ScotlandIS – the tech trade body – is launching a ‘cyber showcase’ to connect the Scottish cyber industry to prospective investors from across the UK.
The event follows the latest ScotlandIS cluster audit, which reveals that the number of cyber companies operating in Scotland has grown more than 25 per cent in recent months.
At the day-long event, 12 Scottish cyber businesses will have the opportunity to pitch for investment from a panel of angel investors, with more in the audience.
ScotlandIS expects that the showcase will connect growing businesses in the Scottish cyber community to the investment they need to get to scale.
The latest data from ScotlandIS shows that the number of cyber companies operating in Scotland has increased from 260 to 330. Of them, 150 are headquartered in Scotland, with over a fifth (70) of the cyber companies being classed as start-ups.
Ciara Mitchell, head of cyber at ScotlandIS, said: “It’s a really exciting time for Scottish cyber companies, and the sheer growth of the cluster within Scotland highlights the nation’s burgeoning hotbed of cyber innovation.
“We cannot be complacent. It is now crucial to support these businesses with the talent and investment they need to thrive. The Cyber Showcase will provide ambitious businesses within the sector with an important opportunity, and we’re looking forward to receiving applications over the coming weeks.”
The event will take place on November 24 in Edinburgh thanks to funding awarded to ScotlandIS from the UK Cyber Cluster Collaboration (UKC3). ScotlandIS will work with several innovation partners to deliver the showcase programme and event, including Plexal, who currently run a number of Department of Culture Media and Sport-backed, UK-wide cyber innovation programmes, such as Cyber Runway.
Saj Huq, chief commercial officer and head of innovation at Plexal, said: “With rising costs, economic uncertainty and the fundraising landscape shifting, this year is extremely challenging for cyber start-ups. But with cyber threats intensifying, we need start-up innovation more than ever to keep us safe online. We’re excited by ScotlandIS’ Cyber Showcase, which will connect Scotland’s growing cyber industry with investors across the UK to fuel their growth.”
The deadline for applications is August 12, and more detail on applying can be found here.
The UK Cyber Sector Analysis report documents that the total UK investment raised in 2021 was over £1.4billion across 108 deals of which Scotland won £5.2 million of this, with a total of 5 investments being made. The aim of the Cyber Showcase is to bring more of that investment to Scottish headquartered companies.