New figures from KPMG have revealed Scottish businesses remain attractive to private equity investors with 23 firms sharing funding worth over £85 million in the second quarter of 2024.

The latest KPMG Private Enterprise Venture Pulse report has showed that companies across Scotland – including Edinburgh, Stirling, Dundee and Glasgow – attracted £85.3 million in the quarter.

This means that, in the first half of the year, 42 firms have shared £184 million in the form of venture capital (VC) investment.

Standout deals completed during the second three months of the year include £13 million for Edinburgh-based Prothea Technologies, £8.8 million for Stirling-based iGii, and £10 million for Dundee firm Outrun TX.

Amy Burnett, KPMG Private Enterprise Senior Manager in Scotland, said: “We’re seeing continued investment in firms across Scotland, and I hope that we continue to see investment of a similar or larger size for the remainder of 2024.

“Whilst we are not experiencing a big uptick in VC money deployed, I remain hopeful for a calmer second half to the year now we have a new UK government in place. I’m pleased to see continued investment in exciting technologies in Scotland, that are solving real world problems, and I look forward to watching these business grow.”

Graeme Williams, Head of Corporate Finance M&A for Scotland, KPMG UK, said: “Scotland’s figures continue to be strong in the second quarter and with more stable market conditions, and hopefully investment levels continue to grow during the final two quarters of the year.”