April 5, 2020 Archangels

Holyrood Must Keep the Most Promising Scots Tech Firms Afloat

David Ovens, Joint Managing Director of Archangels | Graeme Hunter Pictures

Holyrood urged to fill funding gap for early-stage tech firms with bespoke loans

The Scottish government has been urged to do more to protect Scotland’s early- stage tech industry amid increasing concerns the sector is falling between the cracks of government support schemes.

David Ovens, Managing Director of Archangels, Scotland’s largest business angel investment syndicate, said Holyrood needed to create bespoke loans and grants for the tech sector to ensure innovative early-stage firms survived the current crisis. He added that it should be “a real focus for Scottish Enterprise [Scotland’s business agency] at this time”.

A recent report by Skills Development Scotland revealed the technology sector generates almost £5bn to Scottish GDP and supports about 100,000 jobs.

The sector, the second-fastest-growing industry in Scotland after childcare services, attracted £200m worth of venture capital (VC) funding last year…

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The Sunday Times | 05-Apr-2020 | Michael Glackin

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