# Scottish Enterprise: portfolio, investments and team

> Scottish Enterprise is a government based in United Kingdom. 255 investments on record, 37 in the last 12 months, latest Oct 2026.

Source: https://millionrounds.com/fund/scottish-enterprise (Millionrounds; every figure on the page links to its filing or article)

United Kingdom · [Investor](https://millionrounds.com/investors)

# Scottish Enterprise

Last cheque observed Oct 2026; 255 cheques on record.

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Deploying now Government

Pre-seed Seed Series A Enterprise

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Deploying now

**76%** of best year **37** **cheques in 12 months**, 255 on record

Since the last cheque **3** days **00** hrs **00** min **00** sec

Median round **$2.1M** Rounds led **0 of 255** Sole investor **68 rounds** Exits **3 from the portfolio** Mostly in **United Kingdom, 88%**

Pitch Scottish Enterprise

## Scottish Enterprise highlights

- 01 37 cheques in the last 12 months
- 02 Mostly Venture and Seed: 70% of its rounds
- 03 Sole investor in 68 rounds, median $1.5M
- 04 3 exits from the portfolio

## What they do

> Scotland's business advice, support and funding agency. From their own website

- **Type:** Government (from a list, unverified)
- **Cheque size:** Not stated
- **Stages:** Pre-seed Seed Series A Series B Growth
- **Sectors:** Enterprise
- **Based in:** Glasgow, United Kingdom
- **Cold pitches:** Accepted

## The record

Every round we can evidence, newest first **255 appearances**

- **2026** 26 rounds
- **Oct** **[GLORIAH](https://millionrounds.com/company/gloriah)** Seed · GB · Business Matters **$800K** With 4 others
- **Sept** **[iGii](https://millionrounds.com/company/igii)** Series B · GB · Archangels **$16M** With 4 others
- **Sept** **[CSignum](https://millionrounds.com/company/csignum)** Venture · GB **$3.5M** With 2 others
- **Sept** **[SolarSub](https://millionrounds.com/company/solarsub)** Seed · GB **$1.8M** With 4 others
- **Aug** **[Singular Photonics](https://millionrounds.com/company/singular-photonics)** Seed · GB **$2.2M** With 3 others
- **Jul** **[ZOEX](https://millionrounds.com/company/zoex)** GB · Equity Gap **$332K** With 2 others
- **Jul** **[Roslin Technologies](https://millionrounds.com/company/roslin-technologies)** Venture · GB **Undisclosed** With 3 others
- **Jul** **[QuickBlock](https://millionrounds.com/company/quickblock)** GB · Equity Gap **$1.3M** With 2 others
- **Jun** **[Aveni](https://millionrounds.com/company/aveni)** Series B · GB · Puma Growth Partners **$16M** With 6 others
- **Jun** **[Nebu-Flow](https://millionrounds.com/company/nebu-flow)** Grant · GB **$2.7M** With 2 others
- **May** **[Talking Medicines](https://millionrounds.com/company/talking-medicines)** GB **$364K** Sole investor
- **May** **[SymphoMe](https://millionrounds.com/company/symphome)** Grant · GB **$136K** Sole investor
- **Apr** **[Northern Light Microscopy](https://millionrounds.com/company/northern-light-microscopy)** Pre-seed · GB **$1.4M** Sole investor
- **Apr** **[EnteroBiotix](https://millionrounds.com/company/enterobiotix)** Venture · GB **$26M** Sole investor
- **Apr** **[Exergy3](https://millionrounds.com/company/exergy3)** Seed · GB · Firms' own news pages **$14M** With 6 others
- **Mar** **[Bioliberty](https://millionrounds.com/company/bioliberty)** Series A · GB · Archangels **$11M** With 8 others
- **Mar** **[Earth Blox](https://millionrounds.com/company/earth-blox)** Series A · GB · Archangels **$8.0M** With 3 others
- **Mar** **[BIOCAPTIVA](https://millionrounds.com/company/biocaptiva)** Seed · GB · Archangels **$2.1M** With 4 others
- **Mar** **[Swurf](https://millionrounds.com/company/swurf)** Venture · GB **$266K** Sole investor
- **Mar** **[Halo Drive](https://millionrounds.com/company/halo-drive)** Seed · GB **$333K** With 2 others
- **Mar** **[Regeno Energy](https://millionrounds.com/company/regeno-energy)** Pre-seed · GB **$564K** With 2 others
- **Feb** **[TileBio](https://millionrounds.com/company/tilebio)** Seed · GB **$2.2M** Sole investor
- **Jan** **[Forge Minerals](https://millionrounds.com/company/forge-minerals)** Pre-seed · GB **$1.4M** With 2 others
- **Jan** **[Carbogenics](https://millionrounds.com/company/carbogenics)** Venture · GB **$2.9M** With 2 others
- **Jan** **[Axol Bioscience](https://millionrounds.com/company/axol-bioscience)** Venture · US **$2.8M** With 3 others
- **Jan** **[Nami Surgical](https://millionrounds.com/company/nami-surgical)** Venture · GB **$2.6M** With 2 others
- **2025** 49 rounds
- **Dec** **[Mirna](https://millionrounds.com/company/mirna)** Series A · GB · Firms' own news pages **$3.6M** With 8 others
- **Dec** **[StretchSense](https://millionrounds.com/company/stretchsense)** Venture · NZ **$2.3M** With 1 other
- **Dec** **[MiAlgae](https://millionrounds.com/company/mialgae)** Grant · GB **$2.0M** With 4 others
- **Dec** **[Myriad Wind Energy Systems](https://millionrounds.com/company/myriad-wind-energy-systems)** Seed · GB **$1.2M** With 1 other
- **Dec** **[Fraunhofer Centre for Applied Photonics](https://millionrounds.com/company/fraunhofer-centre-for-applied-photonics)** Grant · GB **$11M** Sole investor
- **Dec** **[Sofant Technologies](https://millionrounds.com/company/sofant-technologies)** Venture · GB **$8.4M** With 3 others
- **Nov** **[1nhaler](https://millionrounds.com/company/1nhaler)** Seed · GB · Archangels **$2.0M** With 2 others
- **Nov** **[Rhizocore Technologies](https://millionrounds.com/company/rhizocore-technologies)** Series A · GB · Kibo Invest **$5.9M** With 9 others
- **Nov** **[Sentinel](https://millionrounds.com/company/sentinel)** Seed · US **$1.6M** With 1 other
- **Nov** **[1inhaler](https://millionrounds.com/company/1inhaler)** Seed · GB **$2.0M** Sole investor
- **Nov** **[Ulemco](https://millionrounds.com/company/ulemco)** Debt · GB **$2.4M** With 3 others
- **Oct** **[Launchpad.build](https://millionrounds.com/company/launchpad-build)** Series A · US **$8.5M** With 1 other
- **Oct** **[The James Hutton Institute](https://millionrounds.com/company/the-james-hutton-institute)** Grant · GB **$4.0M** Sole investor
- **Oct** **[Valneva](https://millionrounds.com/company/valneva)** Debt · FR **$215M** With 3 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## Exits from the portfolio

Companies it backed that were later bought or listed **3 in all**

**[Maxymiser](https://millionrounds.com/company/maxymiser)** Bought by [Oracle Corporation](https://millionrounds.com/fund/oracle) **Undisclosed** Aug 2015

**[CXR Biosciences](https://millionrounds.com/company/cxr-biosciences)** Bought by Concept Life Sciences **Undisclosed** Aug 2015

**[SeeWhy](https://millionrounds.com/company/seewhy)** Bought by [SAP](https://millionrounds.com/fund/sap) **Undisclosed** May 2014

An exit counts when it came after the firm's first round in the company. From historical deal records.

## The cheque

Pre-seed Seed Series A

Median round joined **$2.1M** the round, not its cheque Alone, median **$1.5M**

Led 0 of 255 rounds **0%**

- **Sole investor:** 68 rounds
- **Last cheque:** Oct 2026
- **Exits:** 3 from the portfolio

Rounds by stage said on their site

- Venture *87*
- Seed said *69*
- Series A said *28*
- Grant *27*
- Series B said *11*
- Pre-seed said *-*
- Growth said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Innovate UK](https://millionrounds.com/fund/innovate-uk) 26
- [Par Equity](https://millionrounds.com/fund/par-equity) 23
- [Old College Capital Lp](https://millionrounds.com/fund/old-college-capital) 22
- [Braveheart Investment Plc](https://millionrounds.com/fund/braveheart-investment-group-plc) 14
- [Archangels](https://millionrounds.com/fund/archangels) 13
- [Maven Capital Partners](https://millionrounds.com/fund/maven-capital-partners) 11

**Pitching Scottish Enterprise?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## Who they invest alongside

The investors most often in the same rounds as Scottish Enterprise. A count of rooms they were both in, not a relationship either has claimed.

[**Innovate UK** VC firm **26** rounds together](https://millionrounds.com/fund/innovate-uk)[**Par Equity** VC firm **23** rounds together](https://millionrounds.com/fund/par-equity)[**Old College Capital Lp** VC firm **22** rounds together](https://millionrounds.com/fund/old-college-capital)[**Braveheart Investment Plc** VC firm **14** rounds together](https://millionrounds.com/fund/braveheart-investment-group-plc)[**Archangels** Angel network **13** rounds together](https://millionrounds.com/fund/archangels)[**Maven Capital Partners** Private equity **11** rounds together](https://millionrounds.com/fund/maven-capital-partners)[**Pentech Ventures** VC firm **9** rounds together](https://millionrounds.com/fund/pentech-ventures)[**Equity Gap** Angel network **8** rounds together](https://millionrounds.com/fund/equity-gap)[**TRICAPITAL** Angel network **8** rounds together](https://millionrounds.com/fund/tricapital-angels-limited)[**Mercia Asset Management** VC firm **7** rounds together](https://millionrounds.com/fund/mercia-ventures)[**Sigma Capital Group Plc** VC firm **7** rounds together](https://millionrounds.com/fund/sigma-capital-group)[**British Business Bank** Corporate VC **6** rounds together](https://millionrounds.com/fund/national-security-strategic-investment-fund)

## Recently backed

The latest companies Scottish Enterprise put money into.

[**GLORIAH** $800K · Oct 2026](https://millionrounds.com/company/gloriah)[**iGii** $16M · Sept 2026](https://millionrounds.com/company/igii)[**CSignum** $3.5M · Sept 2026](https://millionrounds.com/company/csignum)[**SolarSub** $1.8M · Sept 2026](https://millionrounds.com/company/solarsub)[**Singular Photonics** $2.2M · Aug 2026](https://millionrounds.com/company/singular-photonics)[**Roslin Technologies** Jul 2026](https://millionrounds.com/company/roslin-technologies)

## Quick answers about Scottish Enterprise

### What does Scottish Enterprise invest in?

Scottish Enterprise invests most often at Venture and Seed (70% of the rounds on record), in sectors such as Enterprise.

### How active is Scottish Enterprise?

255 investments on record, 37 of them in the last 12 months. The most recent was in Oct 2026.

### What has Scottish Enterprise invested in recently?

Its most recent investments on record: GLORIAH (Seed, Oct 2026), iGii (Series B, Sept 2026) and CSignum (Venture, Sept 2026).

### How big are Scottish Enterprise's cheques?

The median round it joins is $2.1M.

### Does Scottish Enterprise lead rounds?

Rarely, if at all: none of its 255 investments on record names it as the lead.

### Where does Scottish Enterprise invest?

Most of the companies it backs are in the United Kingdom (88%) and the United States (8%).

### Is Scottish Enterprise investing now?

Yes: it is actively investing, with 37 investments in the last 12 months.

### Who does Scottish Enterprise invest alongside?

Most often Innovate UK (26 rounds together), Par Equity (23 rounds together) and Old College Capital Lp (22 rounds together).

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