David Ovens: commitment
Archangels, the Edinburgh-based business angels group, enjoyed a record year of support for Scotland-based technology and life sciences companies.
The syndicate led investment of £23.7m in 11 transactions, a 44% increase on 2020 (£16.3m), including £11.8m of Archangels members’ contributions, a 46% rise on 2020 (£8.1m).
Co-investors during 2021 included Maven Capital Partners, NVM, Par Equity, Sands Capital Ventures and Scottish Enterprise.
David Ovens, joint managing director at Archangels, said: “Our 2021 investment performance demonstrates our ongoing commitment to investing in promising Scottish businesses that are at the leading edge of innovation in their field.
“Scotland’s tech and life sciences markets are as vibrant as they have ever been and there’s no shortage of great ideas coming from Scottish inventors, change-makers and innovators.”
Highlights for 2021 for Archangels and its portfolio companies included Calcivis, the Edinburgh-based dental technology company, which completed a £1.52m equity fund raise. This helped in preparing for the US launch of the world’s first biotechnology-based dental imaging system.
More than £1m was injected into BioCaptiva, which is developing a revolutionary medical device to help enhance cancer detection.