Internet of Things partnership looks to plug funding gap for Scottish tech start-ups

Scotland’s Internet of Things (IoT) accelerator has sealed a partnership with a wealth management specialist to address an increasing funding gap for Scottish tech start-ups.

The Smart Things Accelerator Centre (STAC) said its tie-up with Murphy Wealth would ensure that experienced talent was in place to build an international IoT tech cluster in Scotland. Chief executive Paul Wilson said: “From the outset, STAC has been strongly supported by the Scottish investment community, but we have to recognise that the successful evolution of Scotland’s angel syndicates, who are now investing more frequently in scale-up companies than seeding startups, means there is void in access to capital for early stage companies. So, we are working to plug the gap.”

In partnership with Murphy, the accelerator will launch STAC Invest, an online platform showcasing Scotland’s high potential IoT and smart devices start-ups to local and international investors. Adrian Murphy, chief executive of Murphy Wealth, said: “Paul and the STAC team have made incredible progress in the 18 months since the accelerator was launched. In common with our own firm, we support entrepreneurs, albeit at a different stage of the entrepreneurial journey, and we share a strong belief in how transformational entrepreneurs and fast-growth tech companies can be to the wider economy.”

STAC will be accepting applications for its third cohort of companies from the start of March. Currently, the accelerator is supporting 23 companies with 70 employees from its base at Skypark in Glasgow, with a new 250-desk facility and fully equipped labs planned for the second quarter of this year.