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Archangels secures £12m co-investment agreement with British Business Investments

Press release 21 August 2023

Archangels, a leading business angel syndicate investing in early-stage Scottish life sciences and technology companies, is bolstering its funding fire power after securing a £12m co-investment agreement with British Business Investments via its Regional Angels Programme.

The deal will provide the Edinburgh-based syndicate with additional capital to fuel the success of Scotland’s next generation of entrepreneurs and innovators.

Archangels will deploy the capital from British Business Investments, a wholly owned commercial subsidiary of the British Business Bank, alongside syndicate funding across all of its investment activity.

Operating for over 30 years, Archangels is deeply committed to its long-term role in maximising investor returns, building and nurturing successful businesses and helping Scotland prosper. Archangels has invested over £160 million in the most innovative early-stage companies, with disruptive technology, protectable IP and the potential to scale globally. In recent years Archangels has enjoyed a number of significant exits, including the sale of medical AI business, Blackford Analysis, to Bayer Pharma earlier in the year and the sale of optical platform business, Optoscribe, to Intel Corporation in 2022.

As lead investor, Archangels regularly invests alongside a range of co-investment partners including Scottish Enterprise, other angel syndicates and VCs. Recent investments include participation in a £2.2M funding round to support Edinburgh-based Bioliberty.

The co-investment agreement from British Business Investments means that, in a challenging global market, Archangels will have access to significant levels of aligned co-investment capital. This additional funding will allow us to support current and future portfolio companies to grow their businesses and provide returns for both our investors and the broader Scottish economy. We are in advanced discussions with a number of exciting new companies, and we anticipate seeing these deals coming to fruition over the coming months. David Ovens Joint Managing Director, Archangels
The Regional Angels Programme plays a vital role in developing the early-stage funding ecosystem across the UK Nations and Regions, bringing together finance, business experience and skills to support the development of high-growth smaller businesses. By investing alongside Archangels’ syndicate, this £12m co-investment agreement from British Business Investments will support early-stage life sciences and technology companies across Scotland. Judith Hartley CEO, British Business Investments

Further Information

Notes to editors

About Archangels

Founded in 1992, Archangels is a leading business angel syndicate investing in early-stage Scottish life sciences and technology companies. Archangels comprises around 130 members and an eleven strong board and executive team. There are currently 19 companies within the portfolio.

About British Business Investments

British Business Investments Limited is a wholly owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank.  British Business Investments aims to earn a commercial return by investing – through finance providers – in smaller businesses and small mid-caps, pursuing investments on a fully commercial basis without receiving any economic advantage from the government. Find out more at

The Bank and its subsidiary entities are not banking institutions and do not operate as such.  They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.

The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc or its subsidiaries or any other party in respect of Archangels or its products or services.