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Edinburgh-based funding syndicate, Archangels, invested greater than £13.8m throughout 2023 in eleven of Scotland’s finest early-stage tech and life science firms.
The entire funding for 2023 amongst 11 companies represents a small enhance on Archangels’ funding exercise in 2022.
The 12 months noticed Archangels make two new investments together with Bioliberty who secured £2.2M to fund the event of its delicate robotic glove and, extra just lately, 1nhaler who secured £2M to develop its distinctive dry powder inhaler machine.
Different portfolio companies to obtain follow-on funding included Cytomos, Calcivis, Administrate and BioCaptiva.
Co-investors on offers totalling £21.7M throughout 2023 included British Enterprise Financial institution, Scottish Enterprise, Par Fairness, Mercia and varied Scottish angel syndicates. Earlier this 12 months, Archangels bolstered its funding fireplace energy via a £12m co-investment settlement with British Enterprise Investments through its Regional Angels Programme.
In addition to funding a few of Scotland’s brightest companies, Archangels additionally scored a serious success for its buyers with the acquisition of medical AI firm Blackford Evaluation by Bayer, a worldwide life science firm.
David Ovens, Joint Managing Director at Archangels, mentioned: “We began 2023 figuring out that we confronted a troublesome macro-economic and geopolitical setting, and that proved to be the case. Nonetheless, regardless of these challenges, Archangels has remained constant and steadfast in our help for a few of Scotland’s most enjoyable tech and life sciences firms. The exit we achieved via the sale of Blackford, our two new investments and our cope with BBI have been all vital success tales for our buyers. Whereas the outlook for 2024 stays comparatively unchanged from this 12 months, we are able to look ahead with confidence to a different busy 12 months of funding in Scotland’s buoyant tech and life science sectors.”
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