By Scott Wright
THE family investment office of former Rangers owner Sir David Murray has stepped up its backing for two Scottish start-ups.
Murray Capital, which is spearheaded by David Murray junior, has led funding rounds for portfolio companies Zumo and Blackford, alongside the UK Future Fund and other co-investors. Zumo, a Leith-based digital currency wallet and payments platform, raised £1.4 million, while insurance brokerage Blackford brought in £800,000.
A statement from Murray Capital said the new capital would fund the two companies’ growth amid the pandemic and put them on a solid financial footing.
The Murray investment comes shortly after the family backed CloudNC, a Chelmsford-based precision engineering firm, in December via another Future Fund investment.
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The Future Fund was set up by the UK Government last April. It issues convertible loans to UK companies that would traditionally rely on equity investment, but are currently affected by Covid-19.
David Murray junior said: “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.”
The Murray Capital portfolio includes interests in property, steel stockholding and wine.
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