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Finance and Risk Capital

Impact for scaleups


Scottish companies backed


invested in 2022


growth stage investments


average annual investment

Key sectors

Impact ventures / Social Impact Life Sciences & Biotech Building & Construction Manufacturing / Advanced Manufacturing Creative, digital, film, games & media Professional services Defence & security Technology & Communications Engineering / Advanced Engineering Transport & Logistics Environmental Science & Technology Farming, fisheries & forestry Finance Food & drink Healthcare

Established in 1992, Archangels says it is “the longest continuously operating angel syndicate in the world.”  Based in Edinburgh, Archangels aims to deliver returns for its investors while harnessing their experience and networks to fuel the success of Scotland’s entrepreneurs and innovators in technology and life sciences. 

The syndicate currently has around 120 members invested in a portfolio of 20 early-stage companies. The preferred level of investment is £250k to £2m and typically co-ordinates the investment of more than £15m per year. While the capital provided by Archangels is not primarily scaleup capital, it provides businesses with patient money to help them on their scaling journey. 

The syndicate typically co-ordinates the investment of more than £10m per year in early stage Scottish tech and life science companies. Archangels invested £13.4m during 2022; the total investment among 11 businesses was a 14% increase on Archangels’ investment activity in 2021 (£11.8m).

Archangels regularly invests alongside co-investment partners including Scottish Enterprise, other angel syndicates and VCs. In 2023, the syndicate secured a £12m co-investment agreement with British Business Investments via its Regional Angels Programme.

Companies must fit the investment criteria of being based in Scotland; a technology or life science business with a B2B business model; having high growth potential with international sales potential; defendable technology; and qualify under the Enterprise Investment Scheme. Its investments include Integrated Graphene, Cytomos, Earth Blox, Administrate and BioCaptiva and NCTech.

Archangels helped in the creation of the Scottish Co-Investment Fund (SCF) which sees the public and private sector partnering to support risk financing of early-stage high-growth potential companies. SCF has increasingly participated in Archangels’ deals with a relatively steady proportion of total investment at around 25-30%. Archangels uses this stable relationship to increase leverage, particularly in later rounds. SCF’s participation offers Archangels’ portfolio companies further support including mentoring and other practical support from the public sector.

As well as financial investment, members contribute their time and expertise to support company growth including providing connections to relevant industry experience and contacts. Archangels has pushed its learnings into the wider angel community and beyond into the policy domain in order to facilitate improved performance and impacts economically. The open innovation approach taken by Archangels from an early stage has helped facilitate the wider growth of angel investing in Scotland. 

According to recent analysis conducted by the University of Glasgow’s Adam Smith Business School, the £161m invested by Archangels since 1992 has directly created 3,647 high-skilled jobs and indirectly created a further 1,500 jobs. The companies in which Archangels has invested from 1992 to 2021 are estimated to have created over 4,000 jobs, generated aggregate turnover of at least £2.15bn and have contributed £1.43bn GVA to the Scottish economy.

Archangels website