Investor team Archangels pass £200m mark

Archangels' investment director Niki McKenzie (left) and chief operating officer David Ovens

Edinburgh-based Archangels, the business angel syndicate that specializes in early stage investing, said on Tuesday that total investment capital arranged by the syndicate since its inception in 1992 passed the £200 million mark in 2015.

Archangels said it arranged £13.9 million of funding over 18 funding rounds in 2015, most of which was directed at its existing portfolio of companies.

Archangels investors themselves invested £7.4 million in 2015, with Scottish Investment Bank contributing £4.1 million of investment capital and £2.4 million coming from other partners.

The biggest single investment led by Archangels during 2015 was £1.3 million in Calcivis Limited to fund further development of its dental imaging system.

Archangels said it returned £16 million to investors in 2015 including £6.4 million through a combination of dividends and the trade sales of two portfolio companies — Bloxx and CXR Biosciences.

Xi Engineering was sold to management during the year.

Archangels said that although not reflected in Tuesday’s numbers, 2015 also saw the sale of Dunfermline-based Optos plc to Nikon for about£259 million.

Optos was the first investment made by Archangels in 1992 and it floated on the London Stock Exchange in 2006.

Archangels’ chief executive of 10 years, John Waddell, stepped down from this role in 2015.

Waddell is still involved with the business as a mentor and consultant.

The Archangels executive team now consists of chief operating officer David Ovens, investment director Niki McKenzie, chief investment officer Sarah Hardy and office manager Lindsay Miller.

“We continued to invest at record levels during 2015 and, in doing so, supported some of the most exciting technology companies in Scotland,” said Ovens.

“Passing the £200 million mark for investment arranged, with our own members set to reach the £100 million investment mark in the coming months, demonstrates the strength and success of Archangels.

“We are particularly proud that our investment levels have increased in recent years, which can only be good for the Scottish economy, for jobs and for entrepreneurship in Scotland.”