Early stage support

Archangels sees 14% growth in investments

David Ovens
David Ovens: big year

Investment syndicate, Archangels, posted a 14% increase in investment into early stage tech and life science companies last year.

The £13.4m injected into 11 businesses compared to £11.8m during 2021. Co-investors on deals totalling £27m during 2022 included Scottish Enterprise, Par Equity, Mercia and various Scottish angel syndicates.

Additions to the Edinburgh-based company’s portfolio included Earth Blox which secured £1.5m funding from Archangels to expand its global reach and further develop its product. 

Other businesses to receive follow-on funding included Integrated Graphene, Cytomos, Hearing Diagnostics, Administrate and BioCaptiva.

Archangels also generated a significant gain on the sale of portfolio company Optoscribe during the year.

The world’s longest continually running investment syndicate, Archangels this year marked its 30th anniversary with a report by the University of Glasgow’s Adam Smith Business School highlighting the value of Archangels’ activity in Scotland. 

Analysis by the business school found that the £161m invested by Archangels since 1992 has generated up to £1.4 billion Gross Value Added (GVA) for the Scottish economy and directly created 3,647 high-skilled jobs. 

David Ovens, joint managing director at Archangels, said: “2022 has been a big year for Archangels and our members.

“Thirty years of investing in and supporting Scotland’s life science and technology sectors is a milestone of which we’re all very proud.

“Despite ongoing volatility in the economy, we have continued to see strong demand for funding from innovative early-stage businesses with the ambition to grow and scale.

“While the economic outlook remains challenging for 2023, we are confident that we’ll continue to find opportunities for our members to back exciting and innovative young companies.”

The syndicate currently has about 120 members invested in a portfolio of 21 early-stage companies.



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