BIOCITY Scotland has joined the Gabriel syndicate of investors in early-stage start-up companies, and will back two fresh deals due to complete within the next few months.
The new investments follow pitches in April to Gabriel, the syndicate founded in 2012 by Gillian MacAulay, who is also managing director of the Strathclyde University Incubator. One is an idea for a veterinary medical device based on work out of Strathclyde, while the other is a software collaboration tool that will probably be developed in conjunction with Glasgow University.
The agreement is a first for BioCity Scotland, a 75-25 joint venture between BioCity Nottingham and the Roslin BioCentre. Headed by chief executive Glenn Crocker, it has run an incubator at the former Merck research facility at Newhouse since the beginning of 2012.
MacAulay said: “It is really pulling a whole package, not just of funding together, but everything else that goes with it. This is a nice toe in the water for them in Scotland.”
BioCity Scotland is the 17th member of Gabriel, which aims to invest annually in at least five pre-revenue business plans. Other members include individuals, as well as Equity Gap and Barwell, the venture capital firm owned by the fifth Viscount Gough. Average investments, which are split evenly between every member of the group, range from £40,000 to £50,000.