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Publication - Progress report

National innovation strategy: scorecard - 2025 update

Published
25 September 2025
Directorate
Economic Development Directorate, +1 more … Chief Economist Directorate
Topic
Business, industry and innovation, Economy
ISBN
9781806431694

The national innovation strategy first published an innovation scorecard in 2023, tracking Scotland's performance against key metrics compiled from publicly available data. In the second annual update to the scorecard, Scotland’s innovation performance is compared to UK and global peers.

View supporting documents Supporting documents

8. Later-Stage Equity (Deals £10 million and Above)

8.1 Ecosystem

  • Commercialise

8.2 Performance Assessment

  • Performance Improving

8.3 Description

  • Later-stage investment (for example, venture capital) is an indicator that the projects behind the deals are seen by investors to offer strong opportunities for return.
  • Although not all deals are innovation driven, this is a strong proxy for innovation as the data shows the top sectors for deals are generally those associated with innovation, with university spinouts particularly associated with innovation.
  • The term “Deal" is used to describe risk capital obtained during announced and unannounced equity investment rounds.
  • All figures are in cash, nominal terms. Performance assessment based on real terms performance.

8.4 Time Series

  • In contrast with the decline in very large deals in the UK overall, the Scottish market saw increases in both deal numbers and value (up 70% and 90%, respectively). ‘…investments include £87 million in Build a Rocket Boy and £63.5 million into Resolution Therapeutics’ (Scottish Enterprise, 2025).
Chart 20: Value (and number) of Risk Capital Deals £10 million and above in Scotland, 2019-2024, Cash Terms
A combined bar and line chart showing Scotland had 17 deals £10 million and above in 2024, valuing £373 million total.

8.5 Current Performance

  • In 2024, there were 17 deals in Scotland with values £10 million and above, with a total value of £373 million.
  • 4 university spinout deals were £10 million or above, totalling £97.2 million.

8.6 Previous Year Performance

  • The number of deals £10 million and above increased by 70% in 2024 from 10 in 2023.
  • The value of Scottish deals £10 million and above increased by 90% from £196 million in 2023 (83% increase in real terms).

8.7 UK Regional Benchmark

  • Scotland ranks 5th in terms of the total value of all deals (of any value).
Chart 21: Value & Number of Total Deals, 2024, Cash Terms
A combined bar and line chart showing Scotland ranks 5th out of the 12 regions in terms of total deal value.

8.8 International Benchmark

  • Limited international comparability.
  • In 2024, the UK retained its position as the most active European venture capital market, coming in after the US and China globally (Dealroom.co, Venture Wrapped 2024, Jan 2025).
  • Scotland has dropped one position compared to the UK, in value and number of deals.

8.9 About the Data

Contact

Email: innovation@gov.scot

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