Business angel group Equity Gap flies high

Jock Millican, left, and Fraser Lusty of Equity Gap. Picture: Contributed

Jock Millican, left, and Fraser Lusty of Equity Gap. Picture: Contributed

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Funding group Equity Gap has claimed the title of Scotland’s most active angel syndicate for the first half of 2016 as it closes in on its first successful investment exit.

The group, set up by management consultant and former Scottish rugby international Jock Millican, typically provides between £20,000 and £500,000 to young high-growth companies. Recent investments include funding for Insignia Technologies, Synaptec, Appointedd, Shotscope and Vert Rotors.

From 15 original founders in 2010, it has grown to more than 100 members who have completed more than 50 rounds of funding. Co-investing alongside other syndicates and the Scottish Investment Bank – the investment arm of Scottish Enterprise – Equity Gap has leveraged a total of nearly £20 million to date, director Fraser Lusty said.

READ MORE: How two Scottish start-ups raised funding for their businesses

“Scotland is a hotbed of innovation and current trends in angel investing are extremely positive – there certainly is no shortage of quality deal flow for us,” he added. “We are entering an exciting new stage for the Equity Gap portfolio as we look forward to concluding a successful exit.”

Millican said demand has been consistently high during the last few years due to the economic challenges faced by firms when raising funds. Set up to do things “a little differently”, Equity Gap gets highly involved in the companies which it backs.

“We have worked hard to create an inclusive network that opens up access to a larger community everyone can benefit from,” Millican said.

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