Just one firm joins portfolio

Archangels investment falls amid political uncertainty

David Archangels

Executive team: Sarah Hardy, David Ovens and Niki McKenzie

Angel syndicate Archangels was involved in a lower level of investments in early stage companies this year, adding just one business to its portfolio amid greater political uncertainty.

Direct investment of £8.2m during 2019 compared to £10.9m last year, while it led on 10 funding rounds involving total investment of £14.8m, compared to £22.4m in 2018.

Scottish Investment Bank (SIB), the investment arm of Scottish Enterprise, was the largest single co-investor in 2019 at £3.9m, with co-investment from other organisations including NVM, Par Equity and Tricap.

Most funding rounds completed by Archangels during 2019 were follow-up investments, demonstrating its long-term commitment to its investee companies. These included:

  • Administrate – £3.4m
  • Calcivis – £1.3m
  • MGB Biopharma – £1.1m

Archangels has 17 companies in its portfolio and initiated investment in one additional company in 2019, leading a £2m investment in Edinburgh-based digital marketing agency, QueryClick, supported by SIB. 

QueryClick is using the funds to recruit analysts and sales staff and to mount a significant marketing effort to accelerate its growth in the fast-developing digital advertising attribution sector.

Archangels completed exits from two investments. The syndicate sold its 23% shareholding in Bellshill-headquartered document outsourcing specialist, Critiqom, as part of the trade sale of the business to Opus Trust Communications.

It also disposed of its residual shareholding in Borders-based timber frame house manufacturer, Oregon Timber, following the purchase of the business by Barratt Homes.

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