Aimed to help new businesses, scotedge.com has recently benefited from investment of £ 2.5m and £0.7m respectively by the Royal Bank of Scotland (RBS) and the Hunter Foundation (HIF).

That comes alongside investment from the Scottish Government and government bodies.

Companies registered with the bank will now be able to benefit from the additional £3.2 million by taking part in a Dragon’s Den-style competition.

Ross McEwan, RBS chief executive said: “It is the drive and dynamism of Scotland’s entrepreneurs and small businesses that will help secure Scotland’s future economic prosperity. That is why as Scotland’s leading business bank we are delighted to announce this further support. The fund is a brilliant example of collaboration, bringing together some of the key players in the business community to help kick start some of Scotland’s most exciting, new growth businesses. Hopefully this new funding will help turn many more innovative ideas into growing, thriving businesses, and ensure the Scottish enterprise eco-system continues to flourish.” Applications are now live at scotedge.com for the next round of funding and will close on October 1.

The website was established to support some of Scotland brightest new businesses to realise their growth potential.

So far 69 businesses have secured funding helping their turnover grow by £5 million and creating 120 new jobs.

“Success will fund success, fellow entrepreneurs will reinvest for the next entrepreneur in line, it’s a near perfect model,” said Sir Tom Hunter, founder of HIF.

Scottish Finance secretary John Swinney said it is “crucial” the economic potential of Scottish entrepreneurs was unleashed.