According to the Scottish National Investment Bank (SNIB), the Scottish government-owned bank’s first full year of operation has seen significant progress.
According to the lender, the bank’s team has been recruited significantly, many of its operational systems have been put in place and, since launch, £194.4 million of investment has been committed in 14 investments aligned with the mission in projects and businesses across Scotland. .
Sarah Roughead, Acting Chief Executive, said: “I am immensely proud of what the Bank has accomplished over the past 12 months. The Bank has invested in a diversified and extensive way in the Scottish economy across all three of the Bank’s missions: achieving a just transition to net zero; extending equality of opportunity by improving places and harnessing innovation to enable Scottish people to thrive.
“Significant progress has been made in investing in innovative and scalable companies. The Bank has provided direct investments ranging from £1m to £30m and has co-invested alongside a number of private sector investors, raising additional capital. The Bank’s investments are part of investment rounds totaling £493.2 million, demonstrating the scale of the investments the bank is helping to deliver.
“The Bank has recruited a strong team in the context of Covid-19 and is well placed to anchor the solid foundations it has built and to achieve its strategic objectives and other investments aligned with its mission.”
The bank’s ability to provide strategic, long-term growth capital can help Scottish businesses expand and generate further growth in the Scottish economy.
The Scottish Government‘s recently published National Economic Transformation Strategy has highlighted the importance of developing the Scottish entrepreneurial ecosystem and the Bank’s investments to date have demonstrated its ability to contribute to this development, as well as aligning its mission on the ambition of the strategy for a more productive and innovative Scotland. .
Tourism technology company Travelnest is the latest company to receive backing from the Bank, receiving an initial investment of £3m, supporting the Bank’s mission to invest in innovation and the industries of the future.
The growth capital, alongside new funds from existing investors, will allow the Edinburgh-based company to target new markets and increase its service offering.
Travelnest enables vacation home owners to reach a wider audience by bringing together multiple consumer booking channels in one place.
According to SNIB, its investment will support the creation of high-value jobs in Scotland‘s tech ecosystem, strengthening Scotland as an innovative hub for the next generation of entrepreneurs.
The bank-wide support will also help the company leverage the post-pandemic recovery in international travel and tourism.
Mark Munro, Executive Director, Sustainable Investment, added: “The Bank is delighted to provide growth capital to an Edinburgh-based technology company. Travelnest is an exciting travel technology company with significant potential to expand globally.
“The investment confirms Edinburgh and Scotland as one of the UK’s fastest growing tech hubs and an incubator for tech companies, aligning with the Bank’s mission of innovation and Supporting the key elements of the Scottish Technology and Ecosystem Review and the National Strategy for Economic Transformation Initiatives Supporting technology enterprise focused on entrepreneurship and the creation of skilled jobs.