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Archangels [2024]
Finance and Risk Capital
Impact for scaleups
28
UK companies backed
70%
follow on investments
£13.8
million invested in 2023
75%
growth stage investments
Key sectors
Established in 1992, Archangels is the longest continuously operating angel syndicate in the world. Based in Edinburgh, it aims to deliver strong returns for its members while drawing on their expertise and networks to support the growth of high-potential entrepreneurs in Scotland’s technology and life sciences sectors. The syndicate comprises around 120 members and manages a portfolio of 20 early-stage companies. It typically invests between £250,000 and £2 million per deal and co-ordinates over £10 million of annual investment into early-stage Scottish ventures.
In 2023, Archangels invested £13.8 million into eleven technology and life sciences companies, a modest increase from the £13.4 million invested in 2022. While not primarily a provider of scaleup capital, Archangels offers patient investment that enables businesses to progress along their growth journey. The syndicate regularly co-invests alongside partners such as Scottish Enterprise, British Business Bank, other angel groups, and institutional investors. In 2023, it secured a £12 million co-investment agreement with British Business Investments through its Regional Angels Programme.
Companies seeking investment must meet clear criteria: they must be based in Scotland, operate in the technology or life sciences sectors with a B2B business model, demonstrate high-growth and international sales potential, offer defendable technology, and qualify under the Enterprise Investment Scheme (EIS). Recent investments include Bioliberty, to support development of a soft robotic glove, and 1nhaler, for its novel dry powder inhaler device. Existing portfolio companies such as Cytomos, Calcivis, Administrate, and BioCaptiva also received follow-on funding.
Archangels played a foundational role in the creation of the Scottish Co-Investment Fund (SCF), which facilitates joint investment between public and private sectors in early-stage, high-potential companies. SCF has consistently participated in Archangels’ deals, contributing approximately 25–30% of total investment. This partnership has helped increase leverage, particularly in later-stage rounds, while also providing portfolio companies with access to public sector support, including mentoring and operational guidance.
Beyond financial capital, Archangels’ members offer time, experience, and networks to support the growth of portfolio companies. The syndicate actively shares its learning within the wider angel investing community and engages in policy dialogue to improve outcomes across the Scottish investment landscape. Its open innovation approach has contributed to the growth and maturation of angel investing across the region.
