ARCHANGELS shrugged off Brexit uncertainty to lead a record level of annual investment in Scottish tech and life sciences companies in 2018, writes Scott Wright.
The business angel syndicate, established in Edinburgh in 1992, led £22.4 million of investment this year, including £10.9m of its members’ cash across 10 investment rounds. And it generated co-investment of £9.4m from partners such as the Scottish Investment Bank (SIB), the syndicate’s biggest co-investor this year with £6m.
Archangels led an investment total of £17.3m in 2017, which included £11.2m of members’ cash.
This year saw it lead two first-time investments, with £2m going into in Bio-Images Drug Delivery, and the same amount raised for Speech Graphics. And Archangels made two exits, generating significant returns for members. It sold its 15 per cent stake in Oregon Timber Frame following a buy-out of non-management shareholders, while it exited ZoneFox when it was acquired by Fortinet of California in October.
Archangels’ David Ovens said: “Archangels led another record-breaking amount of investment in Scottish early stage companies in 2018. In spite of the uncertainties around Brexit and the global economy, the tech and life sciences ecosystem in Scotland is buoyant.”
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