Edinburgh Archangels syndicate recognised after record year

Archangels, the Edinburgh-based business angel ­syndicate, has received a top accolade following a record year of investment.

ZoneFox has been a key client for Edinburgh Archangels
ZoneFox has been a key client for Edinburgh Archangels

The investment group has been recognised as the UK’s “lead angel investment syndicate of the year” by the UK Business Angels Association.

It comes on the back of a year during which it led with £11.2 million of investment from its own members, supplemented by a further £6.8m of cash from co-investors, including the Scottish Investment Bank, the investment arm of Scottish Enterprise.

The largest single investment in 2017 was £3.6m in ZoneFox, the Scottish cyber security success story. The smallest seed funding was £750,000, in PhysioMedics.

David Ovens, Archangels’ chief operating officer, said: “Business angel investment is a vital support network for the UK’s fledgling technology and life sciences innovators and we’re proud of the role we have played.”