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Investment rises

Archangels group hits half-year funding record


The team from Optoscribe received further funding

Archangels, the Edinburgh-based business investment group, invested a record £7.3 million during the first half of this year.

Deals data released today reveals that Archangels shows co-investment of £3.1m from Scottish Enterprise and £2m from a range of other co-investors.

During the period, Archangels invested in one new business and provided follow on growth capital to seven existing portfolio companies.

These included a first time investment in Scottish bio-tech company, BioCaptiva, the University of Edinburgh spin-out that has developed a device that could revolutionise the early diagnosis and monitoring of difficult-to-detect cancers.

There was a follow-on investment round in Edinburgh-based Administrate, the platform that equips organisations around the world to plan, organise, deliver and scale training to match their business objectives.

This investment round will be used to accelerate and capitalise on the strong growth which the team at Administrate had already been experiencing.

There was a top-up investment in Optoscribe, the supplier of 3D glass-based integrated photonics products.

David Ovens, joint managing director at Archangels, said: “While the pandemic has had an inevitable impact on areas of the economy such as retail and hospitality, Scotland has a world-renowned tech and life sciences community that supports many thousands of high quality jobs and is making an increasingly important contribution to the economy.”

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