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Fast-growth businesses in Scotland attracted more than £500 million of venture capital (VC) investment in the first half of this year, according to KPMG UK, which however also warned that major economic headwinds could restrict activity over the rest of 2022.

The second quarter saw 45 investments completed, raising more than £325m for Scottish scale-ups, with 41 deals worth £181m recorded in the first three months of the year taking the total for the first half to £506m, the professional services giant has found in its latest Venture Pulse Survey.

KPMG said the first half of this year looked “particularly promising” after a total of £626m of VC investment was raised by Scottish business across 2021. However, it also predicted that the rest of 2022 might not be quite so buoyant as investors become increasingly cautious, with investment levels retreating across the UK as a whole and globally during the second quarter.

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'Healthy pace' of VC investment in Scots firms in Q2 - but questions over outlook for rest of 2022