David Grahame, executive director of national business angel association LINC Scotland, declared it was a "strong start to the year for angel investment".
But he sounded a note of caution by pointing out the overall investment figure for the first half of 2012 was boosted by four, £1m-plus funding deals, while LINC Scotland cited an increase in its membership base.
LINC Scotland members –comprising individuals, groups, syndicates and private offices involved in business angel funding – put up £6.06m of the £15.5m total investment in the first half, having provided £3.64m in 35 deals in the first six months of 2011.
The public sector contribution in the 36 investments involving LINC Scotland members in the first half of 2012, mainly from the Scottish Co-investment Fund, part of the Scottish Enterprise-run Scottish Investment Bank, amounted to £4.3m. Other private sector investors put up £5.13m.
Mr Grahame has estimated LINC Scotland members account for about one-third of all Scottish business angel investment.
Law firm Pinsent Masons sounded a warning this week, based on analysis of Enterprise Investment Scheme take-up, that wealthy private investors' willingness to back fledgling Scottish companies "dipped significantly" during 2011. It cited a "disappointing" 18% drop in the number of Enterprise Investment Scheme authorisation forms issued by HM Revenue & Customs' Small Company Enterprise Centre to Scottish businesses, from 290 in 2010 to 237 in 2011.
Mr Grahame has noted Enterprise Investment Schemes are not always the best vehicles for business angels to invest in companies, in spite of the tax breaks on offer. He pointed out stakes must be less than 30%, and in the form of Ordinary shares as opposed to convertible stock, to qualify for relief.
LINC Scotland attributed the leap in investment by its members, comparing the first half with the same period of 2011, to a "steady performance by existing angel syndicates in addition to new member syndicates, including Kelvin Capital, Equity Gap, Brad-enham Partners and Alida Capital, being particularly active".
Mr Grahame said: "We are approaching these positive figures with a degree of caution as a handful of larger deals, four over £1m, may have painted a better picture of the market than is truly representative. However, this is still a strong start to the year for angel investment in Scotland and shows that, despite difficult conditions, angels are still prepared to invest should the right opportunity be presented. Business angels are providing vital support for those early-stage companies likely to make the biggest contribution to the future of the economy."