Publication - Progress report
National Innovation Strategy: Scorecard (2026 Update)
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 third annual update to the scorecard, Scotland’s innovation performance is compared to UK and global peers.
7. Later stage equity (deals £10 million and above)
Ecosystem:
Commercialise
Performance assessment:
Performance Improving
At a glance
- In 2025, there were 14 deals in Scotland valued at £10 million or above, with a total value of £789 million, the highest value in the series shown.
- Deal numbers fell from 22 to 14, a decrease of 36.4%, following an increase in 2024.
- The UK recorded 364 deals at £10 million or above in 2025, valued at £18.8 billion.
What this indicator measures
- 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.
- Figures are in nominal cash terms; performance is assessed using real terms deal values (2025 prices).
Current performance
- In 2025, Scotland recorded 14 deals valued £10 million and above, worth £789 million in total.
- The number of deals has decreased from 22 in 2024 to 14 in 2025, while their total value increased 46.7% in nominal terms and 41.54% in real terms.
- Two university spinout deals were valued at £10 million or above, with a combined value of £107 million.
Key data table
| Deals breakdown | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Total number of deals at £10m or above (Count) | 10 | 14 | 18 | 12 | 22 | 14 |
| Total value of deals at £10m or above (£m, cash) | 224 | 534 | 576 | 223 | 538 | 789[20] |
| Total value of deals at £10m or above (£m, 2025 prices) | 272 | 646 | 660 | 240 | 557 | 789 |
Source: Scottish Enterprise
UK comparison
- The UK had 364 deals at £10 million or above in 2025, with a nominal value of £18.8 billion. A decrease in the number of deals (-7.7%) but a nominal increase in the total value of deals (+11.6%) since 2024.
International comparison
- No directly comparable subnational international data are readily available.
- In 2025, the UK retained its position as the most active European venture capital market, coming in after the US and China globally.[21]
Key charts and insights
Source: Scottish Enterprise
Source: Scottish Enterprise
About the data
- Current dataset: SE: Investing in ambition - Scotland's risk capital market: benchmark analysis (June 2026).
- Next release: To be announced (expected June 2027).
Contact
Email: innovation@gov.scot