Edinburgh-based angel investment syndicate Archangels said it leveraged £41.1 million of investment in Scottish scale-ups during 2025 as it made big bets on some of Scotland’s best early-stage tech and life science companies.

The £41.1 million total — a 50% increase on 2024 — includes around £12.8 million invested directly by Archangels’ members alongside £28.4 million of co-investment secured from partner investors.

The syndicate said it also enjoyed another successful exit via the recent acquisition of Edinburgh-based wearable technology company Reactec by Ideagen, a supplier of compliance and risk management software.

In the last four years alone, Archangels said it has returned £40 million to its members through successful exits.

Archangels has around 120 members, a 12-strong board and executive team, and 20+ portfolio companies.

To date, Archangels has invested almost £200 million in early-stage Scottish companies, supporting the creation of 5,000 jobs and generating £1.5 billion in economic value for the Scottish economy.

It has also supported 26 businesses in achieving successful exits, returning gross proceeds of well over £400 million to all shareholders.

2025 has seen Archangels support several high-growth Scottish technology and life science companies through significant funding rounds, with deals including:

• CSignum, a leading underwater communications tech company, completing a £6 million Series A funding round to accelerate production of a device which can communicate wirelessly from water to air via patented electromagnetic field signalling – the first of its kind to be successfully developed worldwide.
• Deep-tech semiconductor company Neuranics raising £6.1 million in seed funding to accelerate global growth and the commercial adoption of its magnetic sensing technology.
• Dental image technology company Calcivis raising £3 million to support its successful US growth strategy.

Co-investors on deals during 2025 have included Investment Fund for Scotland (managed by Maven Capital), Scottish National Investment Bank, Edinburgh University’s Old College Capital, Scottish Enterprise, Par Equity, Mercia and various Scottish angel syndicates.

David Ovens, Joint Managing Director at Archangels, said: “The level of activity we have seen from our members and partners in 2025 reflects the strength of Scotland’s scale-up ecosystem and the quality of Archangels’ portfolio.

“The growth ambition demonstrated by Scotland’s scale-ups continues to impress, and the near £30m of co-investment we’ve been able to leverage alongside our investments demonstrates the appeal of these companies among the wider investor community.

“Our exit this year from Reactec is a great example of how patient angel capital can deliver strong returns for our investors over longer investment cycles.

“The early-stage deal market in 2026 looks set to remain challenging but we’re confident that we’ll continue to see a healthy pipeline of innovative scale-ups hungry for funding to fuel their ambitions. Archangels will be ready invest in the very best of those young tech and life science companies.”