Scottish Equity Partners, the Glasgow-headquartered UK venture capital investor, has hired Lara Bayley to fill the newly created role of head of marketing.
The appointment comes in the same month that Russ Cummings, a former senior director at 3i, announced that he would lead the growth of the firm’s business in London and the South East, starting in January 2004.
Bayley founded Scribe Marketing and Communications, a technology marketing and PR agency, in 1994. Scribe was subsequently merged with The Value Innovators (TVI) in March 2000. Following the merger, she continued as an associate director with TVI until this year.
“The company is entering a new and exciting phase in its development and we now need to communicate the strengths of the SEP brand to a much wider audience,” said SEP’s managing director Calum Paterson in a statement. “Scotland remains an important market for us, but we are committed to a broader UK market growth strategy and to identifying and backing those innovative companies with the most significant potential for growth.”
SEP has offices in Glasgow and London. The firm, which is investing from its SEP £110m II fund raised in 2001, typically invests between £500,000 and £5m in early stage and growth companies, principally in the information technology, communications, healthcare, biotechnology and energy sectors. Its current portfolio includes UK wireless technology company Cambridge Silicon Radio, and Cyclacel, a Dundee-based cancer therapeutics company.
The firm recently realised its investment in Edinburgh-based Wolfson Microelectronics, which was valued at £250m when it floated this October. SEP invested £250,000 in Wolfson back in 1993, and reported a profit of £17.5m when it sold its near 10 per cent stake.