Archangels hits £200m milestone

Archangels hits £200m milestone

Scottish business angel syndicate Archangels is celebrating after total investment capital arranged by the syndicate since its launch in 1992 passed the £200m mark last year.

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

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

This was the first tranche of a £2.6m overall funding commitment which also helped to secure a further £2m grant from the European Horizon 2020 SME Instrument programme.

Total funds invested by Archangels investors alone, since the syndicate was formed in 1992, are expected to reach £100m during 2016. 

David Ovens, Archangels’ chief operating officer, said: “We continued to invest at record levels during 2015 and, in doing so, supported some of the most exciting technology companies in Scotland.

“Passing the £200m mark for investment arranged, with our own members set to reach the £100m 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.”

Archangels returned £16.0m of cash to investors in 2015, including £6.4m to Archangels investors, through a combination of dividends and the trade sales of two portfolio companies: Bloxx and CXR Biosciences.

Last year also witnessed the sale of Dunfermline-based Optos plc to Nikon for a consideration of £259m. 

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