Archangels, the business angel syndicate investing in early-stage Scottish life sciences and technology companies, is bolstering its funding fire power after securing a £12 million co-investment agreement with British Business Investments via its Regional Angels Programme.
Edinburgh-based Archangels will deploy the capital from British Business Investments, a wholly owned commercial subsidiary of the British Business Bank, alongside syndicate funding across all of its investment activity.
Archangels has invested over £160 million in the most innovative early-stage companies, with disruptive technology, protectable IP and the potential to scale globally.
In recent years Archangels has enjoyed a number of significant exits, including the sale of medical AI business, Blackford Analysis, to Bayer Pharma earlier in the year and the sale of optical platform business, Optoscribe, to Intel Corporation in 2022.
As lead investor, Archangels regularly invests alongside a range of co-investment partners including Scottish Enterprise, other angel syndicates and VCs. Recent investments include participation in a £2.2 million funding round to support Edinburgh-based Bioliberty.
Archangels joint MD David Ovens said: “The co-investment agreement from British Business Investments means that, in a challenging global market, Archangels will have access to significant levels of aligned co-investment capital.
“This additional funding will allow us to support current and future portfolio companies to grow their businesses and provide returns for both our investors and the broader Scottish economy.
“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.”
British Business Investments CEO Judith Hartley said: “The Regional Angels Programme plays a vital role in developing the early-stage funding ecosystem across the UK Nations and Regions, bringing together finance, business experience and skills to support the development of high-growth smaller businesses.
“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.”