The figures, compiled by Pitchbook, reveal that both deal volume has dipped slightly, from 16 deals in the previous quarter, to 13 in Q3, deal value has increased, from £23.8 million in the second quarter of 2019, to £32.42m in quarter three.

The start-ups that benefited from funding included life sciences business, firms focused on agri-tech, and manufacturing business, with 9 based in Edinburgh and the Borders, 3 in Glasgow and West Central Scotland, and 1 in Dundee.

The most sizeable deal in the last quarter involved pharmaceutical and biotech firm MedAnnex.

The Edinburgh-based business raised more than £11m in venture capital backing, to assist it with its pioneering work, developing new treatments for conditions including autoimmune diseases.

UK-wide, VC investments have also risen, up 19% on the previous quarter, to more than £2.4 billion.

Amy Burnett, manager in KPMG’s Enterprise team, said: “VC investment in Scotland’s fast-growth businesses is as robust as ever and it appears Brexit and other uncertainties have failed to slow the appetite for supporting tech-focused industry disrupters.

“One of the biggest challenges many start-up founders often discuss is the lack of access to funding and investment support, as it’s primarily centred on London. But, Scotland has begun to develop a reputation for collaborative tech start-up hubs and that has helped to unlock funding support from around the world.

“Looking ahead, we’re entering a period of great volatility, which will undoubtedly have some degree of impact. But, the VC market is in a robust position, with significant liquidity, which should ensure continued success for Scotland’s growth-hungry new businesses.”