The Business Growth Fund and the government-backed enterprise fund the Scottish Venture Fund have formed a partnership to invest in Scotland-based business.

The Business Growth Fund (BGF), the UK-based investment fund backed by five of the country’s major banking groups, has signed an agreement with the government-backed Scottish Investment Bank’s Scottish Venture Fund (SVF) to increase funding to Scotland-based businesses.

The partnership is aiming to invest up to £10m ($16m) in Scottish businesses with a secure track record and evidence of a strong growth trajectory.

Founded in 2007, the SVF has since invested £41.8m in 33 companies. The BGF has made two…