Archangels lift investment

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Archangels was the biggest provider of business angel funding in early stage companies in Scotland last year after raising investment from £8.75 million in 2011 to £9.5m.

The Archangels syndicate provided £5.73m, up from £4.88m in 2011. The remainder was from partners, including the Scottish Investment Bank which invested £2.78m.

Archangels made three new investments and there was one exit – Glasgow-based biotechnology company Vitrology which was sold to Swiss group SGS.

Last month the syndicate teamed up with Conoco Philips Ventures, Statoil Ventures and the Scottish Venture Fund to provide £3.25m to Edinburgh’s LUX Assure.

John Waddell, chief executive of Archangels, said: “We’re seeing more cash being invested in early stage companies throughout Scotland and the rest of the UK.”