Scottish technology investment firm reaches £121m portfolio valuation
A Scottish investment firm’s portfolio has reached a total valuation of £121 million off the back of its latest investment rounds.
St Andrews-based Eos Advisory, which backs science, engineering and technology innovation, saw its first two exit events in 2021, alongside a successful raise of its EIS innovation fund.
In January last year the syndicate announced that it had led a £1.24m investment into RAB-Microfluidics, an Aberdeen-headquartered R&D company developing cutting-edge microfluidic technology to diagnose engine and turbine wear in real time.
The following month, Eos secured its first strategic investment partnership with US-based Kineticos Life Sciences, to co-invest in early stage Scottish companies. The venture partnership aims to invest over £10m over the next five years in oncology-focused life sciences ventures.
In June, sustainable food protein scale-up Enough, a University of Strathclyde spin-out, secured a $43m (£31.8m) series B round, one of the largest investment rounds into a Scottish technology company to date.
And in July, genetic sequencing specialist Wobble Genomics, a spin-out from the University of Edinburgh’s Roslin Institute and founded by chief executive Richard Kuo, secured a £2.15m round led by Eos.
Andrew McNeill, managing partner, Eos Advisory, said: “Over the past 12 months, Eos Advisory has seen significant growth both in our portfolio and in our core business.
“We already had a strong track record for due diligence and supporting our portfolio, but we have found that better communicating our focus and process as impact investors has really widened our network of investors and our opportunities.
“Our modus operandi is to continue supporting our companies post-investment, and helping them to grow. On the investor side, we have expanded the investor base outside Scotland, especially across the UK and North America. 2022 is going to be another exciting year and we have a number of milestone announcements in the pipeline.”
The past year has also been focused on building the Eos team including the appointment of Chris Brinsmead, a former senior AstraZeneca executive and former adviser to the UK Government on life sciences, to the firm’s board and Callum Keddie, who previously led a London-based venture capital impact fund, joining Eos as an investment executive.
The firm now has three investment pillars in place: the Eos Syndicate, Eos Innovation Fund, and Eos Venture Partnerships. This is part of a wider strategy to support the funding of Scottish innovation beyond the seed stage.
Mark Beaumont, partner, Eos Advisory, said: “The Eos Syndicate continues to be a collective of very active investors in innovation that has a positive impact in the world, emanating mainly from Scottish universities, and the addition of our EIS Innovation Fund in 2021 has allowed a new way for us to support these businesses.
“In 2022, we aim to continue this growth pattern with a second raise of our EIS Innovation Fund.”
Founded in 2014, Eos has a portfolio of 13 investee companies including Cumulus Oncology, ILC Therapeutics, and Clinspec DX.
The firm invests in four key impact areas: disease diagnosis, prevention and treatment; energy security, climate change and pollution; food and water security, and; sustainability of industrial processes and infrastructure.