A business investment syndicate saw outlay in promising Scottish start-up and early stage companies increase by more than 20% in 2020.
Edinburgh-based Archangels led investments of £16.3 million throughout the year, beating its 2019 total of £13.4m by 22%.
Across 2020, the syndicate directly invested £8.1m in companies in the tech and life sciences sectors and was lead investor on a total of 11 funding rounds.
Archangels’ 2020 investments included funding for two new companies – £715,000 in Hearing Diagnostics, which has developed a new system with the potential to revolutionise hearing tests globally, and £3.1m in Integrated Graphene.
Integrated Graphene has developed a manufacturing process that enables it to produce high-performing, pure, 3D graphene foam directly on to any surface.
The syndicate has also appointed a new addition to the board of directors.
Maureen Kinsler joins Archangels after recently retiring as chairwoman of international intellectual property service provider Marks and Clark.
Eric Young, chairman of Archangels, said: “The Covid pandemic didn’t stop our portfolio companies from continuing to innovate and I am particularly excited that Maureen Kinsler has agreed to join our board.
Archangels was an early investor in Dunfermline-based advanced retinal imaging tech firm Optos and Fife laser business PowerPhotonic.