A major Scottish business angel syndicate has broken the £200 million barrier for total capital investment arranged.
Archangels, which has been operating since 1992, reached the milestone last year after completing a total of 18 funding rounds in 2015, arranging £13.9m of funding in the process.
Investors attending tonight’s annual ‘Chorus’ event in Edinburgh will hear that the past 12 months have been among the busiest in the syndicate’s 24-year history.
Among the group’s achievements during the year was a return of £6.4m to investors.
The figure was made from a combination of dividends and the trade sale of two companies in its investment portfolio, including Dundee-based life sciences firm CXR Biosciences.
Archangels also continued to make new investment during the period with Edinburgh-based dental imaging firm Calcivis receiving the largest single cash injection through a £1.3m fundraising.
The investment was the first tranche of a £2.6m overall funding commitment for the firm, which also helped secure a further £2m grant from the European Horizon 2020 SME Instrument programme.
While not included in Archangels’ 2015 numbers, the year also saw the sale of Fife-based Optos to Nikon for £259m.
The Dunfermline headquartered retinal imaging devices firm was the syndicate’s first ever investment, back in 1992.
“We continued to invest at record levels during 2015 and, in doing so, supported some of the most exciting technology companies in Scotland,” David Ovens, Archangels’ chief operating officer, said.
“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.”