Figures compiled by the business angel network underlines the key role that the private investors have played in supporting growth companies in Scotland.
David Grahame, chief executive of LINC Scotland, said the performance of Scottish angel investment groups had remained steady despite the recession.
In the year to March 2012 members of the network invested a total of £35 million, compared with £32m in the preceding year.
LINC, which celebrated 20 years of operations yesterday, said its business model had inspired the set up of other angel organisations around the world from Australia and New Zealand to Russia and China.
Highlighting the role played by networks like LINC, governments and official funding providers, Mr Grahame said Scotland's angel investment sector is particularly well developed.
He said: "We are fortunate that unlike many countries that may have just one or two key pieces of the angel investment jigsaw, we have all three in Scotland: tax incentives from the UK government, access to co-investment through Scottish Enterprise's Scottish Investment Bank and channels to get the money out there through our angel groups. "
The accountancy firm BDO said Scottish deal activity has significantly increased in the second half of the year.
Craig Martin, corporate finance director, said UK and international corporates are using mergers and acquisitions to supplement organic growth.