BUSINESS angel investment syndicate Archangels has revealed it has led investment of £3.3 million into innovative Scottish companies during the coronavirus lockdown.
The Edinburgh-based syndicate’s Q2 deals data (April 1 to June 30) shows three of its portfolio companies – Calcivis, BDD and Reactec – have received follow-on funding during the period’
Some £1.9m of the committed investment comes from Archangels syndicate members and the rest from Scottish Investment Bank - the investment arm of Scottish Enterprise – and from the staff and management teams at the companies themselves.
Archangels says these were all planned growth capital rounds into established portfolio companies aimed at supporting product innovation, capital expenditure and further commercialisation of their products, and that they underline Archangels’ long-term approach to supporting its portfolio even during times of economic uncertainty.
Head of new investments Dr Sarah Hardy said: “We recognise that many of the solutions to the challenges we are all currently facing will come from the community of innovative tech and life sciences companies that it has long been our mission to support. These entrepreneurs and innovators are carrying out important work, some of it directly related to the effects of the Covid-19 pandemic, and we are proud to stand shoulder to shoulder alongside them.”
Archangels-led investments in Scottish tech and life sciences companies in 2020 total £9.5m.
Edinburgh Bioquarter-based Calcivis has developed a novel imaging technology that enables clinicians to visualise active dental decay early.
Bio-Images Drug Delivery (BDD), based in Glasgow, provides bespoke oral drug delivery solutions to pharmaceutical companies.
Reactec, has innovated monitoring technologies to help protect employees from harmful exposureto vibration.
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