Stirling-based DL Mining, a leading cloud mining service platform, was the largest venture capital investment in Scotland in the third quarter, raising £67.5m, according to the KPMG Private Enterprise Venture Pulse report.
DL Mining, established in 2014, based on Glasgow Road, and whose directors are David and Lynne Allan, has become a market leader in crypto currency space “dedicated to making cryptocurrency mining convenient, efficient and safe, making it the preferred choice for global cryptocurrency enthusiasts.”
DL Mining operates the largest renewable energy ‘staking’ network in Europe, serving 6.5 million users worldwide, according to its website.
The report stated that VC investment into Scotland’s start-up and scale-up businesses increased in the third quarter of 2025, with Scottish businesses raising £116.1 million in the third quarter of 2025 – up more than 200 per cent from £36.2m in Q2.
A total of 23 investments were completed between July and September, the same number as Q2, signaling the sustained confidence of VC investors in supporting Scotland’s small business ecosystem.
Software also dominated more broadly, with almost a third (30 per cent) of Scottish VC investments in Q3 made into the sector.
The increase in VC investment comes as KPMG’s recent mid-year Private Enterprise Barometer found that the appetite for Scottish businesses pursuing equity finance is gaining momentum, with more than a quarter (29 per cent) of the country’s businesses now open to VC investment.
Amy Burnett, KPMG Emerging Giants Scotland Lead, said: “The quality, resilience and ambition of Scotland’s scale-up community continue to stand out, with another strong quarter for venture capital investment. Across sectors including technology, life sciences, energy and manufacturing, Scottish businesses are demonstrating real innovation and global growth potential. This diversity and drive are helping to attract investors’ attention and strengthen Scotland’s position as a leading hub for enterprise.
“At KPMG, we’re proud to support Scotland’s scaling business community through initiatives such as our ‘Access’ Series A preparation programme. In particular, we run Access – Founded by Her, which champions female entrepreneurs and helps them access the expertise, networks and funding needed to scale their ventures. It’s this kind of collaboration that will continue to power Scotland’s next generation of fast-growing businesses.”
Nationally, KPMG revealed that the UK had bounced back in Q3 of this year following a Q2 which saw it record its slowest quarter of VC investment in five years. New figures showed that investment levels jumped to £4.6bn across 594 deals, up from £2.6bn across 435 deals last quarter, thus making the UK number one in Europe when it came to VC investment in Q3.
The quarter was defined by a mega deal in the AI sector with NScale securing a £1.1bn investment with other major deals including Rapyd Financial, which offers payments, mobile wallets, money transfers, card issuing, and fraud protection, netting £370m and crypto and cloud infrastructure firm PS Miner landing £259m.
