Archangels leads investment of £3.3m in Scots firms during lockdown

Edinburgh-based business angel investment syndicate Archangels has led investment of £3.3 million in innovative Scottish companies during lockdown.

Sarah Hardy, head of new investments at the syndicate. Picture: Graeme Hunter Pictures.

The organisation’s second-quarter deals data reveals that three of its portfolio companies – Calcivis, Bio-Images Drug Delivery (BDD) and Reactec – have received follow-on funding during the period. Some £1.9m of the committed investment came from Archangels’ syndicate members and the remaining £1.4m from the Scottish Investment Bank and from staff of the firms themselves.

Archangels added that these were all planned growth capital rounds into established portfolio companies aimed at supporting product innovation, capital expenditure and further commercialisation of their products. “They demonstrate Archangels’ long-term approach to supporting its portfolio even during times of economic uncertainty,” the syndicate said.

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Edinburgh Bioquarter-based Calcivis has developed imaging technology enabling early visualisation of active dental decay. Glasgow-based BDD provides bespoke oral drug delivery to pharmaceutical companies, while Reactec has innovated monitoring technologies to help protect employees from harmful exposure to vibration. It has launched a Safe-Distance device to enable physical distancing among staff returning to work.

Sarah Hardy, head of new investments at Archangels, said: “We recognise that many of the solutions to the challenges we are all currently facing will come from the community of innovative tech and life sciences companies that it has long been Archangels’ mission to support.

“These entrepreneurs and innovators are carrying out important work, some of it directly related to the effects of the COVID-19 pandemic, and we are proud to stand shoulder to shoulder alongside them.”

Archangels-led investments in Scottish tech and life sciences companies during 2020 now totals £9.5m. The organisation was formed in 1992, and now comprises around 100 investor members and leads investment of around £15m a year in early-stage Scottish companies. It is interested in technology companies seeking initial funding of £50,000 to £2m – and is keen to welcome new investors.

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