A record 76 new funders backed Scottish companies with risk capital in 2025, up from 73 the year before, according to the latest Annual Newcomers Report from Young Company Finance Scotland.
Newcomer investors — those putting money into Scottish growth-capital rounds for the first time — took part in 43 of 138 tracked funding rounds during the year, or just over 31 per cent, up from 29 per cent in 2024.
The median deal size across all rounds rose from around £1 million to just over £1.6 million, although the median for rounds featuring a newcomer investor fell from £3.86 million to £3 million, suggesting new entrants are increasingly writing smaller cheques alongside established Scottish backers rather than leading larger rounds on their own.
The report cites the year’s largest raises to illustrate the depth of capital reaching Scottish companies: Fidra Energy secured £445 million in equity alongside £594 million in loan facilities, Trogenix raised £70 million, and Highland Broadband raised £50 million.
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Alison Grieve, editor of Young Company Finance Scotland, said the trend “shows that Scotland’s growth capital market continues to earn attention well beyond its borders.” She said the striking shift this year was “towards sovereign capability,” with investors “increasingly drawn to Scottish companies in sectors that speak to a broader strategic confidence in what Scotland has to offer.” With nearly a third of all rounds attracting a newcomer, she said, the market was “not just growing, but genuinely diversifying its base of support.”
The full report will be presented at the YCF Conference 2026 on 17 September at Surgeons’ Quarter, Edinburgh.
