company, taking over from Mark Glasgow, who becomes the chair.
Glasgow, who founded the company in 2015, will now concentrate on company growth and the Energy Training Academy, which he established to upskill gas engineers and provide training for young people.
Key Individuals:
Dougie Bell, Managing Director, Edinburgh Boiler Company.
Mark Glasgow, Chair, Edinburgh Boiler Company.
New COO at OEG Energy
OEG Energy (OEG) has appointed David Carr as their new Chief Commercial Officer. Carr was previously Senior VP International at Helix Energy Solutions. His appointment is part of OEG's ambitious strategy to grow revenues to $1 billion in the next 5 years.
Key Individuals:
David Carr, Chief Commercial Officer, OEG.
John Heiton, Chief Executive Officer, OEG.
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