The DIGIT Deal Roundup Column | July 2021 Edition


Investment and Funding

Scottish National Investment Bank and Forev

The Scottish National Investment Bank has announced it will invest £2m in electric vehicle charging firm Forev.

According to the bank, the investment boost will support the firm in its efforts to create a network of more than 1,700 electric vehicle charging points across Scotland.

In particular, the company says it will focus on much-needed public ‘destination’ charging points, which allow drivers to charge their vehicles away from home.

Commenting on the announcement, SNIB chief executive Eilidh Mactaggart said: “The decarbonisation of transport is a significant challenge and one which is critical in the transition to net zero.

“Forev’s roll-out strategy has the potential to have a significant positive impact on the uptake of electric vehicles in Scotland, specifically by providing more charging options for EV drivers who do not have the ability to charge at home and drivers on the move.”

Mactaggart added: “It is an exciting and crucial time for the Bank to be supporting Forev, at the beginning of this journey, and we look forward to seeing the progress of the network over the coming years.”

The investment will allow Forev to continue with phase one of its infrastructure roll-out which will see the company begin to scale its charging network.

To read the full story, click here.

Snappy Shopper

Online home delivery service Snappy Shopper raised £19.4 million in funding as the company looks to capitalise on increased demand for local home deliveries.

Led by Kelvin Capital, the deal saw funding from a range of new and existing investors, including Maven Capital Partners, Scottish Enterprise, Highland Tech and former Sainsbury’s CEO Justin King.

PayPoint also invested £6.6m in the Dundee firm. Snappy Shopper recently announced a new commercial partnership with PayPoint, enabling thousands of retailers to implement their own home delivery and click and collect services.

Following the investment, Snappy Shopper said it plans plans to create 400 jobs over the next three years and move to a new headquarters.

Mike Callachan, CEO and co-founder of the Snappy Group said: “Demand for the fundraise exceeded our expectations and we are pleased to have attracted such high-profile investors and advisers.

“The proceeds will significantly accelerate our next phase of growth across the UK, including investments in new services for our retail and hospitality partners and new hires across the business.”

Kelvin Capital founder John McNicol added: “Having supported Snappy from its inception through our network of connections and fundraising, we are delighted with the exceptional performance to date.

“It is and always has been a very exciting tech proposition and the investing partners joining us on this journey are testament to the ambition of the team.”

To read the full story, click here.

Blockchain Technology Partners

Scottish enterprise firm Blockchain Technology Partners (BTP) closed a £2m seed round led by London-based venture capital firm Force Over Mass.

Venture capital firm Signature Ventures also participated in the round alongside a number of angel investors, including early backers Martin Gilbert and Andrew Laing.

The funding round marks the second investment boost for BTP in the last 18 months.

In May 2020, the firm announced the appointment of its inaugural non-exec chairman on the back of a successful funding round led by Gilbert and Laing.

“We are delighted to welcome Force Over Mass and Signature Ventures as investors,” said Duncan Johnston-Watt, CEO and Co-founder of BTP.

“Force Over Mass’ focus on B2B software and Signature Ventures’ vision of a decentralised future are complementary and mesh perfectly with our own mission to accelerate the adoption of blockchain technology by enterprises across the board.”

Wouter Volckaert, Partner at Force Over Mass, added: “By facilitating the development of blockchain-based applications, BTP’s transformational platform removes a major barrier for businesses looking to adopt enterprise blockchain technology.

“We have been extremely impressed by BTP’s founding team, and we are confident they will continue to lead the sector for years to come.”

To read the full story, click here.


Scottish space tech startup R3-IoT has secured £3.1m in seed funding as the firm prepares for international expansion.

The investment round, led by US-based VC Sace Capital, saw a range of investors back the Glasgow-based startup, including the Scottish National Investment Bank, University of Strathclyde, and Ryan Johnson, former CEO of BlackBridge.

The investment round will enable R3-IoT to create 20 new roles over the next 18 months across its engineering, technical, sales, and marketing functions.

Eilidh Mactaggart, CEO of the Scottish National Investment Bank, said: “R3-IoT has emerged from Scotland’s thriving innovation and technology ecosystem and the team has ambitious plans to double its workforce in Scotland as they grow its products and services.

“The Bank is pleased to be investing alongside Space Capital, as well as Strathclyde University, from where one of the founders of R3-IoT graduated, demonstrating the strength of our home-grown talent.”

Company founder Allan Cannon said: “The funding round is clear recognition of the potential for our platform to broaden the reach of existing satellite technologies by focusing on what has been, up until now, the ‘missing piece’ in digitisation.

“We have ambitious plans and are in a strong position to accelerate our international growth strategy and take advantage of the rapid advances in space communications and IoT technology, from our base in Scotland.”

To read the full story, click here.


Edinburgh-based investment group Archangels led £12.4m worth of investments in Scottish tech and life science companies during the first half of 2021.

The group’s figures were £2.9m higher than last year when it invested £9.5m in the first half.

Archangels invested £7.3m during the first six months of 2021 as well as having co-investment of £3.1m from Scottish Enterprise and £2m from a range of other co-investors.

During the period, Archangels invested in one new business and provided follow-on growth capital to seven existing portfolio companies.

Joint managing director at Archangels David Ovens said: “While the pandemic has had an inevitable impact on areas of the economy such as retail and hospitality, Scotland has a world-renowned tech and life sciences community that supports many thousands of high-quality jobs and is making an increasingly important contribution to the economy.

“At Archangels, we are committed to providing the growth capital and access to networks that support our portfolio companies, based here in Scotland, as they scale up to become truly international success stories.”


Great news for Immuno-oncology firm Macomics in July which closed a seed financing round worth £7.44m.

Macomics initially secured follow-on financing of £4.24m from its 2020 seed round.

The latest funding brings in new investor Caribou Property, alongside existing investors Epidarex Capital – which led the round – and Scottish Enterprise.

Maocmics said it will use the money to expand the team and facilities in Edinburgh and Cambridge, as well as an acceleration of its macrophage-based therapeutics research and development portfolio to target discovery capability.

The new investment and planned Series A funding round will also enable the company to progress its antibody programmes towards the clinic and further spend on in its target discovery technology.

Commenting on the investment, chief executive Dr Steve Myatt as said: “Macomics has made great progress since its formation, and I am excited to lead us in driving forward its vision to become a leading immuno-oncology company pioneering macrophage-based therapies for the treatment of cancer.”

Aberdeen Windfarm Project

A new Aberdeen-led project has received a share of £800,000 to explore more efficient ways of installing offshore wind farms.

The project will examine new and more cost-effective methods of development as part of the Scottish energy industry’s journey to net zero.

As a collaboration between the National Decommissioning Centre (NDC) – itself a partnership between the University of Aberdeen and…


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