Sir Tom Hunter backs £5.5m Scotedge fund

Alice Murray
06 October 2014

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Sir Tom Hunter, founder of West Coast Capital, has co-invested in a newly launched ТЃ5.5m fund focused on Scottish start-ups.

David Shearer, previously co-chairman of Martin Currie (sold in July by US private equity firm Crestview Partners to Legg Mason), has been appointed chairman of the new fund. Shearer also chairs Aberdeen New Dawn Investment Trust and is on the board of STV Group.

Investors
Hunter has invested in the fund through The Hunter Foundation. The new vehicle has also received support from RBS and the Scottish Government. Further corporate investors are to be announced in due course.

Investments
The fund will support early-stage businesses with a 50:50 loan and prize combination. Companies can apply for up to £100,000. Those that receive funding will also benefit from a year's free membership to Entrepreneurial Scotland.

The fund has already invested £46,000 in software business Cohesion Medical.

People
The board of Scotedge comprises Gordon Merrylees, regional managing director at RBS; Chris van der Kuyl, chairman of 4J Studios Ltd and chairman of Entrepreneurial Scotland; Sandy Kennedy of Saltire Foundation; Eleanor Mitchell, senior director of Scottish Enterprise, Edinburgh; Roddy MacDonald, head of the innovation, investment and industries division in the Scottish Government Business Directorate; James Muldoon of Entrepreneurship in the Scottish Government; Allan Watt, director of The Prince's Trust Scotland; Donna Chisholm, head of Business Innovation and Growth Sectors at Highlands and Islands Enterprise (HIE); Sir Tom Hunter, chairman of West Coast Capital and The Hunter Foundation; Ewan Hunter, CEO of The Hunter Foundation; and Hugh Lightbody, head of Business Gateway National Unit.