Equity Gap, the Edinburgh-based angel investment syndicate, has announced changes to its top team that will see Fraser Lusty step up as managing director.

The syndicate’s founder Jock Millican moves to a new position of executive chair after overseeing its growth to become the sixth most active in the UK.

Rhona Bree joins from Scottish Enterprise as a senior investment and portfolio manager. She brings experience of the early stage investment.

The announcements follow a record year for the syndicate last year, with total investments into portfolio companies reaching £200m. During 2022, Equity Gap members invested over £7m across 30 funding rounds, leveraging total funding of £70m – more than double the figure for 2021.

Commenting on the changes, Mr Lusty said: “Everyone at Equity Gap is indebted to Jock for his forward thinking, leadership, and determination in establishing the Equity Gap brand and portfolio. We are delighted to welcome Rhona to the team given her knowledge of and connections across the early stage ecosystem in Scotland.

“My immediate focus for Equity Gap is to develop new strategic relationships, open up new capital opportunities and partnerships, and attract significant new investors to Scotland, to create jobs in sectors where tech-led disruption has a key role to play.

“The high quality of Equity Gap’s portfolio companies is generating growing commercial success. These businesses are projecting a combined turnover of £90m in 2023 and the portfolio value on paper has now reached £300m.

“Equity Gap’s maturing portfolio is generating increasing M&A interest, which we expect to create positive outcomes for investors over the coming year.”

INTERVIEW: Fraser Lusty