Investments made by business angel syndicate Archangels have generated £1.4bn for the Scottish economy in the tech and life science fields, research has shown.
Since 1992, Archangels has invested a total of £161m. A report by the University of Glasgow’s Adam Smith Business School found that these investments went on to generate 3,647 skilled jobs and an additional 1,500 jobs.
David Ovens, joint managing director, Archangels, said that since 1992 “Scotland has undoubtedly established itself on the world stage as a leader in technology and life sciences”.
Every £1 invested by Archangels is estimated to have generated between £7.11 and £8.45 for the Scottish economy, the report found.
Based in Edinburgh, the investment syndicate has approximately 120 angels and a current portfolio consisting of 20 early-stage businesses worth a combined £211.29m.
Ovens added: “If Scotland is to realise its ambition of building a modern, successful and sustainable economy, then we need to continue supporting innovative businesses to enable them to achieve their full potential.”
Archangels have exited 25 investments, 3 IPOs, 1 MBO and 21 trade sales.
“The Archangels story has been one of significant contribution to some great successes over the last 30 years and we look forward to working with our portfolio and investors to make the next 30 even more successful,” said Ovens.