As seed funding falls...
Archangels supports portfolio firms in lockdown
Vibration monitoring company Reactec has received further funds for its safe distancing device
Angel investment syndicate, Archangels, has continued to invest in its portfolio companies during the coronavirus lockdown.
Three of the firms it has previously supported – Calcivis, BDD and Reactec – have received follow-on funding during the period.
Of the total £3.3 million invested, £1.9m has come from Archangels’ syndicate members and the remaining £1.4m from Scottish Investment Bank and from the staff and management teams at the companies themselves.
These were all planned growth capital rounds into established portfolio companies aimed at supporting product innovation, capital expenditure and further commercialisation of their products.
Archangels’ say the investment shows its long term approach to supporting its portfolio during times of economic uncertainty, although market analysts say there has been a fall in early stage seed funding across all investor groups.
Dr Sarah Hardy, head of new investments at Archangels, said: “We recognise that many of the solutions to the challenges we are all currently facing will come from the community of innovative tech and life sciences companies that it has long been Archangels’ mission to support.
“These entrepreneurs and innovators are carrying out important work, some of it directly related to the effects of the COVID-19 pandemic, and we are proud to stand shoulder to shoulder alongside them.”
Archangels-led investments in Scottish tech and life sciences companies during 2020 now total £9.5m.