Edinburgh-based investment syndicate, Archangels, to invest £13.4m in some of Scotland’s most promising start-up technology and life science companies over the course of 2022.
Total investment among the 11 businesses for 2022 represents a 14% increase on the investment activity of Archangels in 2021 (11.8m).
New additions to the portfolio include tech firm Earth Blocks, which secured £1.5m funding from Archangels to expand its global reach and develop its no-code Earth Observation (EO) cloud-based SaaS.
Other businesses receiving follow-on funding include Integrated Graphene, Cytomos, Hearing Diagnostics, Administer and BioCaptiva.
Co-investors included Scottish Enterprise, Par Equity, Mercia and various Scottish angel syndicates in deals totaling £27.0m over the course of 2022.
Archangel also made a significant gain on the sale of portfolio company Optoscribe during the year.
The world’s longest continuously running investment syndicate, Archangels, marks its 30th anniversary this year with a report from the University of Glasgow’s Adam Smith Business School highlighting the value of Archangels’ activity in Scotland.
Analysis by the business school found that the £161m invested by Archangels since 1992 has generated £1.4 billion of gross value added (GVA) for the Scottish economy and directly created 3,647 high-skilled jobs.
David Owens (pictured above)Joint Managing Director of Archangels, said: “2022 has been a big year for Archangels and our members. Thirty years of investment and support in Scotland’s life science and technology sectors is a milestone we are all very proud of Despite ongoing volatility in the economy, we continue to see strong demand for funding from innovative early-stage businesses with ambitions for growth and expansion. While the economic outlook remains challenging for 2023, we are confident that we will deliver on our Will continue to seek opportunities for members to support exciting and innovative young companies.
Archangel aims to deliver returns for its investors while using its experience and network to foster the success of Scotland’s entrepreneurs and innovators in technology and life sciences. The Syndicate currently has approximately 120 members investing in a portfolio of 21 early stage companies.
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