Archangels business angel network in record investment

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BUSINESS angel investment group Archangels has declared it led investments in Scottish technology and life sciences companies this year totalling a record £23.7m, up sharply on the 2020 figure of £16.3m.

The investment group declared that Scotland’s technology and life sciences markets are “as vibrant as they have ever been”.

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Edinburgh-based Archangels noted it had made 11 investments this year. These included a £1m-plus initial investment in BioCaptiva, which is developing “Biocaptor”, described by the investment group as “a revolutionary medical device that will transform liquid biopsy testing and enhance cancer detection”.

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Archangels invested £11.8m of its members’ cash during 2021, up from £8.1m in 2020.

It noted co-investors this year included Scottish Enterprise, Maven Capital Partners, Par Equity, Sands Capital Ventures, and NVM.

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.”