Niki McKenzie, the joint managing director of Edinburgh-based Archangels, has taken up the role of chair of Angel Capital Scotland (ACS), which represents the majority of angel investment groups in Scotland.
The announcement follows the appointment last September of Margaret Morton as Angel Capital Scotland’s first chief executive officer and marks a milestone in the organisation’s development as the national association for business angels in Scotland.
A new board brings together some of Scotland’s most experienced leaders from across angel investment, entrepreneurship, and economic research.
ACS has set out its strategic priorities as providing advocacy for members among key stakeholders, collaboration across Scotland’s early-stage investment ecosystem, and the promotion of early-stage investment, and its economic impact, to attract new investors.
McKenzie brings over 14 years of experience with Archangels, whose most recent exit has been the sale of Reactec, having joined in 2011 after spending 16 years in banking and structured finance with KPMG and Lloyds Banking Group. As a qualified chartered accountant, she has overseen numerous successful investments across Scotland’s technology and life sciences sectors and provides strategic guidance to portfolio companies.
She serves on the board of St Andrews Innovation, the commercialisation subsidiary of the University of St Andrews, and is a Trustee of National Museums Scotland.
Joining McKenzie on the board are Lynne Cadenhead, chief 0perating officer at TRICAPITAL Angels, and chair of Women’s Enterprise Scotland, Fraser Lusty, managing director at Equity Gap, and Professor Niall MacKenzie, head of the Hunter Centre for Entrepreneurship, Strategy and Innovation at the University of Strathclyde.
Veteran angel investor Jock Millican has stepped down as chair after 14 years, during which he oversaw the successful transition from LINC Scotland to Angel Capital Scotland and the appointment of Margaret Morton.
“I’m honoured to take on the role of chair at such an exciting time for Angel Capital Scotland,” said McKenzie. “Scotland’s angel investment community has built a world-class reputation, but we need to do more to articulate the impact of our ecosystem and continue to attract new investors. With Margaret’s leadership and this exceptional board, we’re well-positioned to demonstrate the vital role angel investment plays in Scotland’s economy and to ensure our high-growth companies continue to access the capital they need to scale.”
Margaret Morton added: “I want to thank Jock for his significant contribution over many years and support during a pivotal period for our organisation. His leadership has been instrumental in establishing Angel Capital Scotland on firm foundations, and we’re grateful for his years of service.”
In the year ending March 2025, deals led by Angel Capital Scotland business members unlocked private sector investment of £106.4m across 91 investments and leveraged £25.6m of public sector investment, totalling £132m. Of the 22 rounds of investment greater than £5m in 2024, more than half were supported by ACS member groups, demonstrating the critical role angel investors play in enabling companies to scale.