Startup tech companies participating in the Scottish Government’s Techscaler business accelerator programme have raised more than £118 million of capital investment in the past two years.

It comes from both private and public sources and is supporting businesses in sectors such as medical technology, artificial intelligence and space.

Deputy first minister Kate Forbes described Scotland as one of the best places in the world to launch a start-up tech company during a speech marking the publication of Techscaler’s Annual Report.

It also reveals that the number of companies involved in the programme almost doubled last year from 502 to 978, while the number of individual entrepreneurs more than doubled from 610 to 1,411. They were able to access benefits including mentoring, training and introductions to potential investors and customers.

Further activity included two international pop-up hubs in Singapore and San Francisco to help companies penetrate global markets.

Konversable, a Glasgow AI chatbot and messaging technology company which helps companies convert enquiries into sales, was introduced to potential investors and customers at Techscaler’s Singapore pop-up in October. The company secured £300,000 investment over the year.

Rethink Carbon, led by co-founders Mark Caulfield and Dr Zoë Russell and based in Aviemore , is rethinking the way land is managed across the UK.. Caulfield participated in the Silicon Valley programme in 2024 and Russell has just completed the Techscaler Funding Accelerator programme.

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“The Techscaler programme – which I am deeply proud to have launched just two years ago – is contributing to Scotland’s reputation as one of the best places in the world to launch a tech start-up,” deputy first minister and economy secretary Kate Forbes said

“While this is a relatively young programme, what this report makes clear is that it is delivering results and helping entrepreneurs to unleash their ability to innovate, spearheading Scotland’s presence in expanding new markets.

CEO and co-founder of CodeBase, which runs the Techscaler programme, Stephen Coleman said: “We’re proud of our collective achievements over the first two years of Techscaler, delivering strong support for our ambitious founders and startups both here in Scotland and increasingly as they target global markets, building on our position as a catalyst driving innovation, partnerships, and collaboration across the Scottish tech ecosystem.”