The latest figures suggest Scottish businesses remain attractive to investors, as 23 firms shared funding worth over £85 million in the second quarter of 2024.

This was revealed in the latest KPMG Private Enterprise Venture Pulse report which showed that companies across the region – including in Edinburgh, Striling, Dundee, and Glasgow – enjoyed a boost totalling £85.3 million in the past three months.

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

Standout deals completed during the second quarter include £8.8 million for iGii, based in Stirling, £13 million for Edinburgh-based Prothea Technologies, and £10 million for Dundee outfit Outrun TX, with the last two figures according to KPMG.

“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,” Amy Brunett, KPMG private enterprise senior manager in Scotland, said.

“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.”

Elsewhere in the UK, the survey showed the first signs of recovery in Q2 2024, with the amount raised more than doubling the amount raised in Q1 2024.

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After a quiet opening to the year, which saw just £3 billion in VC funding raised by UK businesses – the lowest amount seen in 22 quarters – activity picked up dramatically in Q2 2023 as investor sentiment started to become more positive, according to the data supplied by Pitchbook.

“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,” Graeme Williams, head of corporate finance M&A for Scotland at KPMG UK, said.

The success follows a confidence boost among the Scottish financial sector following the last general election, which saw business leaders were more positive about growth prospects this coming year.

May also saw the highest pace of growth in two years in Scotland’s private sector, with overall high overall business confidence, though Scotland lagged slightly behind other UK regions in terms of positivity.