Murray Capital leads funding rounds for Scottish start-ups

Murray Capital, the private investment office of the Murray family, has led funding rounds for two Scottish start-ups.

Murray Capital leads funding rounds for Scottish start-ups

David Murray

The funding rounds saw Murray Capital reinvest in two of its existing portfolio companies – Zumo and Blackford – with the support of the UK Future Fund and other co-investors.

Zumo, the Leith-based digital currency wallet and payments platform, raised £1.4 million.

Blackford, the insurance brokerage with offices in Aberdeen, Edinburgh, Glasgow and London, secured £800,000.

The new capital will allow both businesses to fund their growth through the coronavirus pandemic and provide solid financial footings for the future.

This follows Murray Capital’s participation in another Future Fund investment in a company called CloudNC at the end of 2020. Based in Chelmsford, CloudNC is a UK precision engineering firm which has introduced a ground-breaking new AI-based approach to manufacturing.

Mr David Murray, managing director of Murray Capital, commented: “Supporting exciting, early-stage companies is an increasing focus for Murray Capital.

“As a long-term family investment business, we don’t face the same time pressures as some other organisations and are able to take a patient view with the capital we deploy. Therefore, we are particularly well-placed to support innovative businesses with significant long-term potential like Zumo and Blackford.

“The coronavirus has resulted in an uncertain landscape for people and business across the country. However, we must always be willing to support those who bear risk in starting and growing enterprises. This will be vital for securing a sustainable economic recovery from the pandemic.”

Nick Jones, CEO and co-founder at Zumo, said: “Our goal of bringing the benefits of smart money to everyone is supported by forward-thinking investors like Murray Capital. We pride ourselves on innovation and are delighted to be championed by a firm with their insight into international markets and long-term outlook.”

Tom Aldridge, managing director at Blackford, added: “The recent support and investment we have received from Murray Capital and our other investors reflect the quality and strength of the team we have built, as well as the potential for Blackford to continue to develop the business as the go-to insurance advisory firm, despite the challenging climate all businesses continue to operate in.”

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