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Scottish angel syndicate Archangels gets £12m from British Business Investments

Archangels British Business Investments
Image credit: Jamie Williamson

Scottish angel syndicate Archangels has signed a £12m co-investment initiative with British Business Investments.

A representative for Archangels told UKTN that all of its future investments will receive support from the capital supplied by British Business Investments.

The backing from the British Business Bank commercial subsidiary arrives in a “challenging global market”, said Archangels’ joint managing director David Ovens. The capital injection will also be made available for the network’s existing portfolio.

“We are in advanced discussions with a number of exciting new companies, and we anticipate seeing these deals coming to fruition over the coming months,” added Ovens.

Exits achieved by the angel group include Edinburgh AI company Blackford Analysis, which was acquired by German life science firm Bayer in January, and optical platform firm Optoscribe to Intel last year.

Archangels is an active investor in the Scottish tech scene. It has provided financing for Scottish tech and life science for decades, making its very first investment in 1992 into  medtech company Optos.

In June, it led a £2.2m round into an Edinburgh-based rehabilitative robotic glove startup.

“By investing alongside Archangels’ syndicate, this £12m co-investment agreement from British Business Investments will support early-stage life sciences and technology companies across Scotland,” said Judith Hartley, CEO of British Business Investments.

Read more: Beyond the Capital with Scottish angel network Archangels