Murray Capital leads funding rounds for Scottish start-ups

Digital currency wallet and payments platform Zumo raised £1.4m, while insurance brokerage Blackford secured £800,000

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

The firm reinvested in two of its existing portfolio companies - Zumo and Blackford - with the support of the UK Future Fund and other co-investors.

Leith-based digital currency wallet and payments platform Zumo raised £1.4m; while Aberdeen, Edinburgh, Glasgow and London-based insurance brokerage Blackford secured £800,000.

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

This follows Murray Capital’s participation in another Future Fund investment in CloudNC at the end of 2020.

Based in Chelmsford, the precision engineering firm has introduced a new artificial intelligence-based approach to manufacturing.

David Murray, managing director of Murray Capital, commented: 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.

Nick Jones, chief executive and co-founder at Zumo, said: 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.