Private equity firm Puma leaps into Edinburgh with pledge to boost scale-up economy

“For too long Scottish businesses have struggled to raise funds within their own market, often having to go much further to receive the backing they need to grow” – Ben Leslie, Puma

A private equity firm that led on one of the largest deals of its kind this year in Scotland is setting up an Edinburgh base as it commits to growing the nation’s “scale-up economy”.

Puma Private Equity said its team in the capital will be led by investment director Ben Leslie, who has relocated back to Scotland after spending six years helping to grow the Puma business in London.

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The firm, which has also unveiled a rebrand to Puma Growth Partners, noted that Scotland was “fast becoming a hub for innovation and technology”. It pointed to figures showing that in the last five years, Edinburgh alone has attracted more than $1 billion (£750 million) of investment while the number of new technology companies in Scotland jumped by more than a fifth last year.

Puma Private Equity said its team in Scotland will be led by investment director Ben Leslie. Picture: Igor EmmerichPuma Private Equity said its team in Scotland will be led by investment director Ben Leslie. Picture: Igor Emmerich
Puma Private Equity said its team in Scotland will be led by investment director Ben Leslie. Picture: Igor Emmerich

Having led Edinburgh-based fintech Aveni’s £11m Series A funding round, one of the largest into a Scottish business this year, the expansion is said to mark Puma’s commitment to the scale-up economy north of the Border. The investment team, based at new offices on Queen Street in Edinburgh, will be focused on backing management teams across Scotland who have a “clear vision for building successful, expertly run businesses”. In particular, the firm sees “significant opportunity” across the Central Belt in sectors such as fintech, artificial intelligence and energy transition.

Leslie said: “For too long Scottish businesses have struggled to raise funds within their own market, often having to go much further to receive the backing they need to grow. At Puma, we are committed to supporting scale-up businesses in Scotland and we’ve been really encouraged by the potential investment opportunities we’ve seen to date.

“There’s a strong ecosystem of active early-stage investors in the Scottish market and having led Aveni’s £11m Series A round earlier this year, we’re excited to see what’s next as we build relationships with growing businesses across the region.”

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The rebrand has been undertaken to better reflect the team’s commitment to partnering with the scale-up companies that the firm has backed across the UK and supporting them with “all aspects of their growth journey”.

Rupert West, managing director, Puma Growth Partners, said: “As we expand our offering across the UK, having opened our new office in Manchester last year and now launching into Scotland, we have been reflecting on the breadth of our support for the scale-up companies we back.

“We are rebranding to Puma Growth Partners to encompass the ultra-active support and close relationship we offer our portfolio companies through every stage of their growth journey. Our investment team brings a wealth of commercial experience and works in partnership with our management teams to support them in all aspects of growing their businesses.”

Last month’s KPMG Venture Pulse report pointed to a quiet opening to the year for venture capital funding across the UK. Despite that, some £85m in venture capital was pumped into Scottish firms “solving real world problems” in the second quarter of 2024, according to the latest snapshot.

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