Venture capital syndicate Kelvin Capital hails record H1 investment milestone

Glasgow-based venture capital syndicate Kelvin Capital says it has closed the first half of 2023 having concluded record investment totalling a record £7.8 million, marking a year-on-year increase of more than a fifth.

From left: John McNicol, Angus Hay, Susie Fisher, and Stuart McKee. Picture: contributed.

The organisation said that the period saw funding rounds, with co-investment from Scottish Enterprise, completed for five of its portfolio companies – WellFish Diagnostics, KultraLab, Dyneval, Peacock Technology, and FreeaFlow Technologies. Kelvin Capital said the five companies (whose offerings encompass a behavioural science and artificial intelligence coaching platform, aquaculture, farming and diary-focused agritech, and designing and manufacturing compact eBike drive systems) have, since their inception, created 70 high-quality, full-time jobs.

In addition, the first two months of the second half of the year have seen a further £1.8m secured for three more of the syndicate’s portfolio companies, namely Innovatium, Sofant Technologies, and Biotangents.

Kelvin Capital was founded and is managed by John McNicol, Angus Hay, and Susie Fisher, and is chaired by former PwC executive Stuart McKee. It says it has more than 340 UK and international angel investors, a portfolio of 20 investee companies, and has secured investments of more than £106m to date from its syndicate members and external co-investors.

McKee said: “The quality of Scottish-based businesses working in disruptive or pioneering technology continues to increase, and we are thrilled to be backing them at the forefront of their global ambitions and journeys. Our investment activity continues to grow with the first half of 2023 raising the most for our portfolio businesses to date. Notably, the latest funding round concluded for WellFish Diagnostics, a business we have backed since early 2022, was oversubscribed and closed with new private equity investment coming from international investors based in London and Norway.”

Kelvin Capital director McNicol said: “As well as providing funding to exciting early-stage businesses in the enabling technologies, agritech, and design and manufacturing sectors, we also provide valuable industry expertise to companies’ boards from individuals from our membership and vast network with high-level knowledge of the sectors to support and drive the companies’ growth ambitions.

“It is also notable that our portfolio of businesses is maturing from early-stage companies into established and recognised international operators in their sectors. This can be illustrated by the impressive deals and agreements that are being secured across the world.”