SIB Makes Record Investments
The Scottish Investment Bank has boosted businesses up and down the country.
The Scottish Investment Bank, the investment divishighion of Scottish Enterprise, has announced in a new report that it raised record-levels of funding for Scotland’s firms in the last year. According to the SIB’s Annual Review 2016/2017, the organisation contributed £63.5 million to 146 of Scotland’s firms nationwide in the past twelve months alone.
This is an increase of 21% over the £52.4 million that the SIB invested in 133 Scottish companies in the same period between 2015 and 2016, according to the same report issued last year.
Some other highlights of the SIB’s activity over the past twelve months include:
- Leveraging £106 million of private sector investment for private companies
- Boosting 5 companies with huge investments of £2.8 million, achieved through the Scottish Loan Fund
- Helping secure total sales of over £250 million from SIB investee companies
- Securing £46 million of international investment for Scottish firms, who then achieved international sales of over £220 million
- Generating £22.6 million of income for the SIB, slated to be re-invested in future companies, alongside supporting 3 successful trade exits
- Supporting 8 clean energy projects through the Renewable Energy Investment Fund
Kerry Sharp, Director of the Scottish Investment Bank, attributed the record year to various support mechanisms that the organisation instituted for participants for the first time. She notes that exit readiness events, ‘Non-Executive Director’ programmes and increased accessibility to SIB’s digital content all have raised the profile of the SIB and its opportunities.
Sharp commented: “We recognise that supporting companies to grow and achieve economic benefits is about more than just finance. As part of Scottish Enterprise, the companies we support benefit from an approach that combines funding with services that support leadership development, innovation and the ambition to succeed internationally.”
“The spotlight last year was very much on Scotland with the continued success of Edinburgh headquartered travel specialist Skyscanner and its acquisition by Chinese online travel agent, Ctrip, in what was the largest UK acquisition of 2016. With examples like Skyscanner, Scotland is demonstrating that it has the supportive ecosystem and entrepreneurial ambition to create and grow globally competitive companies.
Sharp told the Scottish Business News Network: “Scotland’s continued ability to attract international investment is evidence of the quality of the investment opportunities in Scotland, and through our network of innovation and investment hubs, we’ll be looking to further expand our network of international investment partners.”