Midlands scaleups secure more than £241m in investment - report

Businesses in the Midlands attracted £241 million in Venture Capital (VC) investment in Q3 of 2021 - raised across 27 deals.

According to KPMG 's latest Venture Pulse Survey, the type of financing seen in the deals were split between early-stage VC (37 per cent), later stage VC (22 per cent), angel (19 per cent) and seed round (22 per cent).

The most significant investments in the Midlands in Q3 included Birmingham-based Onto, developers of an electric car subscription platform ( £180 million raised), Easol, developers of business/productivity software based in Walsall ( £17 million raised) and regenerative medicine platform developers, Locate Bio, from Nottingham ( £12 million raised).

Stuart Pilgrim (pictured), head of TMT M&A at KPMG in the Midlands, said: “Businesses across the Midlands have shown great resilience and innovation to not only survive the pandemic, but to also attract this much investment.

“It 's clear that tech and tech-enabled businesses are very appealing to investors, and I expect this to continue for the foreseeable, especially as our region is home to lots of high quality scaleups.

“As these businesses continue to develop, their successes have a positive impact on the economy through growth and the creation of jobs.

“It 's an exciting time to be in the Midlands with all of the fantastic ideas and work that 's happening locally, and I know we 'll be watching this space as these businesses go on to become even bigger and better. ”