Syndicate more active than ever

Archangels marks 25th year with record investment

David Ovens

David Ovens: Archangels more active than ever

Archangels, the Edinburgh-based business angel investment syndicate believed to be the oldest in the world, has marked its 25th anniversary by leading a record level of investment in Scottish early stage and scaling businesses.

Investments totalled £17.3m, with Archangels members investing £11.2m and co-investors, including Scottish Investment Bank, providing the balance.

The syndicate invests in businesses with “defensible IP” and the largest single investment during the year was £3.6m in ZoneFox, the cyber security company. This was also a record in its own right for a single investment led by Archangels.

The smallest seed funding was £750,000 in the joint and muscle pain online triage platform, PhysioWizard.

Investors received £4.2m through dividends and an escrow release of funds from a previous sale. There were no exits from Archangels portfolio companies during 2017.

David Ovens, Archangels’ chief operating officer, said: “It’s particularly pleasing that, after quarter of a century, our record level of investments in 2017 demonstrates that Archangels is more active than it has ever been.

“The entrepreneurs and companies in whom we invest get more than just cash from Archangels. It’s the networks, connections and expertise that we plug them into, alongside our financial resources, that make for strong, successful relationships.

Over the last 25 years, Archangels has supported companies which have created more than 3,500 jobs and total turnover of £1.5bn. 

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