Angels syndicate Archangels leveraged a 50% increase in investment in Scotland’s early-stage tech and life sciences companies over the past year.
The £41.1 million total for 2025 (2024: £27.3m) included £12.8m invested directly by Archangels’ members alongside £28.4m secured from partners.
The syndicate recently saw another exit, via the acquisition of Edinburgh-based wearable technology company Reactec by Ideagen. In the last four years alone, Archangels has returned £40m to its members through successful exits.
The year has seen Archangels support several high-growth Scottish technology and life sciences companies through significant funding rounds in sectors such as underwater communications, deep tech and dental imaging.
Co-investors included Investment Fund for Scotland (managed by Maven Capital), Scottish National Investment Bank, Old College Capital, Scottish Enterprise, Par Equity, Mercia and various Scottish angel syndicates.
The activity comes amid broader resilience in Scotland’s angel investment market despite challenging macro-economic conditions. Recent data from Angel Capital Scotland shows that while the number of angel investments fell slightly to 91 from 94 in 2023-24, the total value of private capital committed increased from £100.6m to £106.4m, reflecting an increasing average deal size.
David Ovens, joint managing director at Archangels, said: “The level of activity we have seen from our members and partners in 2025 reflects the strength of Scotland’s scale-up ecosystem and the quality of Archangels’ portfolio.
“The growth ambition demonstrated by Scotland’s scale-ups continues to impress, and the near £30m of co-investment we’ve been able to leverage alongside our investments demonstrates the appeal of these companies among the wider investor community.
“Our exit this year from Reactec is a great example of how patient angel capital can deliver strong returns for our investors over longer investment cycles.
“The early-stage deal market in 2026 looks set to remain challenging but we’re confident that we’ll continue to see a healthy pipeline of innovative scale-ups hungry for funding to fuel their ambitions. Archangels will be ready invest in the very best of those young tech and life science companies.”
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