New angel group
Trio set up fund to take equity stakes in startups
Angels’ delight: James Longcroft, John Ross, Sean Rollo
Three entrepreneurs have set up a fund to take equity stakes in startups struggling to get support during the downturn.
Edinburgh businessmen James Longcroft, John Ross and Sean Rollo are drawing on their own personal wealth to establish Invest Scotland.
The project was conceived during the early days of the pandemic when the trio realised there was little assistance available to help smaller companies cope with the fall-out of Covid-19.
Funding of up to a maximum of £30,000 is available. Firms must be registered as public limited companies based in Scotland.
Mr Longcroft, founder of packaging technology company Choose, said; “Our criteria is not as extensive as banks and that was a key aspect of setting up the fund.
“When the pandemic struck we struggled to get banks to lend to us as businesses and it made me think what was out there for companies taking their first steps.
“Banks aren’t really looking at new businesses or small businesses in the same way as they were before the pandemic. The landscape has never been more challenging for startups or small businesses and we wanted to help.