RBS and STAC Join Forces to Power Scotland’s Deep Tech Scene
Royal Bank of Scotland (RBS) has partnered with STAC, a leading advanced technology accelerator, to provide crucial support to Scotland’s burgeoning deep tech startup ecosystem. This collaboration aims to connect deep tech startups with investment, and open both domestic and international market opportunities.
The partnership leverages the combined resources of RBS and STAC, focusing on providing investment sourcing and access to markets for STAC’s portfolio companies. RBS has a strong history of aiding entrepreneurs and startups across Scotland and the UK.
STAC, based at ‘thebeyond’ in Finnieston, Glasgow, is recognized as Scotland’s pioneering “smart things” accelerator. In collaboration with the University of Glasgow, STAC launched the nation’s first deep tech accelerator, Infinity G, back in September. This program delivered expert guidance on several critical areas, which include product development, attracting talent, regulatory compliance, and securing investment. The goal is to get each venture ready for market success with verified customer demand.
This collaboration will be implemented through RBS’s Accelerator, which is located in Glasgow city centre. The Accelerator is dedicated to supporting entrepreneurs as they develop and expand their businesses, and this RBS and STAC partnership gives deep and advanced technology companies the chance to benefit from Accelerator support. This work with STAC also offers its specialist expertise to the wider RBS Accelerator community, giving bank colleagues a better understanding of this expanding market.
Darren Pirie, Head of NatWest Group Accelerator, stated, “As Britain’s biggest bank for start-ups, we recognize that aiding businesses to succeed, not just through conventional lending but with comprehensive support, is essential for a robust economy.” He added, “That’s why STAC and Royal Bank of Scotland Accelerator play such an important role in helping businesses thrive. This year marks the 10th anniversary of the Accelerator, and we’re excited by the potential our partnership with STAC can offer to the deep tech sector. “
RBS operates its Accelerator in Glasgow from Queen Street, which will serve as the base for the partnership with STAC. The bank’s Edinburgh Accelerator operates from its historic location at St Andrew Square.
STAC’s CEO Paul Wilson said, “In 3 years, STAC has developed into a leading and advanced technology scaler. With the successful launch of our investment syndicate in December, we now offer a unique full-suite model that encompasses mentorship, co-working, talent acquisition, and an investment platform.”
“We are ready to kick on from here to position Scotland as a leader in Deep Tech, and the partnership with Royal Bank is strategically focused around our next steps of internationalisation. We are now collaborating on raising more investment, connecting our startups to corporates, and expanding our footprint. STAC and ‘thebeyond’ in the centre of Edinburgh is now under careful consideration.”
The new partnership coincides with new additions to STAC’s Board. Richard Lewis, an NXD and chair with extensive experience advising many Scottish tech startups and scale-ups in recent years, joins as Chair. Andrew Davidson, Investment Director at Scottish Equity Partners (SEP), also joins as Non-executive Director.
Paul Wilson added, “Getting Richard and Andrew on board is a big win for STAC and all the companies we support and will continue to support, particularly given their track records and acumen around scaling and investing in tech.”
STAC is supported by a range of UK and international corporates, including Pelion, Plexus, and Keysight. The technology accelerator also recently unveiled its latest industry partnership in June to provide an innovation pipeline for Swedish carmaker Volvo Cars, a leader in the electric vehicle (EV) market.
