Archangels, the Edinburgh angel investors based in Edinburgh’s Rutland Square, have leveraged over £41m of investment in Scottish tech and life science scale-ups during 2025.
This is a 50 per cent increase on 2024 (£27.3m), and includes around £12.8m invested directly by Archangels’ members, alongside £28.4m of co-investment secured from partner investors.
The angel syndicate has also enjoyed another successful exit, via the acquisition of Edinburgh-based wearable technology company Reactec by Ideagen, a global leader in compliance and risk management software.
In the last four years alone, Archangels has returned £40m to its members through successful exits. However, one disappointment has been the loss of further funding for partner investors after the decision by Bayer to pull-out of agreements with Blackford Analysis, which was one of Archangels’ largest exits in 2023. Bayer pulled the plug on Calantic, which was developing it AI platform in the radiology space. Blackford meanwhile continues its work and is looking for new partnerships.
The year has seen Archangels support several high-growth Scottish technology and life science companies through significant funding rounds, with deals including:
- CSignum, a leading underwater communications tech company, completed a £6m Series A funding round to accelerate production of a device which can communicate wirelessly from water to air via patented electromagnetic field signalling – the first of its kind to be successfully developed worldwide.
- Deep-tech semiconductor company Neuranics raised £6.1m in seed funding to accelerate global growth and the commercial adoption of its magnetic sensing technology.
- Dental image technology company Calcivis raised £3m to support its successful US growth strategy.
Co-investors during 2025 have 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.
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.”
He said 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.
LOOKING AHEAD TO 2026
“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.”