As part of Scottish Enterprise’s strategy to support ambitious Scottish companies in scaling more quickly, Glasgow-based loudspeaker brand Fyne Audio has secured significant funding from Scottish Investment Bank to drive business growth. This financing will allow Fyne Audio to grow its R&D facility, diversify product lines and increase production to meet rising international demand for its products.
Comments Fyne Audio MD, Andrzej Sosna: “We are delighted that Scottish Investment Bank is supporting this exciting next phase for Fyne Audio. Our strong team, class-leading product portfolio and burgeoning overseas order book are more than delivering on our business plan and this funding will enable significant business acceleration. We are proud to build on Scotland’s rich heritage in audio engineering and plan to become a truly world-class audio design and manufacturing company, continuing the region’s Hi-Fi legacy long into the future.”
Kerry Sharp, Head of Scottish Investment Bank added: “Fyne Audio epitomises the spirit of Scottish business with ambitious plans supported by extensive industry expertise. With several overseas investors already backing this emerging audio brand, Fyne’s international business strategy has solid roots and an already impressive track record of export sales. We look forward to supporting the continuing development and growth of this exciting new Scottish company.”
About Scottish Investment Bank
The Scottish Investment Bank (SIB) is the investment arm of Scotland’s main economic development agency, Scottish Enterprise, operating Scotland-wide in partnership with Highlands and Islands Enterprise. It manages a suite of co- investment funds including the Scottish Co-investment Fund and the Scottish Venture Fund, which are partly funded by the European Regional Development Fund (ERDF), and the Energy Investment Fund on behalf of the Scottish Government. SIB is also an investor in Epidarex Capital’s Life Sciences Fund and is a participant in the Scottish-European Growth Co-Investment Programme with funding secured from Scottish Government’s Scottish Growth Scheme alongside the European Investment Fund. SIB also provide funding into LendingCrowd, Scotland’s leading innovative peer-to-peer lending platform providing loans to SME’s. SIB’s team of Financial Readiness specialists help companies to prepare for new investment and access appropriate finance. SIB’s activities support Scotland’s SME funding market to ensure businesses with growth and export potential have adequate access to growth capital.
About Fyne Audio
Founded in 2017, Fyne Audio is the brainchild of six audio-industry professionals with a mission to deliver groundbreaking loudspeakers, designed and manufactured in Scotland. With roots tracing back over 30 years across a number of Tier1 audiophile brands, the Fyne Audio team has created a dynamic, independent company energised with new ideas. With a strong Scottish heritage, international backing and high ethical values, Fyne Audio is the UK’s fastest growing audiophile brand.