Invest Edinburgh (January- March 2015)

JANUARY TO MARCH 2015

RAISING RISK CAPITAL:

EDINBURGH COMPANIES STAND OUT FROM THE CROWD

ALSO INSIDE ISSUE 51 » NEW £32 MILLION INNOVATION CENTRE » 10 QUESTIONS FOR FANDUEL » INDIE SEMICONDUCTOR ARRIVES » EDINBURGH 12 UPDATE » THE INTERNATIONAL BUSINESS GATEWAY

IN THIS ISSUE 05

07

05 04 SNAPSHOTS

The major news from the city’s economy

07 NEW ARRIVALS

Why Silicon Valley’s indie Semiconductor chose Edinburgh

08 10 QUESTIONS FOR…

Lesley Eccles, co-founder of fantasy sports market leader FanDuel

10 (cover story)

EDINBURGH COMPANIES STAND OUT FROM THE CROWD

From angel investors to crowdfunding, Edinburgh stands at the forefront of alternative finance

14 ROUND TABLE

Expert views from Edinburgh’s financing scene

16 MAKING IT HAPPEN

The Edinburgh 12: development update

17 ADDED EXTRAS

A city where the grass is always greener

18 INVESTMENT OPPORTUNITY

The International Business Gateway: Scotland’s global hub

THE FIRST WORD

H

ello and welcome to the latest issue of Invest Edinburgh.

I read with great interest recent analysis from CBRE naming Edinburgh one of the most attractive cities in Europe for investors. The report, which looked at mid-sized cities with robust, knowledge-driven economies, suggests Edinburgh could deliver stronger returns for investors than the largest markets.

Our cover feature this issue looks at alternative finance in Edinburgh, exploring the various funding avenues available to companies in need of growth capital. Edinburgh has long been recognised as a major hub for angel investors, and the city is now rapidly emerging as a leader in the burgeoning area of crowdfunding.

This issue’s 10 Questions is with Lesley Eccles, co-founder of the hugely successful fantasy sports provider FanDuel.

Since being founded in Edinburgh in 2009, FanDuel has enjoyed runaway success, recently relocating its technology base to the city’s popular Quartermile neighbourhood close to the University of Edinburgh’s School of Informatics and launching a new iPad app.

This edition’s Capital Focus looks at the £32 million Easter Bush campus development. The campus will provide veterinary students and university staff with specialist research facilities, cementing Edinburgh as an international centre of excellence for animal biosciences.

Making it Happen provides an update on the Edinburgh 12 initiative, which is championing some of Edinburgh’s most strategically important developments. Construction is now underway on five sites.

Made in Edinburgh looks at the UWI Label, an elapsed-time indicator that show whether food is safe to consume.

Web-based learning platform CogBooks is this issue’s 1 to Watch, while Californian electronics firm indie Semiconductor is featured in New Arrivals.

Finally, in this issue we highlight two prime investment opportunities in Edinburgh: Boroughmuir High School, a former secondary school in the city’s affluent Bruntsfield neighbourhood which offers potential for redevelopment for a range of uses, and the International Business Gateway, a future business district next to Edinburgh Airport.

Thank you for reading.

SUBSCRIBE TO INVEST EDINBURGH For a free quarterly subscription to Invest Edinburgh, or to obtain additional copies, please contact editor@investedinburgh.com Follow Invest Edinburgh on Twitter. www.twitter.com/investedinburgh Follow Invest Edinburgh on Facebook. www.facebook.com/investedinburgh

COUNCILLOR FRANK ROSS, Convenor of the Economy Committee The City of Edinburgh Council editor@investedinburgh.com

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To find out more about how we can help you, please contact the Investor Support team at invest@edinburgh.gov.uk or on +44 (0)131 529 6600.

<CAPITALFOCUS

£32 MILLION GATEWAY TO INNOVATION

© Atkins

Work is set to begin this February on a new £32 million innovation centre and campus hub at the University of Edinburgh’s Easter Bush campus on the southern edge of the city.

Easter Bush is a world-leading animal bioscience centre that combines academic research and clinical veterinary medicine. The Royal (Dick) School of Veterinary Studies is based on the campus, as are The Roslin Institute – the research centre that cloned Dolly the sheep – and the UK’s National Avian Research Facility. The Easter Bush Research Consortium brings together over 600 scientists, making it one of the world’s largest research groupings of its kind.

Set to open in 2016, the new innovation centre will provide student and faculty members with specialist research facilities, teaching laboratories, exhibition space and business incubators for university spin-outs. The International Centre for Livestock Improvement will be located within the building, as will the Centre for Comparative Pathology. The campus hub will offer amenities including a shop and a public outreach centre, as well as acting as a gateway to the wider campus. The development is centred on a full-height glazed atrium that allows for future extensions.

The innovation centre and campus hub has been designed by Atkins,

www.investedinburgh.com

© Atkins

which is also developing plans for a new £12 million energy centre that will service the entire Easter Bush campus as well as the neighbouring Advanced Computing Facility.

The development forms part of the University of Edinburgh’s ambitious masterplan for Easter Bush, which will ultimately deliver a European centre of excellence for animal sciences and food security. Easter Bush is itself part of a wider cluster of animal science facilities to the south of Edinburgh that includes Scotland’s Rural College, the animal research institute Moredun, and Benchmark Vaccine’s animal and fish vaccine bio-manufacturing plant.

“The Innovation Centre will be an exciting addition to the Easter Bush infrastructure,” said Val White, campus operating officer for Easter Bush. “[It] will act as a focal point for the campus as well as providing outstanding accommodation for bioscience companies at varying stages of maturity.”

www.easterbush.mvm.ed.ac.uk

YO! SUSHI HAS OPENED A 65-COVER RESTAURANT ON PRINCES STREET

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A TASTE FOR INNOVATION A newly-launched research centre at Edinburgh’s Queen Margaret University is spearheading innovation for the food and drink industry.

The Scottish Centre for Food Development and Innovation offers a one-stop-shop for food and drink manufacturers looking to access expert support. The services offered by the Centre include new product development, nutritional analysis, shelf life testing, and product reformulation to replace ingredients such as sugar, salt and fat,

1 TO WATCH

along with staging focus groups and taste panels. The Centre’s specialist facilities include a test kitchen, microbiology and chemistry laboratories, a sensory suite and a clean room.

Queen Margaret University is recognised as a leading authority on nutrition. Food and drink companies who have previously collaborated with the university include antioxidant-rich apple juice manufacturer Cuddybridge, artisan dressings supplier Gusto, and organic chocolatier IQ Chocolate.

> Find out more: www.qmu.ac.uk/business_industry/ foodanddrink.htm

COGBOOKS

WHAT DO THEY DO? CogBooks is an adaptive, web-based learning platform that combines the latest research-led learning theory with scientific methods to place the student at the heart of online education through personalised course content.

from a consortium led by Nesta Impact Investments, DC Thomson Ventures and Scottish Investment Bank. The investment paves the way for the business to expand further, helping to realise CogBook’s vision of delivering the highest standards of education to everyone.

WHY ARE THEY WORTH WATCHING? The systems developed by the Edinburghbased technology business are already used by leading academic institutions such as the University of Edinburgh and OCR, one of the UK’s largest exam boards.

In October, CogBooks was announced as a winning finalist in the Bill & Melinda Gates Foundation Courseware Challenge competition, an initiative to develop a next generation learning tool for both students and teachers.

The business has also recently raised additional funding of £1.75 million

WHERE HAVE THEY COME FROM? CogBook first began offering web-based learning services in 2005 and has since been involved in a range of high-profile online education projects supported by the Bill and Melinda Gates Foundation, Ufi Charitable Trust and others.

Personalised learning underpins CogBook’s approach to effective modern education and training. Today’s educators and publishers recognise the increasing need to offer courses and learning content that is more flexible, engaging and supportive of each individual. One size fits

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“Scotland’s food and drink sectors are internationally recognised for their quality,” said Richard Lochhead MSP, Cabinet Secretary for Rural Affairs, Food and the Environment. “The work of the Centre is helping those companies evolve to meet new demand, develop new products and diversify into new markets, particularly lucrative export opportunities.”

all education will no longer be the accepted model, instead it will be replaced by a personalised learning experience.

WHAT DOES IT MEAN FOR THE AREA? Edinburgh is CogBook’s global headquarters and provides financial, administrative and operational support to the whole business, including product management and market strategy.

Recent investment is facilitating the expansion of CogBook’s market presence in the US and Europe as demand for adaptive learning technology continues to grow significantly. In 2015, the business is expecting to expand its operations across all sites, including Scotland’s capital. > Find out more: www.cogbooks.com

SWISS FUND MANAGER BANQUE SYZ & CO HAS OPENED A NEW OFFICE ON EDINBURGH’S CHARLOTTE SQUARE.

<SNAPSHOTS

EDINBURGH AIRPORT A number of major investments in Edinburgh Airport’s terminal are enhancing its appeal to passengers.

Luggage-Point has opened a new ‘one-stop-shop’ in the airport terminal offering services including shipping, left luggage, bag wrapping and dry cleaning. Purchases made at other stores in the terminal can be deposited with Luggage-Point and uplifted at a later date using the airport’s ‘shop and collect’ facility.

The outlet will also stock luggage and travel accessories from premium brands such as Samsonite, Fiorelli, Trunki and Rise Gear in what is the latest boost to the airport’s retail offering. Last October, Wizz launched a toy and gadget shop in the airport’s departure lounge, while Marks & Spencer opened a ‘Simply Food’ convenience store in the domestic arrivals hall. A new 1,600m2 walkthrough store is attracting interest from a number of luxury retailers.

In other good news for passengers, Edinburgh Airport is installing ‘Best-

weigh’ machines in its main check-in hall that will allow passengers to check their luggage against the baggage allowance and automatically calculate the cost of any excess weight. Meanwhile, electric vehicle manufacturer Tesla Motors has installed a supercharger station at Edinburgh Airport for the free use of drivers of its Model S sedan. The supercharger, open 24 hours a day, will enable a Model S to be brought to half charge in around 20 minutes.

The enhancements come as American Airlines unveils new direct flights to New York’s JFK Airport, while Ryanair and Flybe announce new daily flights to Stansted Airport and London City Airport. Meanwhile, Etihad Airways will launch direct flights to Abu Dhabi in the United Arab Emirates in June. > Find out more: www.edinburghairport.com www.teslamotors.com/ supercharger/edinburgh

NEW ERA FOR THE EAST END © Page\Park

A new year marks a new era for the east end of Edinburgh’s city centre. Several flagship developments will see massive investment in this hugely historic area over the next few years.

Apple’s new store at the east end of Princes Street has been a popular draw for shoppers since opening last November. On the opposite side of Princes Street, a £3 million refurbishment of Princes Mall is delivering an enhanced food and shopping offer.

Work begins this year on Edinburgh St James, which will double the retail space of the existing shopping centre. The grand opening

www.investedinburgh.com

A CALVIN KLEIN WATCH & JEWELRY BOUTIQUE HAS OPENED ON PRINCES STREET.

is expected in 2020. A new retail and hospitality training academy within the development will host around 1,000 placements annually.

To the west, a partnership between the City of Edinburgh Council, the Chris Stewart Group, the Royal Bank of Scotland and the Scottish Government is working to transform the alleyways around West Register Street. The Register Lanes project (pictured) will deliver Edinburgh’s answer to London’s Covent Garden, with shops, bars and art galleries lining narrow streets.

“The idea is to have a pedestrian area you can walk through, with little cafés, perhaps some small independent shops or art galleries, artisan jewellers, and places for people to sit and enjoy the gardens,” said Councillor Frank Ross, convenor of the Council’s Economy Committee.

St Andrew Square has recently seen the opening of a new 103-bedroom Ibis Styles Hotel, while work is progressing of a new £75 million mixed-use development that will delivering 15,000m2 of offices, retail space and apartments. Due for completion late next year, major pre-lets have already been signed with TK Maxx, which is to open a 2,800m2 flagship store, and Standard Life Investments, which has taken 10,000m2 of office space.

Finally, the area’s transport link will be boosted by the creation of a new public transport interchange at Picardy Place, along with the additional of two new platforms at Edinburgh Waverley rail station.

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UWI TECHNOLOGY

MADE in EDINBURGH

The University of Edinburgh has opened a satellite office in New York’s Rockefeller Plaza.

Edinburgh-based travel search engine Skyscanner has acquired the Hungarian app developer Distinction, strengthening its mobile app team. Skyscanner’s apps have been downloaded over 30 million times.

TRACKING PERISHABLE PRODUCTS It’s a familiar scene. In the recesses of many a refrigerator lurks a horde of jars and containers which no-one is sure about using.

An estimated seven million tonnes of food and drink worth around £12 billion is thrown out by UK households every year, the majority of which is still safe to consume.

This conundrum faced businessman Pete Higgins in 2008, leading him to question how to develop a warning system capable of indicating when the contents of an unsealed container are no longer safe to use.

After six years of research and development and with the expertise of Heriot-Watt University, Pete is about to launch the UWI (pronounced yoo-wee) Label – an innovative, reliable labelling solution to help customers with Use WithIn dates.

Breaking the seal on a jar or package causes a tiny reservoir of fluid to begin flowing through channels within the UWI Label. After a predetermined length of time, chemical reactions will cause a clear strip on the label to turn red, indicating that the product has expired. The elegant design makes the

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UWI Label vastly more cost effective to manufacture than a comparable electronic solution.

In October 2014, Pete’s company, UWI Technology, secured £1.3 million from an international syndicate of investors to fund the first commercial trials of the labels. By the end of the year, UWI Technology plans to license its proprietary technology to commercial packaging manufacturers.

The potential of the label extends far beyond the food and beverage industry, with its applications including chemical reagents used in the pharmaceuticals industry and industrial glues and sealants used in engineering. By improving safety and reducing waste, UWI Technology’s labelling system has the potential to deliver massive benefits for both households and businesses. > Find out more: www.uwitechnology.com

The UK Astronomy Technology Centre has revealed designs for the Higgs Centre for Innovation, a 2,100m2 business incubator aimed at start-up companies in the fields of space technologies and big data. The incubator is named for Nobel Prize laureate Peter Higgs, an emeritus professional at the University of Edinburgh who identified the Higgs Boson.

Edinburgh Castle has been named the best heritage attraction in the UK at the British Travel Awards.

Edinburgh pizzeria La Favorita has been heralded as baking the best pizza in Scotland in the Scottish Italian Awards.

The University of Edinburgh has created a new Li-Fi Research and Development Centre to drive forwards light-based wireless communications. The Centre has already entered into a research partnership with American test and measurement giant National Instruments.

The National Museum of Scotland is to open six galleries showcasing Scotland’s scientific innovation in 2016.

Electronics giant FinmeccanicaSelex ES is to fulfil a €400 million contract for new radar systems for the Eurofighter Typhoon at its design and manufacturing facility in Edinburgh.

FUND MANAGER OLD MUTUAL GLOBAL INVESTORS HAS LAUNCHED A NEW HEDGE FUND OFFICE IN EDINBURGH.

<SNAPSHOTS

NEWARRIVALS INDIE SEMICONDUCTOR WHAT DO THEY DO? indie Semiconductor, a Silicon Valleybased designer and manufacturer of bespoke integrated circuits, launched a design centre in Edinburgh last April.

WHY THE MOVE? indie chief executive, Donald McClymont, is a native Scot who studied electronics at the University of Glasgow before emigrating to California, where he co-founded indie in 2007. The fastgrowing firm has doubled in size in each of the past three years. Maintaining this growth means hiring experienced, motivated design engineers with a solid knowledge of digital and analogue design, processors, radio engineering and systems architecture. Recruitment pressures resulting from Silicon Valley’s overheated technology sector prompted indie to establish satellite facilities in China and the UK.

> Find out more: www.indiesemi.com

WHY EDINBURGH? Attracted by the city’s blend of a highly qualified and experienced local workforce, an attractive quality of life and a competitive cost of living compared to rival tech hubs such as southeast England, indie opened a design centre in St Andrew Square last year.

“My connection to Edinburgh and its good, stable engineering pool is what attracted us here,” said Donald. “People have an excellent level of education, they get stuff done, they work well in a team and they just get on with it.”

“If you can find a great job doing stimulating work with a fun company and you’re living in a great place, why would you leave?” added Paul Hollingworth, vice president of sales and marketing. “We want to build a company where people want to do the best work of their careers and stay for a long time and being based in one of the world’s great cities will help with that.”

FLURRY OF RECENT NEW HOTEL ANNOUNCEMENTS Edinburgh was the only UK city ranked as one of the world’s top 20 hotel destinations in a new listing by Agoda.com based on hotel reviews from seven million customers.

The accolade comes at a time when the capital has seen a flurry of new hotel announcements. Development firm Union Hanover has submitted plans for a £35 million, 180-bedroom Urban Villa apart-hotel in Fountainbridge, described by managing

www.investedinburgh.com

director Eric Jafari as “paying homage to Edinburgh’s cultural fabric of elegance while infusing elements of sexy Manhattan feel”. Also in Fountainbridge, French hotel operator Accor has signed a franchise agreement with Edinburgh City Hotels that will see a 110-bedroom Mercure branded hotel open this spring, while the company also has plans to open an Adagio apart-hotel within the New Waverley development adjacent to the city’s historic Royal Mile.

AMERICAN RIDESHARING COMPANY UBER HAS OPENED AN OFFICE ON GEORGE STREET AND PLANS TO LAUNCH ITS APP-BASED SERVICE IN EDINBURGH.

Also at New Waverley, work is well underway on the delivery of the first of the three new hotels, pre-let to Premier Inn. Premier Inn has also agreed deals to open a further three hotels on Torphichen Street, Rose Street and York Place. Meanwhile, jmarchitects has unveiled plans for a 98-bedroom luxury hotel on Market Street scheduled to open in 2017.

American hospitality giant Marriott has announced that it will open a 240-bedroom Courtyard by Marriott hotel on Baxter’s Place in Edinburgh’s East End next year. The hotel will occupy three Georgian townhouses, with an extension to the rear housing bedrooms, a restaurant and function space.

At Edinburgh Airport, the Ability Hotel Group is to develop a 175-bedroom Hampton Hilton Hotel to satisfy demand from surging passenger numbers. Finally, Starwood Hotels & Resorts has identified Edinburgh as a priority location for its new Aloft brand.

With hotel occupancy rates in Edinburgh among the highest in Europe, Scotland’s capital is set to remain a prime target for the world’s leading hoteliers. > Find out more: www.investinedinburgh.com

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Daily fantasy sports provider FanDuel was born almost overnight when its five founders targeted the fantasy sports industry in North America – from Scotland. It’s been a frantic five years, but the company now has a head office in Manhattan as well as a technology development office in Edinburgh, employs more than 120 people and pays out millions of dollars in prize money every week. Lesley Eccles, co-founder and marketing director, answers our questions.

Lesley Eccles

Co-founder and marketing director, FanDuel

IE> FanDuel is now the world’s leading fantasy sports provider. Where has the company come from and what has led to this success?

LE> Fantasy sports are huge in America, but the typical model has remained unchanged for more than 20 years: friends and colleagues pick and manage their team in fantasy leagues that run throughout the full 17 week season. Why wait all that time?

We realised this was an opportunity for real market disruption.

Initially, there was a perception that we were trying to replace traditional fantasy leagues – but actually we add to the season, and more and more people are moving to enjoy the daily game as well as the season-long version. There are games for football, hockey, baseball and

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basketball – we even offer college football and basketball leagues too.

FanDuel was launched in 2009 and in 2011 one of our founders moved to the US to open our New York head office. We quickly had a ton of small competitors, but most have now gone. You need a lot of money to succeed in this market. You also have to spend your limited resources wisely.

We focused on marketing from day one.

We have launched an app this year, and it’s been in the US top 10 since the summer.

Now we can afford to execute well in both marketing and product development, but initially it was essential to make the market aware of the concept.

LE> Work flexibly. In Edinburgh we have our development team and they work into the evening. In the US office there is everything else – and they tend to start early.

There are a lot of Skype and video calls and we travel to ensure there is a lot of face time. Connectivity between Edinburgh and New York is great. I can leave the house at 7am and be in New York for lunch.

The biggest challenge is that the product is American and our engineers are here, so we have to get the development team together with customers regularly. Through these visits the user experience becomes even more meaningful for the engineers.

IE> FanDuel’s workforce is split between Edinburgh and New York. What is the secret to managing this successfully?

IE> What are the benefits of having your technology function in Edinburgh?

LE> We have built up a sizeable

GERMAN CONGLOMERATE BAYWA HAS OPENED AN OFFICE IN EDINBURGH’S WEST END FOCUSING ON WIND AND SOLAR POWER PROJECT DEVELOPMENT.

<10QUESTIONS our players before each season, see what they like, what they want added and what entry fees work and then work hard to respond quickly.

IE> How challenging is it for early-stage technology firms to secure capital?

LE> It’s hard to get financial support.

Investors in Scotland didn’t understand the product, while US investors didn’t want to back us when we were based in the UK. Every six months you run out of money and end up closing a deal the day before funds run out.

EDINBURGH HAS GREAT UNIVERSITIES AND SCOTLAND ATTRACTS TOP QUALITY DEVELOPERS – THERE’S A GREAT QUALITY OF LIFE HERE.

CONNECTIVITY BETWEEN EDINBURGH AND NEW YORK IS GREAT. I CAN LEAVE THE HOUSE AT 7AM AND BE IN NEW YORK FOR LUNCH.

development team here and certainly wouldn’t want to start again! In Edinburgh, we look for Java and Python engineers, front-end engineers and QA testers. The biggest challenge is hiring the right people quickly. We set a high bar for engineers from the beginning – they need to hit the ground running – but we also supplement the experienced team with graduates.

Edinburgh has great universities and Scotland attracts top quality developers – there’s a great quality of life here.

IE> What is the size and potential for growth in the daily market?

LE> 41 million people in North America play fantasy sports. The daily fantasy sports industry has about three million players and 75% play with FanDuel. There is still huge growth potential. We survey

www.investedinburgh.com

IE> In September you secured more than $70 million in a Series D funding round. As you have grown, how have you seen the challenges of fundraising change?

LE> At the end of the day, it’s about revenue. As revenues have increased – we have processed over $500 million in entry fees this year – it has become easier. Now we can choose which investors to work with and we’ve had long-term support from Pentech and Piton. But at heart, we are still a start-up – we want to maintain that culture and keep running at 100mph.

Our founders still have drive and that percolates across the organisation.

IE> What advice would you offer today’s gaming start-ups?

LE> Good luck! It’s a rollercoaster ride.

More seriously, talk with your customer base and if you go for it, then go big!

FanDuel are lucky in that we have a really addressable market. We knew who they were from day one as 90% are existing fantasy league players. As a start-up, you can’t market to everyone. Also, there are many great tech ideas and great technical expertise in universities, but it is vital to have a commercial focus from the start.

IE> What‘s the biggest challenge facing FanDuel?

LE> The challenge is to keep pace with demand – we can’t grow quickly enough!

Every department needs to double in size to cope with the demand we’ve created, but we need to keep the hiring bar high to ensure we grow sustainably.

ALTERNATIVE INVESTMENT PLATFORM CROWDCUBE HAS OPENED AN OFFICE IN THE SILICON WALK BUILDING ON GREENSIDE PLACE.

Lesley is co-founder and marketing director for FanDuel. Heading up the Customer Acquisition team, Lesley ensures that FanDuel’s multi-million dollar marketing budget is spent efficiently.

Originally hailing from Scotland, prior to founding FanDuel, Lesley was a management consultant in London for 10 years before returning to Edinburgh in 2007.

Lesley holds an MA in Modern Languages from the University of St Andrews.

IE> What attracted you to Quartermile?

LE> It’s a central location close to the Meadows with a student vibe, with sports played every day. We’re actually in the same building as Skyscanner, and near to TechCube and Codebase, so it felt like we were helping establish a real hub of digital skills. We’re also next door to the Residence Inn by Marriott, so our US colleagues can stay nearby when they visit.

IE> Where do you see FanDuel in five years?

LE> There is massive potential globally, with the UK, South America, China all massively into sport and offering viable markets – but there is still a huge market for us to grow in the US and that’s our focus for now. Each new market requires massive resources, but the opportunities are limitless.

www.fanduel.com

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“ANGELS ARE HIGHLY EXPERIENCED INDIVIDUALS WHO LOOK TO INVEST IN COMPANIES.”

WHAT IS THE CONNECTION BETWEEN FISH AND RISK CAPITAL?

“IN 2014, CROWDCUBE RAISED £51,123,882 FOR 178 BUSINESSES, WITH MORE THAN 123,166 REGISTERED INVESTORS.”

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A NEW SAINSBURY’S LOCAL HAS OPENED IN THE PRINCES MALL, WITH ANOTHER OUTLET SET TO OPEN ON LEITH WALK LATER THIS YEAR.

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EDINBURGH’S COMPANIES STAND OUT IN THE CROWD EDINBURGH IS AT THE FOREFRONT OF ALTERNATIVE FINANCING For a newly-formed company with an exciting idea, one of the biggest questions facing them is how to raise the capital needed to take their idea to market when traditional options such as bank loans are unavailable.

(Another not immediately obvious question is what is the connection between Fish and risk capital? Read on and we’ll answer that one too…)

WHERE ANGELS (DON’T) FEAR TO TREAD In Edinburgh, an increasingly common source of early-stage finance for high-risk businesses has been angel investors.

“Angels are highly experienced individuals who look to invest in companies where they can get involved and add value as the business grows,” explains David Grahame of LINC, which represents Scotland’s growing and highly active network of angel investors. “We have seen the number of Scottish-based syndicates grow from two to twenty in a little more than a decade, and LINC alone now has 1,100 individual members.”

Angels will typically commit several rounds of finance to an existing portfolio, and are generally prepared to back a business for the long haul, waiting up to ten years for an exit. In the meantime, they work proactively with the management team to grow each business.

“You have to remember that when syndicates invest, it is individuals who write the cheques.

They make a very personal commitment,” adds David.

www.investedinburgh.com

Almost all of the investments made by members of LINC have been in Scottish companies, and Edinburgh is particularly strong in its representation. Edinburgh’s highly skilled population, renowned quality of living and robust economy make the city a popular place to launch a new business, while the city’s five higher education institutions produce a steady stream of start-ups and spin-outs, many of them created to bring valuable intellectual property to market.

RISKY BUSINESS Risk capital is, by definition, a risky proposition for the investor. While tax incentives such as the UK’s Enterprise Investment Scheme recognise and help mitigate this risk, investors in this area typically achieve a long-term return on less than half of the investments they make.

The availability of early stage risk capital is increasingly crucial to economic success given the catalytic role that it plays in the entrepreneurial process, particularly for capitalintensive sectors such as biotechnology and renewable energy.

There are around a dozen venture capital firms based in Edinburgh today, including Artemis (backer of Craneware, the world’s leading hospital billing software supplier) and Par Equity (an investor in Qikserve). Each firm varies in terms of its risk tolerance, industry focus and investment profile, but all look for companies with the potential to generate high returns on investments.

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“THE APPROPRIATENESS OF DIFFERENT FUNDING SOURCES TO THE SPECIFIC NEEDS OF EACH BUSINESS “EQUITY CROWDHAS TO BE CAREFULLY FUNDING IS A CONSIDERED.” CREDIBLE MAINSTREAM ALTERNATIVE AND A VALID PART OF THE FUNDING MIX.”

Founded in Edinburgh in 2013, Epidarex Capital is a specialist venture capital firm created to invest in the UK’s most promising life sciences companies, backed by £48 million of funds from several leading research universities, Scottish Enterprise, the Strathclyde Pension Fund, the European Investment Fund and pharmaceuticals giant Eli Lilly. Last February, Epidarex paid £4 million for a majority stake in Edinburgh Molecular Imaging, a University of Edinburgh spin-out with a new technique for diagnosing lung diseases.

The investment enabled the firm to hire new staff, lease new laboratories and begin phase II clinical trials of its technology.

PLAYING TO THE CROWD Equity crowd-funding is a relatively new mechanism that is rapidly emerging as an alternative funding channel. Crowdcube – now the UK’s largest equity crowdfunding platform, with a track record of more than 165 deals – opened an office in Edinburgh’s Silicon Walk building last autumn. “Demand dictated a local presence,” explains Craig McKenna.

Crowdcube is far from alone in its interest in Edinburgh, with funding platforms becoming a city growth sector in their own right: ShareIn (founded in 2014) focuses exclusively on health and technology equity offerings; while Lending Crowd (also launched last year) facilitates peer-to-peer lending.

“Equity crowd-funding is a credible mainstream alternative and a valid part of the funding mix,” says Tim Wright of twintangibles, which advises companies on how to maximise their chances of a successful crowd-funding pitch. “In the past year, the awareness of crowd-funding has

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grown dramatically.

UK Government funding is now being invested directly through these platforms, which has helped build awareness and confidence. Increasingly, companies are choosing equity crowd-funding by preference and not as a last resort, and the flow of capital is high as there’s a lack of alternatives in retail investment that offer reasonable returns for the man or woman in the street.”

GETTING THE MIX RIGHT Another route to investment for earlystage companies in Edinburgh is the

government-backed Scottish Co-investment Fund, which partners with the private sector to offer equity investments of between £100,000 and £1 million. It is managed by the national Scottish Investment Bank, which also controls the Scottish Seed Fund and Scottish Venture Fund. The former can provide growth capital of £20,000 to £250,000 for ambitious young companies, while at the other end of the scale, the latter offers investments of up to £2 million for companies in their expansion stages.

“We’re also the cornerstone investor in the privately-managed Scottish Loan Fund,” points out Kerry Sharp, head of the Scottish Investment Bank. “This provides

<FEATURE

PARKURE AND SHAREIN flexible, mezzanine loans of £250,000 to £5 million to established growing businesses.

“The appropriateness of different funding sources to the specific needs of each business has to be carefully considered,” adds Kerry. “It is very much dependent on individual circumstances, so crowd-funding may be perfect for some, but won’t be appropriate for all.

Usually, companies need to secure a mix of finance, and the Scottish Investment Bank can signpost and guide companies on the available options and how best to secure a suitable package through its team of Financial Readiness specialists.

There are also other organisations, such as NESTA, which are doing a great job in increasing awareness of these sources of new finance.”

Across multiple sectors, and for companies of all sizes, Edinburgh offers tremendous support in raising the capital required for businesses to grow.

But one more question remains to be answered. What does any of this have to do with fish?

Well, in 1995, cult British rock band Marillion raised $60,000 from fans over the Internet to support a tour of the United States. Their success is credited

by NESTA, among others, as heralding the birth of modern crowd-funding, a channel that is now providing access to risk capital for companies of all shapes and sizes.

So, little did he realise at the time, but Fish – Marillion’s Edinburghborn frontman – and his fellow band members may well have sown the seed of a new financial revolution born in Scotland.

www.investedinburgh.com

With just one in ten thousand new drugs reaching the market, the drug discovery field is one in which it has traditionally proved difficult to raise early-stage investment, particularly in the case of relatively obscure conditions where demand for therapeutics is limited.

“With orphan [rare] diseases – where there may be a decent amount of research data, but commercial returns may be poor due to the size of the market – crowdfunding is emerging as a model for financing medical research,” explains Dr Lysimachos Zografos, chief executive of Parkure, a University of Edinburgh start-up working to develop a cure for Parkinson’s Disease.

“Angels might say no, as the time for a return and the potential for their investment to be diluted are not attractive, so I chose equity crowd-funding, as I believe it is the most honest way to deal with success down the road.

“Parkinson’s affects 127,000 people in the UK annually and the unmet need for a cure is reflected both in the interest from venture capital investors and the number of co-development deals between biotech and pharma.”

The first drug discovery start-up to take this route in the UK, Parkure is listed on the Edinburgh-based crowd-funding platform, ShareIn, offering a stake of up to 16% in the company.

“Being based in Edinburgh, we could meet them in person, which was good; but the real attraction was their focus on health NOAH BEERS HAS UNVEILED PLANS TO OPEN A RESTAURANT, BEER HALL AND MICROBREWERY IN EDINBURGH.

and technology, so we knew they were targeting the right type of investor for us.”

Parkure took an innovative approach to meeting ShareIn’s financial checks. “We couldn’t afford external diligence, so had gone down routes that supported this, such as applying for and winning a Scottish Enterprise SMART award, which involved both financial and technical diligence.

“In my experience, people are most interested in who’s with you. We have Ron James, the founder of PPL Therapeutics, as a non-executive director. He brings proven skills in all aspects of growing a business, investor relations, stock exchange listing and commercial collaboration with major pharmaceutical companies. If you have someone investors know, then they are interested.

“I also recommend companies apply for grants and use Business Gateway, as the processes help in themselves, but also develop a lot of what you can use for the diligence when seeking funding.”

Within 60 days of listing on ShareIn, Parkure had confirmed 48.5% of its £100,000 funding target, with backers including charitable trusts and private investors.

www.parkure.co.uk Invest in Parkure at www.sharein.com

| JANUARY TO MARCH 2015 | INVEST EDINBURGH 13

ROUND TABLE: Edinburgh is home to some of the UK’s fastest-growing and most innovative early-stage companies. How can these firms secure the capital they need to expand?

John Waddell, chief executive, Archangel Informal Investment Archangel has been looking at opportunities in Scotland for more than 20 years. Typically, we might look at 100 or more each year, but we’ll only invest in two or three ourselves. However, it’s getting easier to access investment, as there’s a lot of excitement and innovation going on, with hubs, incubators and universities all creating an exciting start-up market – and there are a number of other angel syndicates also very active in Scotland, represented collectively by LINC. There’s also Business Gateway, Scottish Enterprise, the crowd-funding platforms and EIE, which is one of the best events in the world that brings together investors and high-growth companies. I don’t sense any gaps in support.

Tim Wright, director and co-founder, twintangibles Finance is a critical bottleneck and equity crowdfunding is a relatively new platform that looks as if its time has come. We need more organisations to be aware of it as a viable option. There are already changes around the perception of its applicability. There is always more to be done in education and infrastructure. However, I’ve seen evidence to suggest that Edinburgh and Glasgow are in fact leading the UK in the creation of jobs through crowd-funding. The UK Government is very supportive and, recently, I’ve given evidence to the Scottish Government on the platform.

A crowd-funding round to prove market support is now something that high street

14 INVEST EDINBURGH | JANUARY TO MARCH 2015 |

banks and other lenders are viewing as an asset, when compared to other forms of fund-raising.

Craig McKenna, Crowdcube Scotland There is a lot of support for startups in Scotland from both private and public sector bodies and Edinburgh is producing some fantastic ideas. I must have seen 30 or more outstanding businesses in the three months since we opened, all of which we’d be excited to work with.

There is a gap for companies that need less than £70,000. This is too small for the majority of investment sources and many grants need match funding; this is an area we where we feel we can assist. I’ve never had a workload like I have now.

“EDINBURGH IS AN EASY SELL TO TALENTED PEOPLE – THE CITY HAS A LOT TO OFFER IN TERMS OF QUALITY OF LIFE FOR 30-40 YEAR OLDS WITH A TRACK RECORD OF SUCCESS AND FAMILY.”

Jude Cook, co-founder and managing director, ShareIn Equity crowdfunding offers a way to attract investment at much lower cost than traditional equity routes. We established

ShareIn last year to focus on technology and health, with the School of Informatics, the universities and the likes of The Roslin Institute all generating spin-outs and start-ups in the city.

There is an established network of investors with an appetite for the financial returns on offer and government tax packages in the UK, such as the Enterprise Investment Scheme, that offer incentives to higher rate taxpayers to invest in this way.

We find that while investors may join the platform initially as friends or family of a company seeking equity crowdfunding, most remain registered and then look to diversify their portfolio. We can also offer more established companies a white-label micro-site to crowd-fund from their own website.

Kerry Sharp, head, Scottish Investment Bank The support network is already in place and Edinburgh just needs to do what the rest of Scotland needs to do – think as internationally as possible. Scottish Enterprise, with our network of international offices, and strong track record of directly supporting and facilitating investment, backed by the Scottish Government, is here to help our best growth prospects to deliver their ambitions.

Across Scotland, we have seen some welcome initiatives that support high growth start ups and university spin outs and we are keen to build on this momentum. In terms of accessing growth finance, we have the Scottish Investment Bank co-investment funds, an active business angel community and a growing market of new alternative sources of funding such as peer-to-peer lending

AMERICAN TOY GIANT TOYS “R” US HAS OPENED A 4,600M2 STORE AT OCEAN TERMINAL.

<INSIGHTS

and the different types of crowd-funding.

All of these increase the options open to companies.

A real challenge I think is the larger, subsequent funding rounds, particularly £2 million-£10 million. The Royal Society of Edinburgh recently acknowledged this challenge within the funding escalator i.e. how we get companies moving into series A, B rounds and beyond. This is where venture capital and corporate venturing comes in. It’s vitally important that companies with the most scaling potential have access to larger amounts of capital that will give them a real runway for growth. However, companies also need to be ready to raise the finance, so support for the demand side of the equation (such as in business plan preparation and pitching skills) is as important as additional supply of capital.

“THE CITY IS THE PERFECT SIZE, SO YOU MEET PEOPLE REGULARLY. “ Jamie Coleman, managing director, Codebase The invention of the block chain technology underlying Bitcoin is the most significant invention of recent years. This is ‘the internet of money’ which will revolutionise banking and other industries. Edinburgh is an interesting place to explore this new area since we have the coding/developer talent and people with deep knowledge of the financial services. These are early days but I’m hopeful that we will have a huge number of new companies operating in this space.

www.investedinburgh.com

If we do, we need to attract more funds to Edinburgh and create investment vehicles to help pension funds and other institutional investors to support new companies. Crowd-funding is an exciting route to investment that will only grow with time. Currently, consumer focussed companies do well on crowd-funding platforms, while enterprise solutions for business do less well, but I hope this will change in the future.

David Grahame, executive director, LINC Scotland Our focus is to make the funding cake bigger and create more channels for delivery, not grab a bigger slice, and so the addition of crowd-funding companies to the market is welcome.

The people thing is really important and the merger between Entrepreneurial Exchange and the Saltire Foundation to form Entrepreneurial Scotland is a great step. Most recently, Edinburgh-based Skyscanner, FanDuel and NuCana Biomed have all had very successful international funding rounds each illustrating the impact of having great management teams. If you have the people then the money will come. Entrepreneurial Scotland will help ‘join the dots up’ and attempt to catalyse a new era of entrepreneurial and economic growth here.

Our members are hands-on investors and so most investments by our 20 member syndicates have been in Scotland.

There is no shortage of opportunities, Edinburgh is an easy sell to talented people – the city has a lot to offer in terms of quality of life for 30-40 year olds with a track record of success and family.

There remains a weakness above the angel ceiling, typically in the gap between £2 million and £5 million, and I’m aware of

IRISH FASHION RETAILER PRIMARK IS TO OPEN A SECOND EDINBURGH OUTLET IN A 4,200M2 UNIT AT THE FORT KINNAIRD RETAIL PARK.

some deals being led by angel syndicates where they are looking at filling out the round through crowd-funding. The challenge is in creating a manageable equity deal with so many investors.

Sara Roberts, founder, Healthy Nibbles We launched in Edinburgh in the summer of 2014 and are now raising funds on Crowdcube via their Edinburgh office. There’s good support here. The city is the perfect size, so you meet people regularly. There is a tech bias among some city investors, but it’s a brilliant environment and there’s everything here you need, with good professional business advice.

I think rapport with investors is vital and while we have had some interest from venture capital firms, we chose the crowd-funding route as it brings investors who are really in tune with the ethics of what we’re trying to do as the UK’s first dedicated provider of nutritional snacks through vending machines. My advice for companies is to be prepared, as the way you respond to people interested in your pitch is key.

“THE SCHOOL OF INFORMATICS, THE UNIVERSITIES AND THE LIKES OF THE ROSLIN INSTITUTE [ARE] ALL GENERATING SPIN-OUTS AND START-UPS IN THE CITY... “

| JANUARY TO MARCH 2015 | INVEST EDINBURGH 15

<MAKINGITHAPPEN

THE EDINBURGH 12 The ‘Edinburgh 12’ is an initiative by the City of Edinburgh Council created to provide support for a dozen of the most strategically important developments in Edinburgh.

Together, the 12 projects have the potential to deliver around 200,000m2 of new commercial space, supporting up to 20,000 jobs.

King’s Stables Road is in the process of being sold as a redevelopment opportunity, while the India Buildings, Royal High School and Dewar Place proposals are in the early stages of development. New Waverley, Quartermile, The Haymarket Edinburgh, Shrubhill and St Andrew Square are all currently on site, while construction on Donaldson’s College, Edinburgh St James and Fountainbridge is expected to begin this year.

Preparatory works for The Haymarket Edinburgh are well underway, with construction commencing in earnest this year. The development will deliver 32,000m2 of office space, 5,000m2 of retail space and two new hotels in a strategic location by Haymarket rail station. At Quartermile, the Q4 building is on schedule to be completed in early 2016, offering 12,700m2 of prime office space.

Demolition work has started at New Waverley and St Andrew Square. The £150 million New Waverley development

will deliver 16,000m2 of office space, three hotels, 28 new retail units and close to 200 homes. Meanwhile, the £75 million St Andrew Square redevelopment will deliver over 15,000m2 of office, retail and residential space, with Standard Life Investments pre-letting 10,000m2 of office space and TK Maxx a 2,800m2 store.

TIAA Henderson Real Estate is preparing a detailed planning application for its Edinburgh St James development, which is scheduled to commence later this year with a grand opening in 2020. The £850 million development – one of the UK’s largest regeneration projects – will deliver 70,000m2 of high-quality retail space over four floors, along with a five-star hotel, an aparthotel, a theatre, cafés, restaurants and 138 luxury apartments. Edinburgh St James will be anchored by John Lewis, which will see its flagship Edinburgh department store reconfigured with increased sales space. Meanwhile, a masterplan has been submitted for the mixed-used regeneration of Fountainbridge.

Shrubhill has seen rapid progress in the last six months. Ziggurat Student Living has demolished Shrubhill House and

begun the delivery of a 260-bedroom student housing complex, along with 1,700m2 of commercial units anchored by a Sainsbury’s Local. The adjoining former tram depot has been acquired

by Places for People, which plans to deliver hundreds of new homes and a 121-bedroom aparthotel.

Donaldson’s College is to be converted into luxury residential accommodation, with a new crescent of family homes to be developed to the rear of the ‘A’-listed building. A deal to deliver this vision was signed last October between upmarket housebuilder CALA Homes and City & Country, a leading expert in the sensitive restoration of historic buildings. A public consultation will be held in 2015.

With the majority of the ‘Edinburgh 12’ now well underway, interest is steadily building in Edinburgh’s next generation of transformational developments, with a forward pipeline of around 50 sites.

www.investinedinburgh.com /the-edinburgh-12

New Waverley.

16 INVEST EDINBURGH | JANUARY TO MARCH 2015 |

EXECUTIVE SEARCH FIRM SAXTON BAMPFYLDE HAS OPENED AN OFFICE ON MELVILLE STREET IN EDINBURGH’S WEST END.

<ADDEDEXTRAS In 2013, Edinburgh scooped the top prize in the large city category in the annual Britain in Bloom national awards. In 2014, Edinburgh also saw success in Europe’s prestigious Entente Florale Competition.

Featuring more than 22,000 entries, the annual Entente Florale is Europe’s largest environmental competition. As the UK’s city representative in 2014, Edinburgh picked up gold awards for excellence in landscape and horticulture, environment and tourism and involvement. The city’s Grassmarket Community Project won the special Lucija Cikes Prize for integration of disabled people in to society through green skills.

Edinburgh provides fertile ground for nature lovers. The city has four botanical

gardens including the world-renowned Royal Botanic Garden Edinburgh and the UK’s largest Japanese Garden at Lauriston Castle Gardens. 96% of Edinburgh’s 142 public parks are classified as Good, Very Good or Excellent under the Green Flag Awards criteria and the city boasts more Green Flags Awards than any other UK local authority.

From the heights of Arthur’s Seat, located in the heart of Holyrood Royal Park, to the quiet picture-postcard dells sculpted by the Water of Leith, Edinburgh offers a beautiful natural landscape.

The city also offers hidden green gems such as the secret 17th century gardens off the Royal Mile. To encourage visitors and residents alike to explore the city’s wider green offering a smartphone app, Edinburgh Outdoors, has been launched.

The app and promotion of Edinburgh’s green space represents an environmental legacy that is being preserved and enhanced through Sustainable Edinburgh 2020; a strategic vision for the city that seeks to position Edinburgh as a low carbon, resource efficient city, delivering a resilient economy and vibrant flourishing communities in a rich natural setting.

Working with local partners including landowners, the Scottish Wildlife Trust, Edinburgh & Lothian Greenspace Trust, and academic partners such as the University of Edinburgh, the city is working hard to promote biodiversity through the creation of new wildflower meadows, sensory parks and wetland areas.

Whether in search of a panoramic view, a quiet corner for peaceful contemplation, a waterside walk or a chance to feel part of crowd, Edinburgh’s evergreen natural environment continues to inspire and delight, irrespective of the season.

WHERE THE GRASS IS ALWAYS GREENER Edinburgh is a green city with an iconic, historic urban landscape brought to life throughout the year through vivid colourful floral arrangements and open spaces, many of which feature among the city’s top visitor attractions. It’s an award-winning offering.

www.investedinburgh.com

AMERICAN OFF-PRICE FASHION RETAILER TK MAXX HAS OPENED A 4,000M2 STORE AT FORD KINNAIRD RETAIL PARK AND PRE-LET A 2,800M2 UNIT ON ST ANDREW SQUARE.

| JANUARY TO MARCH 2015 | INVEST EDINBURGH 17

INTERNATIONAL BU

The International Business Gateway is a dynamic modern extension to the city of Edinburgh, uniquely situated adjacent to Edinburgh Airport.

It will deliver a place of significant quality with unparalleled transportation links, ideally positioned to attract new businesses to Scotland.

Opportunities within phase one include offices, hotels and residential along with ancillary restaurant, leisure and retail.

EDINBURGH

INTERNATIONAL SCOTLANDâ&#x20AC;&#x2122;S GLOBAL HUB 18 INVEST EDINBURGH | JANUARY TO MARCH 2015 |

<INVESTMENT OPPORTUNITY

USINESS GATEWAY

Edinburgh International concept image.

Image source: 7N Architects.

Martin Dalziel, New Ingliston Limited T: +44 (0)131 339 5541 E: mdalziel@newingliston.co.uk Jestyn Davies, Murray Estates T: +44 (0)131 243 2121 E: jestyn.davies@murray-estates.co.uk Rorie Henderson, Salmon Property T: +44 (0)20 7499 4378 E: rhenderson@salmonproperty.com

| JANUARY TO MARCH 2015 | INVEST EDINBURGH 19

FOR SALE: BOROUGHMUIR HIGH SCHOOL 26 VIEWFORTH, BRUNTSFIELD, EDINBURGH, EH10 4LR

An exceptional development opportunity in one of Edinburgh’s most popular residential neighbourhoods.

Boroughmuir High School is a prime development opportunity in the affluent Bruntsfield neighbourhood of Edinburgh, just 15 minutes walk from Edinburgh city centre and well-served by shops, restaurants, and leisure facilities. Available for vacant possession from September 2016, the site has excellent potential for a variety of uses, including luxury loft-style apartments.

The main schoolhouse is a ‘B’-listed building built between 1911 and 1913.

Built in a double-quadrangle design, the schoolhouse offers 9,600sq.m.

(103,600sq.ft.) of space over three storeys and basement, mezzanine and attic levels. The total site extends to 0.88 hectares (2.18 acres), with a frontage of 128m (419 ft) onto Viewforth. There is potential for both sympathetic alterations to the main schoolhouse and the development of new buildings within the existing playground.

ALL RIGHTS RESERVED. MATERIAL CONTAINED IN THIS PUBLICATION MAY NOT BE REPRODUCED, IN WHOLE OR IN PART, WITHOUT PRIOR PERMISSION OF THE CITY OF EDINBURGH COUNCIL (OR OTHER COPYRIGHT OWNERS). WHILST EVERY EFFORT IS MADE TO ENSURE THAT THE INFORMATION GIVEN HEREIN IS ACCURATE, NO LEGAL RESPONSIBILITY IS ACCEPTED FOR ANY ERRORS, OMISSIONS OR MISLEADING STATEMENTS.

FIND OUT MORE: Robbie O’Donnell The City of Edinburgh Council T: +44 (0)131 529 6560 E: robbie.o’donnell@edinburgh.gov.uk Frances Maddicott The City of Edinburgh Council T: +44 (0)131 529 5828 E: frances.maddicott@edinburgh.gov.uk

www.edinburgh.gov.uk/boroughmuir (PDF)