Kelvin Capital, the Glasgow-based investment syndicate, has closed the first half of 2023 having concluded record investment totalling £7.8 million into its portfolio of Scottish technology companies.

The first six months of the year saw funding rounds, with co-investment from Scottish Enterprise, completed for five of its portfolio companies: the agritechs Dyneval, WellFish Diagnostics, and Peacock Technology, as well as behavioural science and technology firm KultraLab and eBike motor designer and manufacturer FreeFlow Technologies.

In the same period last year, £6.4m was invested into its roster of businesses, marking H1 2023’s number of £7.8m as an increase of 22%.

Additionally, the first two months of H2 2023 has seen a further £1.8m secured for three more portfolio companies: Innovatium, a technology firm focusing on renewable energy, Sofant Technologies, the mobile satellite communications tech company, and Biotangents, the veterinary diagnostic devices business.

Kelvin Capital itself is founded and managed by industry experts John McNicol, Angus Hay, and Susie Fisher, and is chaired by Stuart McKee, the former global head of corporate finance at PwC.

It boasts over 340 UK and international angel investors, a diverse portfolio of 20 investee companies, and has secured investments of over £106 million from its syndicate members and external co-investors.

On the record H1, McKee said: “The quality of Scottish-based businesses working in disruptive or pioneering technology continues to increase and we are thrilled to be backing them at the forefront of their global ambitions and journeys.

“Our investment activity continues to grow with the first half of 2023 raising the most for our portfolio businesses to date. Notably, the latest funding round concluded for WellFish Diagnostics, a business we have backed since early 2022, was oversubscribed and closed with new private equity investment coming from international investors based in London and Norway.”

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McNicol, director of Kelvin Capital, added further: “As well as providing funding to exciting early-stage businesses in the Enabling Technologies, AgriTech, and Design & Manufacturing sectors, we also provide valuable industry expertise to companies’ boards from individuals from our membership and vast network with high level knowledge of the sectors to support and drive the companies’ growth ambitions.

“It is also notable that our portfolio of businesses is maturing from early stage companies into established and recognised international operators in their sectors. This can be illustrated by the impressive deals and agreements that are being secured across the world.”

Since their inception, the five companies that received funding in H1 2023 have created 70 new high-quality, full-time jobs, with KultraLab specifically employing six people in its new engineering team in Edinburgh, and with plans to recruit for a further six roles upon securing additional funding.

Meanwhile, Dyneval, also in Edinburgh, has seen its team grow to 20 in just 18 months.