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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.

Scottish Chambers of Commerce President, Tim Allan, joined the board of Archangels, succeeding Alastair Salvesen who retired after 10 years.

David Ovens, chief operating officer at Archangels, said: “There’s no doubt that 2019 was a turbulent year politically and economically.

“However, Archangels stuck to our founding principles of taking a long term, patient approach to building businesses in Scotland; providing growth capital but also access to our networks, experiences and wider support which are fundamentally important to scaling companies.”



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