Archangels, an Edinburgh-based business angel consortium, revealed that this year it has invested £ 16.3 million in Scottish start-ups and early-stage firms, exceeding the sum of £ 13.4 million in 2019 by 22 percent, considering the coronavirus pandemic challenges.
In 2020, the consortium said it had directly invested £ 8.1 million in technology and life sciences companies and was the lead participant in 11 rounds of funding. It added that this direct investment level has risen from a corresponding figure of £ 7.4 million in 2019 for businesses in these sectors.
Archangels also confirmed the appointment to its board of directors of Maureen Kinsler, who before her recent retirement from the post was chair of international intellectual property services provider Marks & Clerk.
Two new corporate investments were included in Archangels’ 2020 operations. In Hearing Diagnostics, which has developed a groundbreaking method it claims has the potential to revolutionize hearing testing worldwide, the consortium invested £ 715,000. Archangels has invested £ 3.1 million in Integrated Graphene, which has developed a production process that “enables high-performance, pure 3D graphene foam to be produced directly on any surface, at room temperature and in seconds.” according to the consortium.
The Covid 19 pandemic has not discouraged our portfolio companies from continuing to innovate, and Archangels has been determined to give them and our new portfolio companies the support they need,”The Covid 19 pandemic has not stopped our portfolio companies from continuing to innovate, and Archangels was determined to give them and our new portfolio companies the support they need.”